Altcoin prices drop as investors await bitcoin ETF approval, but dogecoin and shiba inu buck the trend | Currency News | Financial and Business News

Litecoin, ripple and ethereum cryptocurrency altcoins.

  • Altcoins ethereum, litecoin, and cardano fell ahead of the bitcoin futures ETF approval.
  • Meanwhile, binance coin, dogecoin, and shiba inu rallied.
  • The first-ever bitcoin futures ETF is set to begin trading Tuesday.

Altcoin prices were mixed Monday ahead of the US Securities and Exchange Commission’s approval of a bitcoin futures exchange-traded fund.

Ethereum, Cardano, and litecoin each fell about 1% Monday, according to CoinMarketCap data. Meanwhile, meme-inspired dogecoin and shiba inu coin each jumped 7%, and binance coin rose more than 1%, the data showed.

The cryptocurrencies moved as investors awaited the debut of the first-ever bitcoin futures ETF. The ProShares Bitcoin Strategy ETF, which will trade under the ticker “BITO,” is set to begin trading on the New York Stock Exchange Tuesday.

The SEC didn’t intervene on ProShares listing within the 75-day filing period that ends Monday, the company said. The fund will invest mainly in bitcoin futures contracts, not directly in bitcoin.

Bitcoin futures ETFs from Valkyrie, Invesco, and Van Eck may also be approved this month, CNBC said. Dozens of other companies are still awaiting approval for their funds too, Insider reported.

On Monday, Bitcoin continued to climb past the $60,000 mark, trading at $62,087.80 at 10:33 a.m. in New York.

About a decade ago, alternatives to bitcoin emerged in the hopes of improving on the world’s largest digital asset. Now, there are thousands of altcoins, and they’re even more volatile than their predecessor.

Though the crypto market was mixed ahead of the bitcoin futures ETF approval, digital assets have largely been rallying this year, thanks in part to retail-trader hype.

Ethereum, the world’s second largest cryptocurrency, has rallied more than 400%, and Binance coin, the third largest by market value, has jumped more than 1,000%, CoinMarketCap data show.

Dogecoin and shiba inu have seen eye-watering gains themselves, as Tesla CEO Elon Musk has stoked the enthusiasm around the meme coins.

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