From NASDAQ.:

Skittish investors drove down the price of a host of altcoins this week, due to a report from a crypto services firm speculating that the hoped-for regulatory approval of the first spot cryptocurrency exchange-traded funds (ETFs) is not going to happen. This analysis dinged the prices of many coins and tokens. Three prominent altcoins, Polygon (CRYPTO: MATIC), Uniswap (CRYPTO: UNI), and Litecoin (CRYPTO: LTC) fell a respective 14%, 18%, and 12% over the course of the week.

The latest weekly report predicts that the U.S. Securities and Exchange Commission (SEC) will reject all spot Bitcoin ETFs this month. Featuring a political perspective, the firm opines, “there is no reason to approve a Bitcoin spot ETF that would legitimize Bitcoin as an alternative store of value.”

As the rejection Matrixport anticipates lowered the water level, the market will keep a sharp eye on how the crypto spot ETF saga develops. The Motley Fool Stock Advisor analyst team identified 10 best stocks for investors to buy now, and Polygon wasn’t one of them. Before you invest in Polygon, consider The Motley Fool’s analysis.



Read more: Why Altcoins Like Polygon and Uniswap Plummeted This Week