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Cryptocurrencies are in focus on Thursday after the Securities & Exchange Commission of the United States finally issued its much-awaited approval for the Spot Bitcoin ETFs.

The U.S. regulator approved 11 applications in total for the said exchange-traded funds last evening that pushed shares of Coinbase up as well since the asset managers have picked it as a custodial partner for the ETFs.

A nod from the SEC is meaningful for the crypto space considering the Spot Bitcoin ETFs are expected to significantly boost institutional interest in BTC. Bernstein analysts, for example, expect these funds to manage about 10% of Bitcoin’s global supply in the coming years.

Wall Street is also convinced that the inflow of institutional capital will result in a massive increase in the price of a Bitcoin. Earlier this week, Standard Chartered said the world’s largest cryptocurrency could hit $200,000 next year if the Securities & Exchange Commission does indeed approve the ETFs.

If that rally does indeed realise – it’s conceivable that the related benefit will trickle down to other crypto players as well since Bitcoin is their torchbearer. These may include the recently launched projects like Pullix.

Pullix could benefit from the regulatory approval for the Bitcoin ETFs as it is powered by a native token it calls the “PLX”.

So, once the exchange-traded funds deliver the expected boost to BTC and it starts to drag the rest of the market with it, the Pullix token may begin to bear fruits for those who invested in it at an early stage.

PLX is currently going for $0.08 only and is expected to see the next price bump in about 15 days from now, as per the timer on its website.

Pullix has so far raised well over $3.3 million via the ongoing pre-sale that speaks volumes to the kind of demand this new crypto token is attracting. You can find out more about PLX by clicking here.  

At its core, Pullix is a hybrid exchange that enables you to benefit from the best of a centralised exchange without having to give up on the best of a decentralised exchange.

Pullix is convinced that putting the positives of both sides together serves as a fix for the liquidity issue that is typically associated with a DeFi exchange.

What makes Pullix all the more interesting are two things. First is its trade-to-earn model that essentially rewards for you doing what you already love, i.e., trade on the crypto exchange.

Secondly, the platform shares a chunk of its revenue with those invested in its native PLX token which serves as an exciting new mode of fixed passive income. Interested in finding out more about Pullix and the PLX token? Click here to visit the project website.

One of the reasons why Pullix is seeing strong demand for its native token in the pre-sale is because the project commits fully to security.

Interestingly, a Bitcoin ETF is not the only tailwind that could benefit PLX or the crypto market at large in 2024. The U.S. Federal Reserve is expected to cut rates multiple times this year.

That’s significant because money tends to flow into the risk-on assets like cryptocurrencies once the central bank turns lenient in terms of its monetary policy. Members of the FOMC recently signalled three interest rate cuts in 2024 as Invezz reported here.

Lastly, bitcoin supply is slated to halve in the coming April that has historically been a boon for its price. That’s another tailwind that may also reflect in other cryptocurrencies including the Pullix token as well. You can visit the Pullix website on this link to explore ways to invest in the PLX token.

The post Pullix token forecast as SEC approves Bitcoin ETFs appeared first on Invezz

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