Best Crypto to Buy Today January 3 – Conflux, Sei, Internet Computer
The cryptocurrency market is experiencing a sharp selloff, with Bitcoin leading the downturn following a recent analysis by Matrixport suggesting the SEC will likely reject all Bitcoin spot ETF proposals this month.
Crypto investment services provider Matrixport has cast doubt on the approval of a Bitcoin spot exchange-traded fund (ETF) in the United States.
Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge long exposure. With #SEC Chair Gensler’s skepticism towards #crypto, a potential -20% #Bitcoin price drop is anticipated upon #ETF denial, though a positive end-of-2024… pic.twitter.com/IgaMhBJtiP
— Matrixport (@realMatrixport) January 3, 2024
With the current commission at the SEC leaning Democratic and Chair Gary Gensler’s cautious stance on crypto, the firm anticipates a rejection of spot ETF listings.
Gensler’s comments from December 2023 suggest he believes the industry requires more stringent compliance measures.
The anticipation of a spot BTC ETF had contributed to Bitcoin’s surge, closing 2023 with nearly a 160% increase, reaching levels not observed since April 2022.
Matrixport attributed approximately $10 billion of the $14 billion invested in crypto since September to the ETF expectations.
Bitcoin’s price dropped more than 9% earlier today to set a three-week low of $40,490.
This significant hit occurred swiftly around noon UTC, reflecting investors’ reactions to the anticipated SEC decision.
Since then, Bitcoin has slightly recovered to around $42,800 as of writing but is still down by nearly 5% so far today.
The recent developments have led to heightened market caution, with a clear impact on today’s trading conditions.
As the market digests the news from
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