Join 34,000+ Traders & Investors by getting our FREE weekly Sunday Cheat Sheet email. Get key market news and events before everyone else. Click Here to See if you Qualify.
Crypto investment services provider Matrixport has anticipated that the U.S. Securities and Exchange Commission (SEC) will reject all applications for listing a spot bitcoin exchange-traded fund (ETF) this month.
Matrixport highlights SEC Chair Gensler’s cautious approach towards cryptocurrency, signaling a potential hurdle for approving Bitcoin spot ETFs. Matrixport expects that the current leadership of the SEC, consisting of five voting Commissioners dominated by Democrats, may play a pivotal role in the decision-making process.
The firm suggests that SEC Chair Gensler’s reservations about embracing crypto in the U.S. make it a considerable challenge for him to vote in favor of approving bitcoin spot ETFs.
The possibility of an approved spot BTC ETF in the U.S. has generated significant optimism within the cryptocurrency community, contributing to a surge in Bitcoin prices not witnessed since April 2022.
Bitcoin closed the year 2023 with an impressive nearly 160% gain, driven in part by the anticipation of a regulatory nod to the ETF.
Matrixport further estimates that a substantial portion of the additional $14 billion deployed into crypto since September is linked to expectations surrounding the approval of the ETF, with approximately $10 billion directly related to this anticipation.
BTC is currently experiencing a notable decline of nearly 7% on the day, trading at $42,445. This decline occurred within a short timeframe around 12:00 UTC, reflecting the market’s sensitivity to regulatory developments.
However, opinions within the crypto industry vary, as evidenced by Galaxy Digital Head of Research Alex Thorn’s strong critique of Matrixport’s report.
Thorn labeled the report as “bewildering” and “nonsensical,” emphasizing a differing viewpoint. Galaxy Digital, in collaboration with Invesco, is among the numerous firms that have submitted applications for a spot bitcoin ETF with the SEC.
The SEC’s decision on Bitcoin spot ETFs is eagerly awaited, as stakeholders assess the potential impact on the broader crypto market and the industry’s regulatory landscape.
This Options Discord Chat is The Real Deal
While the internet is scoured with trading chat rooms, many of which even charge upwards of thousands of dollars to join, this smaller options trading discord chatroom is the real deal and actually providing valuable trade setups, education, and community without the noise and spam of the larger more expensive rooms. With a incredibly low-cost monthly fee, Options Trading Club (click here to see their reviews) requires an application to join ensuring that every member is dedicated and serious about taking their trading to the next level. If you are looking for a change in your trading strategies, then click here to apply for a membership.