Jihan Wu Defends Matrixport Report Responsible for Market Crash

24 Min Read
Jihan Wu Defends Matrixport Report Responsible for Market Crash

Jihan Wu Defends Matrixport Report Responsible for Market Crash
Supply: X / @JihanWu

Crypto tycoon and Matrixport co-founder Jihan Wu addressed considerations surrounding the corporate’s report predicting the rejection of spot Bitcoin ETF functions by the U.S. Securities and Change Fee (SEC).

Bitcoin’s price dropped as a lot as 9% on Wednesday because it briefly traded beneath the $41,000 mark. The flash crash was stated to be triggered by Matrixport’s report predicting rejection of spot Bitcoin ETFs.

Jihan Wu Defends Matrixport Report

Wu posted on X that the report was solely based mostly on impartial analysis and was not influenced by the administration group. This assertion comes within the wake of business backlash, with some speculating that the report is perhaps a part of a market manipulation scheme because of the lack of insider sources.

The report, titled “Matrixport Evaluation: SEC to Reject ETF Functions in January with Ultimate Approval Pushed to Q2 2024,” had a big affect available on the market.

Regardless of the controversy, Matrixport’s report projected a rejection of spot Bitcoin ETF functions within the brief time period, with a possible approval delay till the second quarter of 2024. This declare raised doubts in regards to the report’s accuracy, prompting business figures, together with Bloomberg analyst Eric Balchunas, to hunt clarification from the writer, Markus Thielen.

Thielen responded, asserting that his report was not based mostly on issuer or SEC insider feedback. He acknowledged the deviation from consensus however maintained his bearish stance on the SEC’s seemingly rejection.

Analysts Preserve Spot Bitcoin ETF Most More likely to Obtain Approval this Month

Distinguished analysts like Balchunas and James Seyffart, who’ve sources inside the SEC, disputed the report, labeling it speculative. They argued that the SEC’s actions contradicted the notion of an imminent rejection.

The US SEC has been assembly with all of the spot Bitcoin ETF candidates which analysts consider is a optimistic signal for an approval this month.

Regardless of the regulatory setback predicted within the report, Matrixport maintained a bullish outlook on Bitcoin for 2024, citing historic patterns, the upcoming Bitcoin halving, and macroeconomic situations.

Source link

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *