Bitcoin’s Volatile Plunge: Market Turmoil Amid ETF Forecasts

Bitcoin’s rollercoaster ride saw it nosedive to $40,700 from a high of $45,600, based on CoinMarketCap data. On its 15th ‘Genesis’ anniversary, the pioneer cryptocurrency suffered abrupt and substantial outflows, wiping away much of its gains from the past month.

In a rapid descent, Bitcoin slipped under $42,000 on January 3, shedding around $3,000 within a mere two hours, per CoinGecko figures. The intraday plunge bottomed out at $40,700 after peaking earlier at $45,600, according to CoinMarketCap.

Currently, Bitcoin stands at $42,608, marking a nearly 6% decline in the last 24 hours, as per CoinGecko. Over the last 14 days, it’s down by 1.5%, with almost no positive momentum in the last month.

This sharp downturn coincided with Matrixport retracting its earlier prediction regarding the potential approval of the first spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) in January 2024.

Initially, Matrixport anticipated Bitcoin hitting $50,000, buoyed by an anticipated “imminent Bitcoin spot ETF approval.” The firm suggested this approval might even arrive before traders’ expected dates of January 8, 9, or 10.

However, the very next day, Matrixport reversed its forecast, now claiming that the SEC would reject all Bitcoin spot ETFs in January, and these approvals might not materialize until the second quarter of the year.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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