Crypto Could See a Massive Rugpull if Bitcoin ETFs are Denied: Analyst Warns
Analyst warns of major drop if U.S. rejects Bitcoin ETF; market anticipates decision, with Bitcoin reversing towards $40,000.
The crypto world is excited about a decision on a U.S. Bitcoin ETF, a decision that could have a great impact on the crypto market. Amid this excitement, a famous analyst, Analyst Nate has issued a warning to the crypto community, warning that the crypto world could see the biggest price drop in history if the Bitcoin ETF is not approved, regardless, he believes the chances of approval are very high.
This decision is expected in the first few days of January and is important as it would boost crypto's role in mainstream finance. The price of Bitcoin has recently risen to $45,000, fueled by hope for the ETF's approval, and applications submitted by BlackRock and Cathie Woods Ark Invest, among other factors. Approval of a Bitcoin ETF could lift the industry, especially after the FTX collapse.
The involvement of big financial firms like BlackRock and Fidelity has made experts see a huge growth potential. Bloomberg Intelligence predicts the Bitcoin ETF market could see an inflow of over $100 Billion in investments. They compared the situation to the rise of gold ETFs in the early 2000s.
However, there are worries. Bitcoin is around $40,000 now. If the SEC says no to the ETF, the market might see a big rug pull. The industry stands at a critical point, with the SEC's decision either boosting or hurting the emerging market.
