We just witnessed a strong correction, total capitalization has dropped 13% from the most recent peak. Initially, the exogenous cause was believed to be a report about the possibility that the SEC would not approve the BTC Spot ETF this month.
"SEC Chair Gensler is not embracing crypto in the U.S., and it might even be a very long shot to expect that he would vote to approve bitcoin spot ETFs," Matrixport said>>
Bitcoin Spot ETF Proposals to Be Rejected by SEC: MatrixportHowever, according to an analysis on Cointelegraph, the real endogenous cause may be the rapid increase in BTC price while liquidity is not enough to reinforce the sustainability of uptrend.
“It sold off because nothing goes straight up and it’s an easy grab for liquidity to do a long squeeze. In short, the market was overbought.”
Matrixport, meanwhile, predicted only a modest further decline should a rejection become reality.>>
Bitcoin ETF denial report did not cause 8% BTC price crash — AnalysisTo me, BTC and Market's correction is normal and the endogenous cause is created by its very rapid and strong price increase, while the news is just an exogenous factor triggering the BTC sell-off event. In addition, some conspiracy theories claim that exchanges want to burn Long Future orders, or Market Makers want to create a shake-up to lower prices and buy more BTC and ALTS.
At this time, BTC has recovered significantly to over $43K, while ALTS has not yet recovered because investors are very cautious @@
What do you think is causing the crazy crypto market correction today? Is the cause endogenous or exogenous? Do you believe in the launch of BTC ETF and its positive impact on crypto market in 2024?