Matrixport has warned investors of a potential rejection of Bitcoin spot ETFs by the SEC, predicting a significant decline in Bitcoin's price. The report challenges consensus expectations and suggests considering put options or direct shorting of Bitcoin. Major financial institutions like BlackRock and Fidelity have filed for spot ETFs, but Matrixport claims that all applications lack a critical requirement for SEC approval. Despite the possibility of meeting this requirement by Q2, 2024, the expectation is that all proposals will be rejected in January. #CryptoNews
According to a recent report from Reuters, the US Securities and Exchange Commission (SEC) may notify asset managers looking to launch a spot Bitcoin ETF if their applications have been approved as soon as next week. The SEC may notify the 14 Bitcoin ETF applicants if their applications will be approved by Tuesday or Wednesday next week. This move would come ahead of the January 10 deadline for the agency to decide whether or not to green-light the ETF application by Ark Invest and 21Shares. Asset managers that met their end-of-the-year filing revision deadlines may be able to launch by January 10, 2024. Firms such as Black Rock, Van Eck, Bitwise, WisdomTree, Invesco, Valkyrie, and Fidelity have recently updated their Bitcoin ETF filings with the SEC. Fidelity Investments revealed more information and technical details about its potential ETF product, hoping to win investors over with a low sponsor fee at 0.39%. Invesco offered a 0.59% rate with a fee waiver, while BlackRock unveiled its authorized participants in its updated application. The SEC's intention to wrap up the Bitcoin ETF chapter is evident, and the report adds optimism to the possibility of the agency approving several ETF applications by January 10. The approval of a Bitcoin ETF may have significant effects on the price of the cryptocurrency, with wide speculations on its potential impact.
The latest roadmap update from Vitalik Buterin, the co-founder of Ethereum, has generated optimism among analysts who predict a potential price target of $5,300. Ethereum's transition from a digital currency to a decentralized application ecosystem has been a key factor in its enduring appeal. Raoul Pal, the CEO of Real Vision, believes that Ethereum's price trajectory is set for a remarkable rise, supported by the liquidity indicator. While these predictions are not guaranteed, they do reflect a strong bullish sentiment for Ethereum's future.
Despite a general downtrend in the crypto market, Internet Computer (ICP) has shown extraordinary growth, with a 29.10% price increase in the last 24 hours. This surge may not come as a surprise to analyst ZAYK Charts, who predicted a bullish pennant pattern indicating a potential 20% to 30% increase. ICP's price of $12.95 broke through the resistance level of $10.15, and signals from the RSI suggest continued bullish momentum. With its impressive performance, ICP could be the best-performing asset as we approach the end of 2023.
Bitcoin price has experienced a decline and broke the $42,200 support zone, but it has formed a base above $41,200 and is currently rising. With the price now trading above $42,200 and the 100 hourly Simple moving average, there is a key bullish trend line forming with support near $42,280. Immediate resistance is near the $42,800 level, and if Bitcoin can surpass the $43,200 level, the price could potentially see further gains.