Recently, the Bitcoin price dropped sharply following unconfirmed reports that a Bitcoin ETF application was rejected. The crypto market, known for its sensitivity to regulatory developments, has responded with increased volatility. Amid these developments, industry experts made some evaluations. Bloomberg’s ETF analyst Eric Balchunas commented on the rejection news. Popular analyst Michael van de Poppe talked about the buying opportunity.
Expert evaluated the ‘Bitcoin ETF rejection’ news!
cryptokoin.comAs you follow from , the market suddenly turned upside down. The primary trigger for this turmoil was a report from crypto financial services platform Matrixport claiming that the U.S. Securities and Exchange Commission (SEC) would “reject” spot Bitcoin ETF applications. The report lacks concrete evidence. However, it has had a notable impact on market sentiment. On the other hand, Bloomberg’s ETF analyst Eric Balchunas expressed doubts about the reliability of the rejection report. Balchunas questioned the credibility of the source. He also emphasized that he had not heard anything that indicated a potential rejection. In this context, Balchunas made the following statement:
People are labeling me as crazy about this “rejection” news. We’ve heard nothing but confirmation, but I want to give the guy the benefit of the doubt. So I’m asking if he has any sources or if he’s just speculating. He seems to be a Bitcoin bull and recently “executives” said approval was likely. So I’m not sure why it flipped.
Popular analyst: Buy the dips and be patient!
Michael van de Poppe, CEO and founder of MN Trading, emphasized the importance of the spot Bitcoin ETF product. He described it as one of the most important events in Bitcoin history. He expressed concern about the market’s vulnerability to manipulation, citing the second example of market turbulence caused by unverified information. The popular analyst advised investors to “buy the dips and be patient” in the face of market uncertainty.
Bitcoin’s current market situation
The crypto market gained upward momentum at the beginning of the year, with Bitcoin rising above $45,000. However, it has lost this momentum following the recent developments around the Bitcoin ETF. Bitcoin’s price has fallen by 6.5% in the last 24 hours. BTC fell to $42,301 at the time of writing. While the overall market cap dropped 9% to $1.6 trillion, Bitcoin’s dominance remained at 51.6%. Ethereum (ETH) also experienced an 8% price drop, falling to $2,113.
The market’s bearish trend was further demonstrated by the liquidation of over $650 million in 24 hours. A staggering liquidation of $500 million took place in just one hour. More than 176,000 traders faced liquidation, with the largest single liquidation order worth $14.26 million on Huobi’s BTC/USDT. The official deadline for the SEC to approve or deny Bitcoin ETF applications will begin on January 4. This period will continue until January 10. Traders and investors are waiting for an official statement from regulatory authorities that will clarify the situation. The market remains tense, with conflicting views and rising volatility shaping the near future.
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