With the Bitcoin price crash over the weekend, the prices of other cryptocurrencies such as Shiba Inu have followed sharply. The result of this has been a double-digit price crash for Shiba Inu, alongside other altcoins. Naturally, the rapid decline has raised questions, with industry stakeholders wondering what is driving this massive crash. Shiba Inu Price Crash Is Following Bitcoin The Shiba Inu price crash being experienced today is not a result of a single event occurring for the meme coin. Rather, it is linked to a further market-wide crash that began with the Bitcoin price first falling below $60,000 and eventually breaking $50,000 on Monday. Therefore, to get the real reason behind the Shiba Inu price crash, we must look at the reason driving the Bitcoin crash. Related Reading: MATIC: Market Nosedive Leads To 30% Wipe In Value So far, Bitcoin, and the broader crypto market, has been responding to major events happening around the world. These are outline by pro trader Adam Khoo in an X (formerly Twitter) post, revealing a much deeper reason for the decline. One of these major events is the decline in the Japanese stock market, which is seeing its largest single-day decline since 1987. As Khoo outlined, traders on the Japanese stock exchange had borrowed the Japanese Yen at low interest rates to convert to United States Dollar, which is, in turn, used to buy US stocks for a larger gain. This strategy has worked for the trader as Yen’s interest rates remained low. However, the Japanese government raised interest rates, meaning that these traders were now dealing with massive losses as the Yen strengthened against the US dollar. The result of this is a large sell-off as traders scramble to pay back their loans while taking huge losses in the process. Naturally, this led to a decline in US stocks and the likes of Bitcoin and Shiba Inu have been reacting to this market decline. The sharp rise in the JPY/USD is causing a massive unwind of Yen carry trade positions and contributing to the sharp decline in US stocks. For those who do not understand how this works, a brief explanation 1) Many traders were borrowing Jap Yen (JPY) at low interest rates,… pic.twitter.com/sfi0Hva56M — Adam Khoo (@adamkhootrader) August 5, 2024 Not only this, other major events such as war escalation in the Middle East, as well as the US presidential elections having no clear winner yet, has driven prices down further. With fear and panic spreading, more investors are selling, causing an already deep decline to depend further. Related Reading: Dogecoin Price (DOGE) Slips Alongside Bitcoin and Ethereum: Market Analysis However, while investors in assets such as Shiba Inu panic, the crypto trader does not believe that it is all bad. According to him, this is a great time to “take advantage of temporary mis-pricing caused by short term crisis.” Presently, the Shiba Inu price is sitting at $0.00001111 – its lowest level in six months. Going by the trader’s sentiment, this could be a good time to get into coins such as Shiba Inu, as a rebound from here could lead to new all-time highs. Featured image created with Dall.E, chart from Tradingview.com
Major internet and retail giants like Google, Amazon, and Walmart are showing a lot of interest in participating in the current pilot program for India’s Central Bank Digital Currency (CBDC), also known as the e-rupee, according to the Reserve Bank of India (RBI). Related Reading: Dogecoin Payments On X: DOGE Lead Finally Speaks Out This […]
Introduced in May 2023, the Robinhood 24-hour market service allows customers to invest on their own schedule.
The cryptocurrency market is once again under pressure as key players and influencers express concerns over the current environment. In the past few weeks, the market has seen a significant downturn, with Ethereum and several other altcoins experiencing sharp declines. This situation has left many investors on edge, debating whether to buy the dip or …
A deluge of crypto-industry money may have helped achieve a very narrow Arizona congressional primary win this week for Yassamin Ansari, a crypto-cheering Phoenix City Council member who faced a candidate backed by Sen. Elizabeth Warren (D-Mass.)
Not just crypto but the Global Stock markets are plunging. Robinhood created waves in bearish crypto waters by hauling their 24 hour trading. This splits the community into two types of believers. There are some who are appreciating this move and the other who are calling it market manipulation. Let’s explore what exactly happened and …
After dropping his previous lawsuit in June, Elon Musk has stepped up his claims against OpenAI and CEO Sam Altman in his latest filing.
