Matrixport: If the U.S. SEC rejects the Bitcoin spot ETF, Bitcoin will quickly drop by 20%

According to a report by Matrixport, the SEC is expected to reject all proposals in January as none of them meet a key requirement. Currently, it's unlikely that the Democrat-led five-member SEC voting committee will approve Bitcoin spot ETFs, as this would legitimize Bitcoin as an alternative value storage method.

 

If the SEC refuses approval, there will be large-scale liquidation activities in the m arket and Bitcoin prices could quickly drop by 20%. Even so, Matrixon Target still predicts that even if the SEC rejects ETFs, Bitcoin prices will still be higher than $42,000 at the end of 2024.