While there was a serious decline in Bitcoin (BTC) and the cryptocurrency market in general, all eyes turned to the reason.
While the Bitcoin price experienced a serious decline around 14:00 on January 3, it dragged the cryptocurrency market along with it. Bitcoin $45,500 within minutes with the decrease starting from the levels $40,200 decreased to levels.
About subject in comment Chinese cryptocurrency journalist Colin Wuthe decline is likely matrixport analyst offered by “Spot Bitcoin ETF approval will not come in January” related to news He stated that:
Possibly influenced by the breadth of the Matrixport report, Bitcoin briefly fell below $41,000 and Ethereum hit below $2,100. But the market is now starting to recover. The liquidation amount in the last 4 hours was 540 million dollars.
Matrixport created a panic throughout the market by stating that ETF applications could be approved in the second quarter of the year. On the other hand, there was no official statement from the US Securities and Exchange Commission on the subject and ETFs January 15 The expectation that it will be approved by the deadline is still prominent.
Sudden declines in the market More than $500 million resulted in the liquidation of the futures position. About subject in sharing on-chain analysis platform lookonchainwas among those who thought that the Matrixport report was what triggered the Bitcoin decline.
Many expert analysts in the market, behind the decline Offered by Matrixport and Includes the report stating that the ETF will not be approved in January agreed with the idea.