Matrixport: If the US SEC rejects a Bitcoin spot ETF, Bitcoin will quickly drop by 20%.

According to a report from Matrixport on January 3, all proposals are expected to be rejected by the SEC as they have not met the key requirements. Currently, the five-member SEC voting committee, dominated by the Democratic Party, is unlikely to approve a Bitcoin spot ETF, as this would legalize Bitcoin as an alternative store of value. If the SEC refuses to approve, there will be a large-scale liquidation activity in the market and the Bitcoin price may rapidly drop by 20%. Nevertheless, Matrix on Target still expects that even if the ETF is rejected by the SEC, the Bitcoin price will still be higher than the beginning of the year's $42,000 by the end of 2024.