News View Non-AMP

Why is the Bitcoin (BTC) Price Down Today? It’s Not Matrixport Report; Here’s The Real Reason

Published by
Zameer Attar

On its 15th anniversary, Bitcoin experienced a significant 8% crash, contributing to a nearly 9% downturn in the cryptocurrency market. This drop coincided with speculations about the potential rejection of spot Bitcoin Exchange-Traded Funds (ETFs) by the United States Securities and Exchange Commission (SEC). Despite the timing, expert analysts have dismissed the crash as unrelated to fears of ETF rejection.

Market Turbulence Unrelated to ETF Fears, Say Analysts

Approximately half a billion dollars in crypto-long positions were liquidated during this market turmoil. However, leading crypto analysts, including Scott Melker and Joe Carlasare, challenged the narrative that this was a panic-induced sell-off triggered by a report from Matrixport. Instead, they suggested it was a typical market correction and an opportunity for a long squeeze, emphasizing that markets do not move in straight lines.

Matrixport’s report, released on the occasion of Bitcoin’s anniversary, speculated that the SEC would reject the spot ETF. It suggested that such a rejection could undermine Bitcoin’s legitimacy as an alternative store of value. However, the report was criticized for lacking substantial evidence to support its claims.

The SEC’s official decision window on the ETF matter is from January 5 to January 10, creating a sense of anticipation within the cryptocurrency community. Despite the uncertainty, Matrixport’s analysis forecasts only a modest decline in Bitcoin prices in case of an ETF rejection. The report estimates a potential drop of about 20%, possibly bringing Bitcoin’s value to the $36,000 to $38,000 range.

As the market navigates through these fluctuations and speculative reports, it becomes crucial to distinguish between factual developments and mere conjecture. The coming days are expected to provide clarity as the SEC announces its decision on the spot Bitcoin ETFs.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

Recent Posts

Crypto Liquidations Tops $667M Led By Altcoins: Experts’ Insights on What’s Next

The cryptocurrency market recorded more than $669 million in net liquidations on Wednesday, July 23,…

July 24, 2025

Teucrium CEO Slams Gary Gensler’s ETF U-Turn, Reveals Why He’s Backing XRP

In a recent interview, Sal Gilbertie, CEO of Teucrium Trading, opened up about his firm’s…

July 23, 2025

Jim Cramer Plans to Own Bitcoin and Ethereum as Hedge for His Kids

Jim Cramer revealed he intends to “own” Bitcoin and Ethereum to protect his children’s financial…

July 23, 2025

Ripple Price Prediction As SEC Approves And Pauses Bitwise ETF Holding XRP

The US Securities and Exchange Commission (SEC) recently made headlines by granting approval for Bitwise’s…

July 23, 2025

Square Launches Compact Mobile POS Terminal Square Handy in Japan

Square has launched Square Handy, a compact and durable mobile POS terminal designed for Japan’s…

July 23, 2025

U.S. Stablecoin Legislation Sparks Issuance Boom

New U.S. stablecoin legislation is driving a significant increase in stablecoin issuance from banks, asset…

July 23, 2025