The United States financial authority, the Securities and Exchange Commission (SEC), will reportedly reject all Bitcoin Spot ETF applications. This is what made the crypto market red today

Matrixport analyst Markus Thielen said this happened because there were important criteria that were considered ineligible. According to him, the SEC sees that crypto still needs more precise regulation before there is a Spot Bitcoin ETF.

If this happens, he predicts massive liquidations worth billions of dollars will occur in the crypto market. He also predicts that the price of Bitcoin will fall to the level of US$36 thousand-US$38 thousand.

On the other hand, the crypto market is currently red. In fact, 8 out of 10 coins with the largest market capitalization in the world went red, from Bitcoin, Ethereum, Solana, Cardano, to Dogecoin.