Altcoin Prices Drop As Investors Await Bitcoin Etf Approval

Altcoin Prices Drop As Investors Await Bitcoin Etf Approval

Finance News

Bitcoin prices are on the rise again, but altcoins have been dropping. The price of bitcoin has risen by over $1,000 in the last week alone – and some analysts believe it could reach as high as $10,000 this year. But while bitcoin is surging, other cryptocurrencies are not doing so well. Altcoin Prices Drop As Investors Await Bitcoin Etf Approval.

If you want to invest in cryptocurrency without risking your shirt then now is a good time to buy into an ETF that will offer exposure to many different coins at once. It’s also worth noting that if you’re looking for a more conservative investment opportunity then there are plenty of exchanges out there where you can

The good new for investors in the past few weeks has included some excellent news for bitcoin, the queen of all cryptocurrencies. With the bitcoin ETF and the bitcoin all-time high having been greenlighted by the US Security Exchange Commission (SEC),

On Binance’s US Crypto, the bitcoin brief plummeted 87% to approximately $8,000.

Over The Course Of The Past Several Months, Bitcoin’s Price Has Increased Significantly-

It had reached an all-time high of $64.8K on April 12, 2021, but then fell to $28K, causing investors to believe it would not be able to recover back to the $60K mark before Q2 2022. Surprisingly, the green August shattered expectations by exceeding $45K, followed by a red September that featured several little slips.

The huge rise in Bitcoin and then a correction has been detrimental to the key altcoins such as Cardano, Ethereum, Litecoin, and others, as the crypto prices remain stagnant.

Sec Bitcoin Etf Approval-

On October 5 th , the announcement that the US Security Exchange Commission has given approval for a Bitcoin ETF made headlines, as crypto trading finally became available to the masses following years of trials.

The Securities and Exchange Commission’s (SEC) decision to greenlight the Winklevoss Bitcoin ETF is a first for the market, and as bitcoin ETF advocates anticipate, it will make the product more accessible to the general public while also providing people who are interested in bitcoin but not other cryptocurrencies a regulated alternative.

The ProShares Bitcoin ETF will be the first to come next week, having filed for its Bitcoin Strategy ETF in the summer.

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The approval of the Bitcoin futures exchange-traded fund was expected to have a negative influence on Altcoin prices. Litecoin, Cardano, and Ethereum were all down by 1% on CoinMarketCap data of altcoin prices. Dogecoin and Shibu Inu, the cryptocurrencies inspired by popular culture that have benefited from Elon Musk’s endorsement, rose 7%. Binance coin’s price grew by 1% in light of these statistics.

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As Investors Wait For A Favorable Decision, The Market Is Shifting-

We observed the cryptocurrencies move down as investors anticipated the approval of the first bitcoin futures ETF.

On Tuesday, the trading of a Bitcoin strategy ETF will begin. According to CNBC, Van Eck, Invesco, and Valkyrie are among the several firms that have received approval for bitcoin futures. Dozens of other firms are waiting for the approval of their futures fund, according to Insider.

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This Year, Digital Assets Rallied a Lot-

Rather than being the only cryptocurrency that contributes to digital assets a decade ago, when Bitcoin was supposed to be the sole bitcoin alternative, we observed the emergence of several alternatives to bitcoin as the technology evolved and several Altcoins are far more volatile than previously.

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Despite the fact that the ETF approval seemed to cause a more mixed market, we’ve seen digital assets rise considerably this year as a result of retail traders’ excitement.

According to CoinMarketCap data, the second-largest cryptocurrency Ethereum has increased by around 400 percent, while the third-largest in the market, Binance Coin, has surged by more than 1000%.

Elon Musk’s enthusiasm for the doge and Shibu inu meme sparked investor interest, which resulted in significant gains this year for Tesla’s executive VP.

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