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As Bitcoin ETF Debut Looms Near All-Time High, Memecoins Starts the Week with a Bounce

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Bitcoin started off with big gains early Monday after a weekend drop, ahead of an anticipated US exchange-traded fund (ETF) approval. The largest cryptocurrency by market capitalization is trading at $62,071 (about 46,70,532), up more than 6.5 percent since Friday morning. On Indian exchanges like CoinSwitch Kuber, the cryptocurrency is trading at a very high valuation of Rs. 48,52,236 (approximately $64,485) – an increase of 1.15 percent from the opening price this morning. With the first futures ETF tied to the token starting this week, bitcoin levels could soon hit the $65,000 mark.

While bitcoin investors have plenty of weeks to look forward to, ether proponents are also positive. Gadgets 360’s cryptocurrency price tracker shows that the Ethereum-based crypto-asset gained more than 12% in value in the week that ended October 17th after a slight decline. Ether week Rs. 2,99,390 (around 3,977) and has already gained 0.67 per cent to Rs. 3,01,380 (about $4,005) at the time of publication.

It’s a good start to the week for Dogecoin and Shiba Inu, two of the most popular memecoins around. While SHIB is up 7.46 per cent and is priced at Rs. 0.002103 (approximately $0.00003), Dogecoin has risen to Rs. 18.86 (approximately $0.25065), marking an increase of 1.03 percent. Meanwhile, Cardano, Ripple, Uniswap and Chainlink started the week with a sharp decline.

While bitcoin looks set to challenge its record high during the ETF debut, resistance above $63,000 could be as investors may look to book their profits at some level.

Closer Home, the short video app Spark has launched a full-fledged NFT marketplace as well as a crypto token named $Gari. $Gari will have Bollywood actor Salman Khan as its brand ambassador, who was also present at its launch event in Mumbai.

Developed in collaboration with Solana Blockchain, $Gari is being advertised as a social token rather than a financial token, where creators will be able to deposit coins based on their content.


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

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