Bitcoin (Bitcoin) It traded just above $43,000 in the European morning hours on Thursday, recouping some of its losses after falling as much as 7% on a leveraged flash on Wednesday as the market reacted to analyst reports.
Lucas Keeley, chief investment officer at wealth platform Yield App, said the largest cryptocurrency could rise to $50,000 this month. Kiley said he expects the U.S. Securities and Exchange Commission (SEC) to approve a Spot Bitcoin exchange-traded fund (ETF), denying analysis that it won't.
Main token Solana (Sol),ether (Ethereum) And Cardano’s ADA began to stabilize early Thursday after falling more than 10% in the past 24 hours. The CoinDesk Market Index (CMI), a broad index that tracks the market, fell 6% over the same period, its biggest decline in recent weeks.
The unwinding of futures late Wednesday led to more than $600 million in liquidations, the highest amount in a year, while open interest, or the number of outstanding futures contracts, fell by $5 billion. , the largest decline in recent months.
Wednesday's fire sale coincided with the launch of research firm Matrixport, which said it expected “the SEC to reject all proposals in January” for the Spot Bitcoin ETF. Options analyst Greek Thrive also shared this outlook, saying that “weakness in crypto mining stocks and declines in several crypto-related US stocks” had increased market skepticism.
Yield App's Kiely takes the opposite position, telling CoinDesk in an email that reports that the SEC will not approve a Bitcoin spot ETF this month should be ignored.
“I still think there's a good chance we'll be approved by the SEC in January,” Cayley said. “The pressure and expectations placed on Gary Gensler and the other members of the approval committee by the world's largest asset management companies are too great to continue to push the envelope,'' the chairman of the regulatory commission said. said.
“We don’t expect a huge selling event like some are predicting. Instead of Bitcoin falling to $32,000, it will hit $50,000 by the end of January. “I think we'll see record printing of BTC this year,” he said.
Companies such as on-chain data provider CryptoQuant have said they expect Bitcoin to fall to $32,000 next month following the potential approval of a spot ETF. Trader's Unrealized gains currently remain at levels that historically precede so-called corrections, which in cryptocurrencies is typically referred to as corrections. 10% reduction that's all.
