Skybridge founder Anthony Scaramucci sent ripples through the crypto community with a two-word post on X, writing “It’s done.” While the meaning remains ambiguous, speculation centers on a potential green light for a long-awaited SEC decision on spot Bitcoin ETFs.
Anthony Scaramucci is an American financier, entrepreneur, and author who has worn many hats throughout his career. He is best known for founding the global hedge fund SkyBridge Capital in 2005. He also served as the White House Communications Director in 2017 and is a respected figure in the finance world. Scaramucci is also a vocal advocate for Bitcoin and altcoins.
It’s done
— Anthony Scaramucci (@Scaramucci) January 4, 2024
The Fallout from Scaramucci’s Post
Although Scaramucci offered no further explanation, crypto influencers like Dan Gambardello quickly questioned whether he was hinting at the SEC approving spot Bitcoin ETFs.
Gambardello asked, “Done, as in, ETF approved?” Another wrote, “Is the ETF in the room with us now?” Scaramucci’s post ignited a flurry of excitement, with many interpreting it as an SEC ETF approval and a bullish hint for the broader crypto market.
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Potential Effects of Spot Bitcoin ETF Approval
Earlier this week, a prediction dampened spirits and caused a significant crash in the crypto market. An article from Matrixport suggested the SEC might deny all spot Bitcoin ETF applications. This article sent the market into free fall, with the entire market losing 7.5% of its market cap and many major cryptocurrencies dropping by over 10%.
Solana (SOL) dropped below $100, XRP dropped below $0.6, and other tokens in the crypto market shed hard-fought gains. Terra Classic (LUNC) also suffered a huge loss, dropping below the $0.00001 resistance level, and Google Bard believes LUNC might not regain that level if a bearish trend persists.
Despite the temporary dip, experts remain optimistic about the crypto market’s future, as the recovery started almost immediately. 24 hours after the decline, most tokens were showing a 24-hour increase.
Many experts still expect an ETF approval in January or the first quarter of 2024. This approval could cause a major surge, just before the Bitcoin halving event in April. Crypto investors need to avoid panic selling, as that was the cause of the decline after the Matrixport article.
Although the focus is on Bitcoin ETF approval, a finance expert recently tried to steer Wall Street in the direction of an XRP ETF, giving reasons why XRP ETFs should be seriously considered.
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