Bitcoin Stumbles on 15th 'Genesis' Day following Matrixport's Revised ETF Forecast
Summary:
Bitcoin saw a dramatic drop on its 15th 'Genesis' day, plummeting below $42,000, and wiping out most of the previous month's gains. This followed digital finance service provider, Matrixport, revising its forecast that the U.S. SEC would approve the first spot Bitcoin ETFs soon, instead predicting a rejection of all Bitcoin spot ETFs this month and likely no approvals until Q2 this year.
Bitcoin, the leading cryptocurrency, witnessed abrupt and substantial outflows on its 15th 'Genesis' day anniversary, canceling out most of its previous month's progress. Bitcoin's value took a dive below $42,000 on January 3, shedding around $3,000 in a mere two hours, as per CoinGecko data. CoinMarketCap data indicated that Bitcoin's worth plummeted to a low of $40,700 from an intraday peak of $45,600. At present, Bitcoin is changing hands at $42,608, reflecting nearly a 6% drop in the last 24 hours, as per CoinGecko's data. The digital currency has also dwindled by 1.5% during the past fortnight, with hardly any profits recorded over the last 30 days.
In a surprising move, digital finance services provider Matrixport reneged on its recent prediction that the U.S. Securities and Exchange Commission (SEC) would soon greenlight the first spot Bitcoin exchange-traded funds (ETFs). Following its initial outlook on possible approvals, Matrixport revised its forecast on January 2, stating that the SEC would dismiss all Bitcoin spot ETFs this month, and it does not anticipate approvals for spot Bitcoin ETFs until the second quarter of this year. Further details will be provided as this story unfolds.
Published At
1/3/2024 4:15:45 PM
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