2024-1-14 14:40 |
Cryptocurrency prices wavered in the past few days as investors react to this week’s approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC). While most of them surged shortly after that, they then pulled back, with Bitcoin falling from $49,000 to $41,000.
As I wrote on Friday, this retreat was because of a situation known as buying the rumours and selling the news. In most cases, assets tend to rise ahead of a major event and then retreat when the real news happens. In this case, the decline happened because the ETF approval was already expected and baked in by investors.
Some altcoins are doing wellMost cryptocurrencies and Bitcoin mining stocks plunged after the ETF approval. Some, however, have continued to do well. Pullix, a new upcoming company, has now raised over $3.5 million in the past few months. You can buy the token here.
At the same time, some altcoins like Tron, Bitcoin Cash, and Internet Computer have done well. Tron’s TRX price was up by more than 5% in the past 24 hours while Bitcoin Cash rose by over 6%. Internet Computer’s ICP jumped by more than 4%.
These altcoins rose for various reasons, with speculation being the most likely reason. In the case of Tron and Bitcoin Cash, analysts believe that we could see some ETF proposals in the next few months.
The most logical view is that the next ETF battleground will be about Ethereum, the second-biggest crypto in the world. However, there are concerns that the SEC will not allow the ETF because of its staking feature.
The ETF is also expected to reject a spot Tron ETF because of its legal issues with Justin Sun, the founder of the platform. In 2023, the SEC accused Justin Sun of conducting a large scale manipulation scheme through wash trading.
A Bitcoin Cash ETF is viable because of its similarity to Bitcoin. However, it is unlikely that any company will apply for a BCH ETF because of its low volumes. Internet Computer rose after Bitfinity raised cash to build a layer-2 network for Bitcoin.
Pullix token sale continuesPullix is a company that aims to become a leading player in the crypto industry. It will do that by disrupting companies like Uniswap, dYDx, and Binance by creating a hybrid exchange that merges features of decentralization (DEX) and centralization (CEX).
The goal of this approach is to give customers both of the two sides and by ensuring that there is adequate liquidity in the ecosystem. It also aims to help customers from around the world trade digital assets at lower fees and at lower slippage.
Pullix is now carrying out a token sale as it builds its ecosystem. The developers have already raised over $3.2 million from investors. These buyers can participate using several coins like Bitcoin, Ethereum, BNB, and Tether. You can read the Pullix white paper here.
Like other assets, investing in Pullix has its risks. For one, there are regulatory risks since the SEC can argue that the Pullix token is a financial security. There is also the risk that the token will not see a lot of demand when it goes public. This means that you should embrace caution by using the best risk management strategies.
The post Tron, Bitcoin Cash, ICP prices steady as Pullix presale intensifies appeared first on Invezz
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