Matrixport founder’s opinion on the BTC ETF analysis controversy
Key Takeaways
- Jihan Wu comments on the unexpected market impact of Matrixport’s report on Bitcoin ETFs.
- The release of the report coincided with a significant decline in the price of Bitcoin, but Wu attributes this to other market dynamics.
- Wu maintains a positive outlook on the final SEC approval of a Bitcoin spot ETF despite the current market uncertainty.
Bitdeer and Matrixport entrepreneur Jihan Wu recently Commented on controversy Here’s the information surrounding Matrixport’s latest financial report.
It is presumed that it has been reported. The U.S. Securities and Exchange Commission (SEC) has hinted at the possibility of rejecting a Bitcoin exchange-traded fund (ETF).It has had an unexpected and far-reaching impact on the cryptocurrency market.
Did you know?
Do you want to become smarter and richer with cryptocurrency?
Subscribe – We post new cryptocurrency explainer videos every week!
Matrixport’s analysis indicates that the SEC is likely to reject, citing the commission’s current Democratic majority and Chairman Gensler’s cautious stance on cryptocurrencies.
Leadership of the five voting members currently critical to the SEC’s approval of ETFs is controlled by Democrats. SEC Chairman Gensler does not accept cryptocurrencies in the United States and it may be very difficult to expect him to vote to approve a Bitcoin Spot ETF.
After the report was published, The value of Bitcoin has seen a dramatic decline.It fell more than 10% to $40,800.
However, Wu believes that Matrixport We did not expect the report to be widely disseminated and market influence. He emphasized that Matrixport’s analysts operate independently, forming their views without interference from management.
He also dismissed claims that the report had a direct impact on the price of Bitcoin, instead noting that: High funding fees in Bitcoin perpetual markets and Cryptocurrency-related stocks fall As a contributing factor.
right I am confident in Bitcoin’s long-term prospects. Despite the market reaction and uncertainty surrounding the approval of the Bitcoin ETF in January 2024, he expressed his belief: SEC’s final approval of spot ETFs is inevitable, which will drive new investments in Bitcoin. Wu said:
Looking at Bitcoin’s history and future prospects, the current volatility and potential approval uncertainty of the Bitcoin ETF in January 2024 are ultimately immaterial. In my opinion, the SEC’s approval of a Spot ETF that will attract new investments in Bitcoin is inevitable.
Wu’s reaction to the unexpected distribution and impact of the Matrixport report highlights the sensitive interplay between market analysis and cryptocurrency prices. Although the immediate market reaction was marked by volatility, Wu’s view points to a resilient outlook for Bitcoin and its potential integration into mainstream financial products such as ETFs.
Gile is a market sentiment analyst who understands which public events create which emotions. Her experience investigating Web3 news and public market messaging, including cryptocurrency news reporting, PR, and social network streams, will be invaluable to her role leading the cryptocurrency news editorial team.
As an intelligent expert in the field of Public Relations, she works with her team to identify real VS fake news patterns and aims to provide her results to everyone searching for unbiased news and events happening in the FinTech market. Her expertise is informing the public of the latest reliable and informative Web3 announcements.
When she’s not investigating the credibility of mainstream stories, she spends her time enjoying the terrace views and meticulously maintaining her outdoor environment.
