After a sharp decline of nearly 10%, Bitcoin struggles to recover.

After a sharp drop of nearly 10% earlier this week, Bitcoin is currently struggling to recover, with a price of around $43,056. This decline may be related to the approaching deadline for the SEC's possible approval of Bitcoin ETFs. Despite a partial rebound, Bitcoin is still 6.2% below its year-to-date high. This drop has led to a liquidation of over $600 million in the cryptocurrency market. Marcus Tullius, an analyst at Matrixport, expects the SEC to reject all Bitcoin ETF proposals, but Wu Jihan, the founder of Matrixport, believes this view is unrealistic. Overall, the current volatility of Bitcoin and the uncertainty surrounding the potential approval of Bitcoin ETFs in January 2024 are not significant.