- Bitcoin (BTC) jumped about 5% to over $43,000 on Tuesday as markets reacted to news around BlackRock’s spot Bitcoin ETF filing.
- An analyst says the latest amendment to BlackRock’s proposal makes approval all but certain.
- Positive sentiment is lifting altcoins as well, and Pullix (PLX) appears poised as its presale surpasses $800k.
Bitcoin (BTC) rallied after dropping below $41,000 over the weekend, with markets responding to fresh developments in the spot Bitcoin ETF race that also boosted altcoins. Elsewhere, Pullix (PLX) saw momentum in its presale as Stage 3 topped the $800,000 fundraising mark.
What does the long-awaited ETF approval mean for the crypto market? Could PLX benefit from this shift?
Bloomberg’s Eric Balchunas says the spot Bitcoin ETF debate is “over”
On Monday, BlackRock filed an amended S-1 for its spot Bitcoin ETF proposal. Rather than the earlier version’s in-kind redemption model, the world’s largest asset manager now proposes cash-only redemptions.
That aligns with the Securities and Exchange Commission’s (SEC) apparent preference after multiple discussions between the regulator and the asset manager. Positive engagement between firms and the SEC has encouraged the crypto industry, raising hopes that prior denials and delays may be winding down.
Eric Balchunas, Bloomberg’s senior ETF analyst, believes BlackRock’s move means approval of the first U.S. spot Bitcoin ETF is effectively a “wrap.”
With BlackRock now set to create and redeem shares for cash only — instead of accepting direct (in-kind) BTC transfers — approval is increasingly a matter of timing rather than if. For Balchunas, the “debate over” phrase signals that BlackRock appears to have virtually secured approval ahead of the holidays.
BlackRock has gone cash only. That’s basically a wrap. Debate over. In-kind will have to wait. It’s all about getting ducks in row bf holidays. Good sign. https://t.co/vgocs1aIwS
— Eric Balchunas (@EricBalchunas) December 19, 2023
Other firms with proposals before the SEC have also submitted amended S-1s in cooperation with the regulator. Bitwise, ARK Invest/21Shares, and WisdomTree have all filed changes to their applications.
What would spot ETF approval mean for the market?
Market experts say an approved spot ETF, combined with other bullish catalysts such as the upcoming Bitcoin halving, could propel BTC toward targets above $120k during this bull cycle. Today’s bounce suggests Bitcoin could still reach an interim milestone around $50k before year-end.
Altcoins, which historically mirror Bitcoin’s directional moves, could likewise see sharp gains. Many of the largest tokens by market capitalization may be positioned to follow that bullish trajectory.
Alongside established coins, new projects offering compelling value propositions can attract investors. One project aiming for a strong market entry is Pullix (PLX).
Pullix (PLX): A hybrid exchange aiming to reshape online trading
Pullix is a new crypto project built on the Ethereum chain. According to its whitepaper, the platform is a hybrid exchange designed to allow traders to access trading across stocks, crypto, and other assets.
How does Pullix distinguish itself from other online trading platforms?
Pullix aims to go beyond a basic hybrid exchange by combining the best aspects of centralized (CEX) and decentralized (DEX) trading, with the PLX utility token at the center of the ecosystem. By using PLX, users can access staking rewards, trading discounts, revenue sharing, cashback programs, and other exclusive benefits.
The project is built as a comprehensive ecosystem for traders to seize opportunities across both traditional and digital asset markets.
This value proposition is expected to be reinforced by Pullix’s liquidity provisioning and competitive pricing, with demand driven by the broader DeFi narrative and PLX’s future utility. Daily token buybacks and burns are planned to reduce circulating supply, which could positively influence price dynamics over time.
Why are investors bullish on Pullix (PLX)?
Global trading markets have expanded rapidly in recent years, with combined daily volumes across crypto, equities, and forex reaching into the trillions. As more asset classes integrate into financial markets, opportunities for multi-asset trading platforms grow.
With crypto adoption on the rise, a platform that gives traders control and access across asset classes could position Pullix to capture market share in the hybrid exchange space. The PLX token, slated for launch in early 2024, may make buying during the presale an attractive opportunity for some investors.
The likely approval of the first U.S. BTC spot ETF and the potential for strong upward price moves could also positively impact PLX performance post-launch. At present, Pullix is in presale Stage 3, with PLX priced at $0.044.
To learn more about Pullix, review the project whitepaper or visit the presale page.