Crypto Twitter became the epicenter of intense speculation and fervent discussions this week, revolving around the highly anticipated arrival of ETFs in the crypto market. The feverish anticipation has taken over market sentiment and conversations, creating a whirlwind of rumors and projections that gripped both spirits and cryptocurrency prices.
The week started with heightened buzz around the long-awaited financial product, driving expectations to new heights. However, Wednesday witnessed a seismic jolt as Matrixport, a digital asset manager, released a foreboding report predicting the SEC’s rejection of all spot Bitcoin ETF applications in January. This report sent BTC plunging over 7%, slipping below $42,000 in mere hours. The crypto space is evidently hanging on every hint regarding the ETF’s fate, given its potential to link over $14 trillion of the U.S. economy with Bitcoin.
However, skepticism swiftly arose among experts, dismissing the Matrixport paper as unfounded, citing improper sourcing and flawed analysis. Many analysts remained steadfastly optimistic about the eventual approval of a Bitcoin ETF this month. Following these reassurances, BTC managed a prompt recovery, swiftly regaining its pre-Matrixport levels.
Amidst the turbulence, Crypto Twitter clung to a hopeful rumor yesterday, anticipating the SEC’s purported approval of its inaugural Bitcoin ETF on Friday. Yet, the anticipated relief failed to materialize. Despite revised applications submitted by all hopeful ETF candidates, the SEC kept silent, leaving the crypto community facing another weekend of anxious uncertainty.
The relentless fluctuations and unending suspense surrounding the ETF saga have kept the crypto world on a rollercoaster ride, as enthusiasts, analysts, and investors eagerly await the SEC’s definitive verdict on the much-anticipated Bitcoin ETFs.
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