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How ETF denial from SEC might affect Bitcoin price?
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[QUOTE="Eva Green, post: 327773, member: 103099"] Analysts predict a negative short-term price action for bitcoin if the SEC rejects a spot ETF for the cryptocurrency. However, bitcoin's existence is not dependent on an ETF. Markets have fully accepted the idea of the SEC approving a spot bitcoin ETF, but it's worth considering the possibility of continued rejections and their impact on the crypto price. Laurent Kssis, a crypto trading adviser at CEC Capital, suggests a downward move with a target below $30,000, but this must be balanced against other bullish catalysts like the approaching halving. A cluster at $25,000 is highly unlikely unless the SEC is categorical, but hope remains in the back of everyone's mind. The rejection of the spot Bitcoin ETF could have a significant impact on the market, as it is seen as a sign of institutional acceptance and integration into mainstream financial systems. The SEC, which rejected Grayscale's attempt to convert its Bitcoin Trust into a spot ETF, has faced legal turmoil in the past. The rejection could cast a bearish shadow on bitcoin's price in the short term, necessitating a period of adjustment and realignment. Other crypto assets, such as ether (ETH), may also face repercussions, as the SEC is likely to shift its focus to spot ether ETF applications. [/QUOTE]
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How ETF denial from SEC might affect Bitcoin price?
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