Bitcoin experienced a significant 8% drop within the past hour, plummeting from $45,000 to $41,500, before rebounding by approximately 2%. It has now stabilized at $42,500, showcasing resilience after the sudden volatility.
Now, the market is waiting for new directions, the sudden downfall could be due to numerous reasons. Everyone is waiting for Bitcoin ETF Approval in the first week of January.
The recent Matrixport report has sparked concern by indicating a potential rejection of all Bitcoin spot ETFs by the Securities and Exchange Commission (SEC) in January.
The report acknowledges the predominantly Democratic leadership of the SEC and highlights SEC Chair Gensler's cautious approach toward cryptocurrencies as contributing factors to this possibility.
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