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According to a Matrixport report, as none of the applications met crucial requirements, it is expected that the SEC will reject all proposals in January. Currently, the SEC voting committee, led by the Democratic Party, is unlikely to approve a Bitcoin spot ETF, as it would legitimize Bitcoin as an alternative store of value. If the SEC rejects the approval, significant liquidation activity is anticipated in the market, and the Bitcoin price could rapidly decline by 20%. Nevertheless, Matrix on Target still predicts that even in the scenario of the SEC rejecting the ETF, the Bitcoin price will likely be higher than the initial $42,000 by the end of 2024. |
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Post time 9-1-2024 07:14:48