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Prominent Bitcoin Advocate Issues Warning on Recent Bearish Price Trigger in Crypto Market

Published January 7, 2024 3:00 PM

By Teuta Franjkovic

Samson Mow advised traders not to sell their crypto | Credit: Luis Barron / Eyepix Group/Future Publishing via Getty Images

Key Takeaways

Samson Mow advised traders not to sell their crypto based on recent claims that the SEC may reject Bitcoin ETFs.
He believes that the SEC may approve Bitcoin spot ETFs in the near future.
The CEO of Jan3 is also cautioning traders against making hasty decisions based on Matrixport’s recent article.

In a recent tweet , Bitcoin advocate and Jan3 CEO Samson Mow advised the cryptocurrency community to hold onto their Bitcoin assets.

This advice comes in the wake of a sudden 7% drop in the value of Bitcoin. The CEO’s cautionary note was specifically in reference to the potential impact of spot Bitcoin ETFs on the market.

Mow Warns Against Matrixport’s BTC ETF Predictions

Samson Mow, the head of Bitcoin tech company Jan3, recently cautioned traders against hastily selling their Bitcoin.

YOU DON’T SELL YOUR #BITCOIN JUST BECAUSE A PREDICTION ARTICLE SAID ETFS WILL BE DENIED! pic.twitter.com/MzZZXi0mtD

— Samson Mow (@Excellion) January 3, 2024

This warning comes in response to an article published by Matrixport , led by former Bitmain CEO Jihan Wu, which speculated on the potential rejection of Bitcoin spot ETFs by the SEC.

#Bitcoin dropped $5k on some fake news from a no-name analyst. Imagine what happens when a dozen ETFs are approved and start smash market buying.

— Samson Mow (@Excellion) January 5, 2024

The article, influencing the market, predicted that the SEC would deny applications from major players like BlackRock, Ark Invest, Fidelity, Grayscale, and others, citing various reasons.

Funny to see people blaming a Matrixport report for the dump. BTC perps funding on Sunday was almost 100% annualized. That's very rare, the definition of a very hot market. It's down to 10% now (the baseline).

— Alex Krüger (@krugermacro) January 3, 2024

It also forecasted a notable drop in Bitcoin’s value, advising traders to short Bitcoin and favor put options over call options. Mow emphasized the importance of not making hasty decisions based solely on such predictions.

The report said :

“If there is any denial by the SEC, we could see cascading liquidations as we expect most of the $5.1 billion in additional perpetual long Bitcoin futures to be unwound. We could see Bitcoin prices declining by -20% very quickly and falling back to the $36,000/$38,000 range.”

Warning Against Bearish Outlook

Matrixport’s article, which influenced recent market reactions, suggested that Bitcoin ETF issuers could meet all the demands set by the regulatory body by the second quarter of this year.

This implies that Bitcoin ETFs might receive approval within this timeframe.

Consequently, Samson Mow is urging the cryptocurrency community to refrain from hastily selling their Bitcoin holdings. His caution stems from the belief that the current possibility of rejection by the regulator should not be a sole determinant for selling, especially in light of the potential for approval in the near future.

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About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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