Bitcoin plunged by 7% Wednesday morning in the U.S., sinking as low as $41,804.95 before recovering slightly. At the time of writing, BTC is trading for $43,287.67, according to CoinGecko.

The impetus appears to be a report from digital asset manager Matrixport with an ominous title: “Why the SEC will REJECT Bitcoin Spot ETFs again.” The report, written by Matrixport Head of Research Markus Thielen, also appeared on the 10x Research blog under a much more tepid headline.

Neither Matrixport nor Thielen immediately responded to a request for comment from Decrypt.

“While we have seen frequent meetings between the ETF applicants and staff from the SEC, which resulted in the applicants refiling their applications, we believe all applications fall short of a critical requirement that must be met before the SEC approves,” the company wrote in its report. “This might be fulfilled by Q2 2024, but we expect the SEC to reject all proposals in January.”

That last part about some of the Bitcoin ETF applications being ready for approval in the first half of 2024 didn’t do much to calm fears. The suggestion that none of the ETF applications will be approved in January was enough to stir up market panic.

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Author: Stacy Elliott

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