January 8, 2024
By Anjali Kochhar
Instead of January as expected by the market, all applications for spot Bitcoin ETFs may be approved in the second quarter of 2024, according to the most recent Matrixport analysis, “Why the SEC will REJECT Bitcoin Spot ETFs again.” It is therefore anticipated that the price of Bitcoin would drop to $36,000–$38,000 in January, and investors are advised to purchase put options or perhaps sell their Bitcoin outright.
Experts also noted that Democrats currently hold the majority of the five-member commissioner leadership, which is crucial to the approval of the ETF. Furthermore, it’s unlikely that Gary Gensler, the regulator’s chief, will vote to allow spot Bitcoin ETFs because he opposes cryptocurrencies in the United States.
Nevertheless, experts continue to predict future increases in the price of Bitcoin despite these possibilities. The U.S. presidential election and the halving of Bitcoin will be the two primary drivers of the cryptocurrency’s price by year’s end.
By January 10, many people in the bitcoin world are hoping that spot Bitcoin ETFs will be approved. The first cryptocurrency’s rate increased due in part to traders’ optimistic outlook over the potential approval of a spot Bitcoin ETF in the US. The price of Bitcoin exceeded $45,000 for the first time since April 2022 at the beginning of January.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
