Mere days ago, the cryptocurrency market was brimming with optimism as Bitcoin surged and crowds openly expressed support for a spot-market bitcoin exchange-traded fund (ETF). But, much to the collective shock of financial analysts, the euphoria was short-lived – in only four hours Bitcoin’s value had, thanks to concerns of a mass ETF rejection, randomly tumbled 9%. Financial services juggernaut Matrixport has aired grave displeasure with the United States Securities and Exchange Commission (SEC) for potentially wiping away approval prospects for the telecoms product across the market, inciting an almighty liquidity meltdown worth a glaring $540 million in the rural offering within such a limited span of time. Reports aired just 7 days prior to this unexpected downturn predicted that messages of an ETF approval could drop on the 10th of January, any glimmer of hope brought to extinquison once the research firm salvaged that true predictability revolved around a mass vegan of the same. Furthermore, the impressive first dieses of 2021 quickly gave way to losses, and the gains made jubilantly on the new year were all wiped off in the haste.
