Tonight, the pie fell more than 10%, falling below $41,000. The day before, it exceeded the $45,000 mark and hit a 21-month high.
The reason for tonight’s plunge was the release of a report from Matrixport, which mentioned a possible scenario: the U.S. Securities and Exchange Commission (SEC) may reject all Bitcoin spot ETFs in January. The report notes that since the approval of a Bitcoin spot ETF would legitimize Bitcoin as an alternative store of value, the five-person SEC voting committee dominated by Democrats may be unlikely to approve the proposal. If the SEC refuses to approve it, the market could see massive liquidation activity, causing the price of Bitcoin to drop quickly by 20%. Still, Matrixon Target still expects Bitcoin prices to end 2024 above the $42,000 level at the beginning of the year, even if the SEC vetoes the ETF.
According to news, in the four hours before 9 p.m., the amount of liquidated positions on the entire network reached US$531 million. Among them, the liquidation amount of long orders was as high as 496 million US dollars, while the liquidation amount of short orders was US$35.3799 million.
Because of this "speculated" news, long positions were liquidated to nearly US$500 million in the evening!
I don’t know how many people gathered on the rooftop again. A speculative news in the digital asset market will actually make the entire industry "dead everywhere"
In fact, as long as you analyze what Matrixport said, you will know that this is just an irresponsible "speculation" lie.
All speculations from Matrixport are predicting a rise in Bitcoin, even yesterday predicting a rise to $50,000 in January!
But tonight, they suddenly said that Bitcoin will fall by "20%". It is obvious that the sudden announcement of this news today is to cooperate with the "killing many"
There was not much news released by Matrixport. Bloomberg also released a news: On January 3, Bloomberg ETF analyst Eric Balchunas posted on social media that many investors saw the "Bitcoin spot" released by Matrixport. I have come to inquire about reports that the ETF will be rejected, but I personally have not seen any other signs other than that it is about to be approved, so I also want to know if Matrixport has any sources, or whether this conclusion is just speculation. Balchunas added that Matrixport seems to have been a Bitcoin bull and has only recently published a report that the ETF will be approved. He is not sure why it released contrary information.
It can be said that there are still many controllable factors in the rise and fall of digital assets!
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