Last week, some sources reported that a Bitcoin ETF could be approved as soon as "Tuesday or Wednesday".

The flame of controversy has risen
Bitcoin's pullback reversed all the upward movement that occurred on January 1, while the ecosystem continued to debate whether spot ETFs would be approved by the US Securities and Exchange Commission (SEC). Financial services firm Matrixport dismissed optimistic expectations, saying

"We believe that not all applications meet a critical requirement that must be met before the SEC will approve. This could be met by the second quarter of 2024, but we expect the SEC to reject all proposals in January."

Options analyst GreeksLive wrote on X: "The likelihood of the ETF passing has become less and less likely and the market has reached a stalemate. Weakness in crypto mining stocks and sell-offs in some crypto-related US stocks have also reinforced the market's skepticism."

After a morning high of $45,500, Bitcoin fell to around $40,000. As of the writing of the news, the leading cryptocurrency is at $ 42,400.