04 Jan 2024

Crypto markets dumped on ETF rejection story

A ‘no-news report’ started a liquidation cascade, Binance warns of Monero delisting, and the real-world use of the Terra stablecoins was not so real after all. In Trending Topics, we update you on the progress of Ethereum’s current roadmap.
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‘No-news report’ initiates Bitcoin long squeeze
The coming Monday is January 8, the first day of the three-day window where the official response on the spot Bitcoin ETFs is expected to come. The outcome still looks overwhelmingly likely to be that the Securities and Exchange Commission (SEC) will accept the spot Bitcoin ETFs. All filers are preparing paperwork and practicalities as if the ETFs will be accepted.On Wednesday, crypto firm Matrixport released a report titled “Why the SEC will reject Bitcoin spot ETFs again”. The report brought no new information to the table but was enough to set off a liquidation cascade that sent Bitcoin from $45k to $41k.Bitcoin has rebounded since and is currently trading at $44k, signalling that the market also largely believes the ETF approval message to be a question of precisely which day rather than if.
Binance adds Monero to monitoring list
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