Shiba Inu (SHIB) and Dogecoin (DOGE) Among Top Crypto Laggards as Market Sees Severe Downturn
Release: 2024/07/08 13:34 Reading: 900
Crypto Market Experiences Downturn, Meme Coins Fall
The cryptocurrency market has endured a significant downturn, with prominent altcoins posting losses. Dogecoin (DOGE) and Shiba Inu (SHIB), two leading meme coins, have been among the most affected, alongside Bitcoin Cash (BCH). These coins have declined by over 5% within the last 24 hours.
The decline coincides with the repayment process initiated by Mt. Gox, the bankrupt cryptocurrency exchange. This has exerted bearish pressure on the market as it anticipates sustained selling pressure.
Compounding the situation, the German government's relentless sale of confiscated Bitcoin has further contributed to the market's woes.
Despite the bearish sentiment, some experts remain optimistic. Deribit, an options market, suggests that the recent downturn is a temporary setback. The consensus view foresees Bitcoin's ascent towards $100,000.
Commodity trader Peter Brandt recently identified a Bitcoin buy signal, predicting a potential peak in August 2025. Orbit Markets' Caroline Mauron emphasizes the significance of upcoming inflation data for traders' understanding of the Federal Reserve's rate cut decisions. A less stringent monetary policy could potentially boost crypto prices.
At the time of writing, Bitcoin was trading at $55,589, having fallen below $54,000 last week.
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