Sky Mavis' shift to a permissionless Ronin ecosystem could democratize game development, potentially leading to a surge in innovative blockchain games.
The post Sky Mavis co-founder eyes permissionless future for Ronin ecosystem appeared first on Crypto Briefing.
Leading DeFi platform Aave Protocol generated over $6 million in revenue during the current market downturn. On-chain data shows that Aave earned $802,000 from a $7.4 million wrapped Ether (WETH) liquidation, reflecting a surge in liquidation activity on the platform. Overall, Aave V3 saw $233 million in liquidations, the protocol’s highest single-day figure, according to […]
The post DeFi giant Aave achieves $6M revenue in volatile market conditions appeared first on CryptoSlate.
The Relative Strength Index (RSI) is an important indicator for any cryptocurrency, and Bitcoin is no different. Given that the pioneer cryptocurrency has been around the longest, the abundance of data makes it possible to use this indicator in an attempt to pinpoint where the price might be headed next. This time around, the indicator is turning bearish, which means that the Bitcoin price could be headed toward further decline from here. Analyst Says RSI Is Turning Bearish For Bitcoin Crypto analyst Alan Santana took to the TradingView website to share a bearish development for the Bitcoin price. The analysis, which focused on the Relative Strength Index (RSI), shows a continuation of the bearish trend as Bitcoin is poised to fall further. Related Reading: Ethereum Price Crashes Below $3,000 As Revenues Drop To New Lows The crypto analyst, using the Bitcoin weekly chart, shows that the RSI is actually flashing a 3-year long bearish divergence. This is backed up by the RSI chart which showed a continuous decline over the the year 2024 after reaching a local peak at the start of the year. Bitcoin’s RSI has declined around 42% since the year began, going from as high as 88 to 50.6 at the time of the analysis. However, Alan Santana uses a longer timeframe from 2021 to 2024, showing a bearish divergence in this indicator. This bearish divergence has emerged as the RSI indicator presented a lower high in 2024 compared to the 95 peak of 2021. According to the analyst, this means that the RSI indicator is now turning bearish for the first time since August 2023. This makes it the most bearish that the Bitcoin indicator has become in one year. How Low Will The BTC Price Drop? At the time of the analysis, the Bitcoin price had already seen a brutal drop from $70,000 to below $60,000 before a small recovery at the time of the writing. However, the crypto analyst does not believe this is the end and warns investors to expect further decline. Related Reading: Can XRP Rally 1,000X Despite The Drop Below $0.6? Going by the chart, Alan Santana expects that the Bitcoin price will fall over 20% from here once more. This would mean a price decline below $50,000. The crypto analyst puts the bottom of this decline at around $44,000. If this forecast were to materialize, it would mean the price would revisit the $40,000 level for the first time since January 2024. However, it is not all bad news as the crypto analyst explains that “This, and other signals, is telling us that there is room for lower prices; much lower, before we experience new highs and boom growth.” Featured image created with Dall.E, chart from Tradingview.com
Today, on August 5, 2024, the overall cryptocurrency market experienced a notable decline of over 18% in the last 24 hours. Amid this crash, Pepe (PEPE) the world’s third-biggest meme coin hit hard as it experienced a significant price decline of over 27% in the last 24 hours. PEPE traders liquidate $9.4 million Following this …
Ether's price fell from above $3,000 to $2,100 due to selling pressure from a select group of market makers.
Polymarket traders are taking the market crash as an opportunity to place bets. So far, they results are looking extremely bearish.
Dogecoin (DOGE) has experienced a massive decline in the last 24 hours and has been one of the most affected tokens amid the widespread downtrend in the crypto market. Thanks to this, the foremost meme coin has dropped to levels not seen since February earlier this year. The Reason For The Dogecoin Price Crash Dogecoin […]
Analyst Miles Deutscher addressed the current market situation, saying that the prevailing fear, uncertainty, and doubt (FUD) present an opportunity rather than a reason to panic. He explained that while many are asking if they should de-risk now, the time for effective de-risking has likely passed. Now, however, with the market well into its decline, …
Quick Take On Aug. 5, Bitcoin dropped to as low as $49,000, rebounded, then fell again. However, as the US market opened, the price of digital assets began to recover, reaching around $52,000. In parallel to Bitcoin’s market movements, BlackRock’s IBIT saw remarkable trading activity, registering over $1 billion in volume within the first 30 […]
The post Bitcoin bounces back as BlackRock registers $1 billion in trading volume appeared first on CryptoSlate.
