What Has Happened To Bitcoin (BTC) Since Its ETF Approval?
The recent approval of 11 spot Bitcoin ETFs by the United States Securities Exchange Commission (SEC) has created a buzz in the cryptocurrency market. However, despite the anticipation of a surge in Bitcoin price, the flagship cryptocurrency has yet to rally. In the past week, the price of Bitcoin has fluctuated between $41,753.68 and $48,494.62, with significant selling pressure around the $48k level. Despite this, analysts remain bullish on Bitcoin, with all eyes on the upcoming Bitcoin halving event. Analysts predict a potential surge to $50k and even $100k in the long run.
Ethereum (ETH) ETF Approval Coming?
Following the approval of spot Bitcoin ETFs, there is now speculation about the possibility of spot Ethereum ETFs. While some analysts believe that spot Ethereum ETFs could be next in line for approval, others have a different opinion. JPMorgan’s Nikolaos Panigirtzoglou argues that Ethereum must be classified as a commodity by regulators before spot Ethereum ETFs can be approved. On the other hand, Bloomberg ETF expert Eric Balchunas predicts a 70% possibility of an Ethereum ETF getting approved by May. With big firms like Fidelity and BlackRock filing for spot Ethereum ETFs, the approval of such an ETF has the potential to push the price of Ethereum as high as $4500, according to analysts.
Pullix (PLX) Native Token Catches Investors’ Interest
The Pullix (PLX) ERC20 token has garnered significant attention from investors since its presale. This token, built on the Ethereum blockchain, offers enhanced security and has experienced a 100% price increase to $0.08 in less than a month. The upcoming launch of the Pullix exchange has also contributed to the growing interest from investors. This DeFi project, set to launch in Q1 of 2024, is a hybrid exchange platform combining the strengths of centralized and decentralized exchanges. Users of the Pullix platform will be able to trade in various markets, including stocks, commodities, forex, indices, and options. Analysts are optimistic about its growth in 2024, as the platform allows users to generate passive revenue through staking the PLX altcoin.
Final Thoughts
While the approval of Bitcoin ETFs hasn’t led to the expected price movement, investors are hopeful that Ethereum will fare differently. Additionally, there is growing anticipation surrounding the potential 100x rise in the value of Pullix’s altcoin. However, it’s important to note that this article is for educational purposes only and should not be considered as financial advice. Investors are advised to conduct their own research and exercise caution when making investment decisions.
Analyst comment
– The news about Bitcoin (BTC) ETF approval is neutral. The market has yet to see a significant rally in Bitcoin’s price, but analysts remain bullish, predicting potential surges in the long run.
– The news about the possibility of Ethereum (ETH) ETF approval is positive. With big firms filing for spot Ethereum ETFs, there is a possibility of approval that could push the price of Ethereum up to $4500.
– The news about Pullix (PLX) native token catching investors’ interest is positive. The token has experienced a 100% price increase in less than a month, and the upcoming launch of the Pullix exchange has contributed to growing investor interest. Analysts are optimistic about its growth in 2024.
– In summary, the market for Bitcoin is uncertain, but there is hope for Ethereum and optimism for the growth of Pullix’s altcoin. Investors should conduct their own research and exercise caution.
