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New Year, New Drop

Crypto markets tumbled this morning, but what's causing the weakness?

Jack Inabinet
Jan 3, 2024 • 1 min read

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Down we go! Crypto markets tumbled this morning, with the total crypto market cap (TOTAL) wicking down as much as 12%, its largest single-day decline since the collapse of FTX in November 2022. What's causing the crypto weakness?

Some blamed the drop on a report released by crypto services platform Matrixport, which reasoned that the SEC will deny spot Bitcoin ETF applications this month and cautioned crypto traders to hedge their portfolios against a possible -20% BTC price plunge.

Is the Matrixport report in the room with us right now? pic.twitter.com/aRPvfJFrgf

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Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.