End of the Crypto Bull Run? Hilton Predicts Shake-up if Bitcoin ETFs Get Rejected

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In a recent market twist, XRP, a major player in the cryptocurrency landscape, experienced a sharp 10% decline, landing its value in the mid-50 cent range. Esteemed financial expert Austin Hilton delves into the intricacies of this unexpected drop, shedding light on its origins and predicting its potential ramifications across the market.

Decoding the XRP Slide: A Detailed Look

With his astute market insight, Austin Hilton clarifies the turbulent journey of XRP. The cryptocurrency took a significant nosedive, hitting a low of 50 cents before showing a modest bounce. However, even with this recovery, XRP finds itself trailing by a substantial 9%. The primary culprit? Hilton points towards growing concerns about the Securities and Exchange Commission’s (SEC) position on Bitcoin ETFs.

Gearing Up for a Shake-up!

According to a report from Matrixport, there is growing speculation that the SEC may reject Bitcoin ETFs on December 10th. This uncertainty has sent shockwaves through the entire cryptocurrency market, impacting not only XRP but also other major cryptocurrencies like Bitcoin, Ethereum, and others.

Hilton draws attention to the broader market trend, showcasing the widespread decline in various altcoins. Bitcoin and Ethereum, for instance, are down 6%, while other cryptocurrencies like Cardano and Polygon have experienced double-digit losses.

What’s Gensler’s Stance?

The analyst points to a specific prediction that the SEC, led by Gary Gensler, might reject Bitcoin ETFs due to the SEC’s cautious stance on cryptocurrency. This prediction has created fear and uncertainty, contributing to the market downturn.

Hilton Remains Optimistic

Despite current challenges, Hilton sees a promising future. If Bitcoin ETFs aren’t approved by January 10th, he anticipates significant market shifts. However, Hilton remains optimistic in the long run. He believes that with support from influential entities like BlackRock and Grayscale, Bitcoin ETFs will eventually gain approval. Hilton views these recent market changes as steps toward that eventual approval.