The cryptocurrency market is abuzz with excitement as the US SEC is set to make a decision on the spot on Bitcoin ETFs – and many were fooled into thinking it was already a done-deal by a fake announcement from the SEC’s X account, which was taken over by a hacker. But with approval still expected, the crypto market embarked on a swift rally, with Bitcoin surging to a new yearly high.
The rally caused over $155 million in BTC shorts to be liquidated. Meanwhile, Galaxy Fox ($GFOX) has emerged as one of the best cryptos to buy amidst this market surge. Let’s find out how the approval of spot ETFs will affect $GFOX and the rest of the market.
SEC Expected To Approve Several Spot ETFs for Bitcoin ($BTC), Despite Hack
After years of denying a spot Bitcoin ETF in the United States, the SEC has been projected to approve several applications. Based on reports, the regulator will make the announcement on Wednesday, January 10, 2024 – though it’s possible it still may happen later.
With several approvals expected, the news has sent ripples across the market as investors eagerly await the outcome. The price of Bitcoin was one of the first to jump. Bitcoin surged by more than 7% to trade as high as $47,800 for the first time since December 2021, before retracing back to the $45K level where it sat as of the writing of this article .
Bears who hadn’t expected the price surge were served a bitter dish of liquidation. According to Rekkt, the liquidations exceeded $155 million. However, there is palpable excitement as a spot ETF will make crypto for beginners as well as for institutional investors.
The Bitcoin ETF will serve as a medium for new investment avenues for institutional investors. This surge in demand for the cryptocurrency is expected to cause a hike in the price of the asset and the rest of other top altcoins. Hence, Galaxy Fox has emerged as one of the best cryptos to buy now.
Galaxy Fox ($GFOX) Set To Explode on SEC Decision
The surge of new capital into the crypto space has been projected to benefit several coins, including Galaxy Fox ($GFOX). There has been a great deal of excitement about Galaxy Fox because of its new exciting model. Play-to-earn (P2E) gaming and meme coin elements have been combined into one ecosystem by Galaxy Fox.
Based on its unique model and hybrid infrastructure, analysts have ranked Galaxy Fox as one of the best ICOs to watch. In addition, its connections to the P2E sector give it more growth potential in the future. Talking about the thrilling new game from Galaxy Fox, it allows users to take on the role of intergalactic foxes.
Players will go on amazing adventures across the immersive virtual world in search of realms to conquer while growing their special foxes. Gamers will compete against other gamers in exciting battles to win great prizes.
Furthermore, individuals who rank among the top performers each month receive an additional incentive. Following weekly and monthly tournaments, the top 20% of players on the leaderboard will receive in-game currency incentives that can be converted for $GFOX, the ERC20 coins of the platform.
Gamers will also have access to some of the coolest NFTs when Galaxy Fox launches it. Galaxy Fox, which combines the best of both worlds, is expected to dominate the P2E market and challenge Dogecoin and Shiba Inu for the title of best meme coin to buy.
This is why $GFOX has been projected to explode with gains of up to 100x in 2024, making it one of the best cryptos to buy right now. The token is still available for cheap as it trades at $0.001749 in its sixth crypto presale stage.
The crypto market eagerly awaits the SEC’s decision on the Bitcoin ETF. Approval of the spot ETFs could be a game-changer for the industry, leading to a surge in institutional investments.
Meanwhile, Galaxy Fox ($GFOX) is poised to explode if the ETF is approved. Already, investors have raked over 2 billion $GFOX tokens in anticipation of this price surge. You’re not late to the party, as Galaxy Fox is still considered one of the best cheap cryptos to buy now.