Marcus Tilen's Latest Interview Shakes the Cryptocurrency Market
Date: 2024-01-06 Author: Dima Zakharov Categories: BUSINESS
Marcus Tilen, an analyst at 10x Research, has voiced concerns about the approval timeline for ETFs related to spot Bitcoin funds, causing a stir in the industry. Tilen's analysis, based on structural and regression models, has led him to recommend investors hedge their risks by selling mining company stocks and purchasing options for January 2024. He cautioned that a significant market correction could occur, emphasizing the pivotal role of the ETF decision, warning that losses could be substantial if rejected.
Tilen has considered various scenarios, including ETF approval, "news selling," and a potential BTC price drop. He stressed that while a trader might incur losses in a trade, they should be confident they can recover in the future. Marcus also noted that some phrases from the report were taken out of context and that he has not changed his perspective.
Despite the prevailing optimism among experts, Tilen believes that ETF approval might be delayed due to SEC Chairman Gary Gensler's recent comments, where he highlighted the rampant fraud and rule violations in the cryptocurrency industry. Tilen also cautioned that the market might not be adequately prepared for such an approval.
As of January 5, 2024, the Bitcoin price stands at $43,880, with a 1.3% increase in the past 24 hours. The cryptocurrency's market capitalization has reached $859.58 billion, with daily trading volumes at $35.15 billion. The crypto market remains on edge as it awaits the SEC's decision on spot Bitcoin ETFs, with Marcus Tilen's warnings resonating throughout the industry.
