Renowned Bitcoin advocate Max Keiser has released another forecast on the severe collapse he anticipates for the Solana (SOL) currency. Bitcoin maximalist Keiser has been disparaging Solana, along with XRP, ADA, and other altcoins, for the past few months. He calls it a hoax and says that it will drop to zero, costing investors their money.
Over the past several years, Keiser has been harshly criticising altcoins and calling them a hoax. Keiser continued the story from the SEC’s remarks last year about them purportedly being securities, attacking XRP, SOL, ADA, and other digital currencies—really anything except from Bitcoin.
https://x.com/maxkeiser/status/1742525405687377990?s=20
Solana shows major drop, following Bitcoin
The leading cryptocurrency, Bitcoin, unexpectedly fell 6.85% from $45,336 to $42,200 earlier today. This was caused by massive liquidations of $500 million that were observed on many major exchanges, including OKX, Huobi, and Binance. Most of the liquidations were carried out in response to lengthy directives. OKX saw the elimination of longs worth $237.737 million. $117.795 million was lost in liquidations at Binance.
A large long Bitcoin order worth close to $15 million was liquidated on the Huobi platform, according to CoinGlass.
According to a cumulative article by cryptocurrency YouTuber Lark Davis, the decline in Bitcoin was followed by those of other significant cryptocurrencies, including Ethereum (which fell by 6%), Solana (which fell by 8%), and LINK (which lost 11%). With a 11.40% decline, XRP has collapsed more forcefully than many other cryptocurrency. Regarding SOL, it has dropped by 6.11% even prior to the decline in Bitcoin, and has lost around 20% in the last 24 hours.
https://x.com/ali_charts/status/1742521965380780080?s=20
One main factor contributed to the Bitcoin liquidations: a research by Matrixport forecasted that the SEC will probably deny all petitions for spot Bitcoin ETFs submitted by significant Wall Street firms.
SEC expected to approve Bitcoin spot ETFs this week
As previously reported, the SEC was required to make a declaration by January 10th, after which it would either accept or deny each of the roughly twelve Bitcoin ETF applications that it currently has on file.
Up until Matrixport announced its negative prognosis on the imminent SEC judgement, the main driver of the Bitcoin price was anticipation of an impending spot Bitcoin ETF launch occurring in January.
