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Has Matrixport Report Crashed Crypto Market?

2 Mins read

Matrixport reported that SEC Chairman Gensler is not looking forward to boosting crypto adoption in the United States. Therefore, it is very likely that he will not vote to approve Bitcoin spot ETFs. It seems like Matrixport’s news has flooded the whole crypto market. Bitcoin went bearish and closed the day with a decline of 8.8%.

What is Matrixport

Matrixport is a digital financial services firm. It provides trading, investing, and borrowing of cryptocurrency assets. It also offers fixed income, structured products, lending, and asset management. 

The firm in its report on Wednesday wrote “The current five-person voting Commissioners leadership critical for the ETF approval of the SEC is dominated by Democrats. SEC Chair Gensler is not embracing crypto in the US, and it might even be a very long shot to expect that he would vote to approve Bitcoin ETF.”

Bitcoin ETF will result in a downtrend in BTC price, said Peter Schiff 

Peter Schiff, an American stockbroker, financial commentator, and radio personality, dropped some bombs on Wednesday. He said in a tweet “The promise of a U.S.-listed Bitcoin ETF has been supporting the Bitcoin price and speculative demand for years.” 

Schiff warned that the Bitcoin ETF approval will probably crash the BTC price for a long time. He further added in his tweet, “Once the ETFs are launched and the highly anticipated institutional and other new investor demand does not show up”

“Shut Down Crypto” Said Jamie Dimon

A few weeks ago, Jamie Dimon, the CEO of Jp Morgan spoke about cryptocurrencies during the testimony before the Senate Banking Committee. 

Jamie has been deeply opposing cryptocurrencies since the start. He said that the only true use case for cryptocurrencies is for criminals, drug traffickers, and Rouge Nations. It is somewhat anonymous but not fully because you can move money instantaneously. 

He also added that it is a scam as it does not go through the systems that the government has built over all these years. One of the major highlights of his speech was his last line where is said that if he were the government, he would shut cryptocurrency down. 

ETF Hopes are still alive 

However, not every financial institution is bearish on the Bitcoin ETF. Bloomberg ETF analyst Eric Balchunas led his views upon the whole ETF approval chances. Eric has been at the forefront of this ETF debate since the start. He sees a good possibility that within the first quarter of 2024, this ETF will be approved by the SEC.

Conclusion

The Hopes for Bitcoin ETF were shattered when Matrixport published a report stating that there are very slim chances for approval by the SEC. Moreover, big names in the financial industries like Warren Buffet and Jamie Dimon have been completely opposed to crypto. The crypto market has crashed significantly after the report by Matrixport.

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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