Major cryptocurrencies tanked on Thursday, barring the new top meme token Shiba Inu which is now the seventh largest cryptocurrency on the basis of market cap. Shiba inu has surged 74% today, hitting a record high above $0.00007.
The surge of Shiba inu coin comes against the backdrop of declines in the overall digital currency market. $Bitcoin (BTC.CC)$ , the No.1 digital token by market cap, was down 5.6% in the last 24 hours and has dropped 8.7% in the past week.
Source:
Top cryptocurrency prices today: Shiba Inu soars 74%, altcoins tank up to 10%

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The first  $Bitcoin (BTC.CC)$ exchange-traded fund is expected to start trading this Tuesday, making the most widely traded cryptocurrency available to most investors with a brokerage account.
The ETFs would buy bitcoin futures contracts, primarily front-month trading on a regulated venue like the Chicago Mercantile Exchange (CME), in a bid to mimic the cryptocurrency’s price performance instead of purchasing actual coins.
Assuming Wall Street embraces these ETFs, the futures premium, or the spread between futures prices and spot prices, would rise significantly, boosting yields from cash and carry strategy, which involves buying the asset in the spot market and simultaneously selling futures contracts.
“If the futures ETF comes out, there will be more inflows into buying futures.
Despite the lack of faith over non-futures ETF, the world's biggest cryptocurrency still rose to $61,869.05, its highest since mid-April. It has risen by more than half since Sept. 20 and is closing in on its record high of $64,895 hit in April.
Source:
Impending Futures-Based Bitcoin ETFs May Boost Cash and Carry Yields

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