Solana (SOL) to Plunge to $20, Bitcoin Maximalist Keiser Believes
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Prominent Bitcoin evangelist Max Keiser has published another prediction about the massive crash of the Solana (SOL) token that he expects. Over the past few months, Bitcoin maximalist Keiser has been bashing Solana, among XRP, ADA and other altcoins, calling it a scam and predicting that it will go down to zero, making investors lose their money.
Keiser has been criticizing altcoins heavily over the past few years, slamming them as a scam. After the SEC statements about them allegedly being securities last year, Keiser took up that narrative when slamming XRP, SOL, ADA and other digital currencies – anything, really, other than Bitcoin.
Solana shows major drop, following Bitcoin
Earlier today, the flagship cryptocurrency, Bitcoin, suddenly crashed by 6.85% from $45,336, touching the $42,200 level. This was driven by a whopping $500 million worth of liquidations seen across major exchanges – Binance, OKX, Huobi and others. The majority of the liquidations were made to long orders. OKX saw $237.737 million in longs eliminated. Binance witnessed $117.795 million wiped out in liquidations.
Mushumir ButtAccording to CoinGlass, a massive long Bitcoin order was liquidated on the Huobi exchange; it was worth nearly $15 million.
Bitcoin’s plunge was followed by those of other major cryptocurrencies, among them Ethereum (falling by 6%), Solana (down by 8%), LINK (lost 11%), according to a cumulative publication by cryptocurrency YouTuber Lark Davis. XRP has crashed harder than many other coins, dropping by 11.40%. As for SOL, it has lost approximately 20% over the past 24 hours, dropping by 6.11% even before Bitcoin went down.
The Bitcoin liquidations were caused by one major reason – Matrixport produced a report that predicted that the SEC will likely reject all of the spot Bitcoin ETF requests filed by major Wall Street companies.
Yuri MolchanSEC expected to approve Bitcoin spot ETFs this week
As reported earlier, the SEC was to announce their decision until Jan. 10 and approve or reject all the Bitcoin ETF filings it has on the table — around a dozen of them.
Expectations of an upcoming spot Bitcoin ETF launch happening in January have been the major catalyst for the Bitcoin price until now, when Matrixport released its negative prediction on the future SEC decision.
Related articles
Alex Dovbnya
Arman Shirinyan
Dan Burgin
Vladislav Sopov