Bitcoin Braces for Impact: Will SEC Rejections Derail the Crypto Rally?

• Analyst Markus Thielen predicts the SEC will reject all Bitcoin spot ETF proposals this month, causing a potential 20% price drop.
• Thielen’s prediction is based on political dynamics and concerns about compliance in the crypto industry.
• A rejection would be a major setback for the industry’s long-held goal of securing a spot ETF in the U.S.

Bitcoin prices tumbled today, down over 7%, amid growing anxieties about the Securities and Exchange Commission’s (SEC) stance on Bitcoin spot ETFs. Renowned analyst Markus Thielen of Matrixport cast a dark cloud over the industry, predicting an outright rejection of all pending ETF proposals by the SEC this month.

Thielen’s prediction hinges on the current political climate and lingering concerns about compliance within the crypto space. SEC Chair Gary Gensler has been vocal about his reservations regarding Bitcoin spot ETFs, highlighting rampant fraud and inadequate regulatory frameworks within the industry. 

Should the SEC follow through with a blanket rejection, Thielen anticipates drastic consequences. He expects a wave of liquidations in the perpetual long Bitcoin futures market, potentially triggering a 20% price…

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