Also: the Democrat gains on Trump but hasn't closed the gap, unlike in polls; Polymarket punters trade on Olympic women's boxing controversy; Fed will cut rates fast and hard in September, say bettors.
Crypto-related investment products experienced outflows of $528 million, ending a four-week streak of inflows, according to CoinShares’ latest weekly report. James Butterfill, the head of research at CoinShares, explained that the outflows were triggered by concerns about a potential US recession, geopolitical issues, and a broader market liquidation impacting significant cryptocurrencies. Meanwhile, the firm noted […]
The post Crypto ETP outflows hit $528M amid recession fears and market turbulence appeared first on CryptoSlate.
The CoinDesk 20 experienced a major downturn over the weekend with NEAR and LINK among the hardest hit.
Bitcoin could experience another two months of downside pressure before a bullish chart pattern could lead to a breakout.
The start of the week has seen bloodshed in the crypto market with the largest crypto by market cap Bitcoin (BTC) has seen it’s price plunging by almost 20% to $50K. Peter Schiff, a well-known economist, and Bitcoin critic has weighed in on the situation, arguing that Bitcoin’s recent performance underscores why it will never …
Quick Take Bitcoin’s dominance in the digital assets market recently surged to a new yearly high of 58%, but it quickly retreated back to 57%. This comes as Bitcoin has dropped to around $50,000, marking a significant 32% decline from its all-time high. This is the most significant drawdown Bitcoin has experienced since the low […]
The post US volatility records third highest reading as Bitcoin dominance surges appeared first on CryptoSlate.
Xapo Bank enters the UK market and becomes the first in the country to launch interest-bearing Bitcoin and fiat banking accounts.
Crypto exchange Coinbase (COIN) suffered a 19% drop, while Marathon Digital (MARA) and Riot Platforms (RIOT) saw 18% and 13.5% drops, respectively.
Bitcoin (BTC) price is slated to have its worst-performing month year-to-date after dropping more than 12 percent in the past 24 hours to trade about $51k on Monday during the early New York session. With more than $1.1 billion liquidated from crypto-leveraged markets, despair and uncertainty have become prevalent among web3 investors. Furthermore, Bitcoin’s fear …
Jump Trading significantly contributed to the crypto market sell-off and it could be looking to sell another $104 million worth of wstETH.
Market volatility driven by macroeconomic factors and geopolitical tensions may lead to further instability and cautious investor sentiment.
The post Bitfinex analysts expect $48,900 as short-term bottom for Bitcoin appeared first on Crypto Briefing.
Recently, a noteworthy trend has emerged: whales are diversifying their portfolios by allocating a portion of their assets into Mpeppe (MPEPE). This strategic move highlights the growing excitement around Mpeppe (MPEPE) and its potential to disrupt the crypto landscape. Here’s a deep dive into why Solana (SOL) whales are making this shift and what it means for the future of both cryptocurrencies. Solana (SOL) Whales: A Profile of Strategic Investors Who Are the Solana (SOL) Whales? Solana (SOL) whales are high-net-worth individuals or institutional investors who hold substantial amounts of SOL. These investors typically have significant influence over the market due to the sheer volume of assets they control. Their investment decisions can create ripples across the crypto space, making their choices a key indicator of market trends. Why Diversification Matters Diversification is a fundamental strategy in investment, designed to mitigate risk and enhance potential returns. For Solana (SOL) whales, diversifying into new assets like Mpeppe (MPEPE) is a way to spread risk and capitalize on emerging opportunities. By allocating funds into Mpeppe (MPEPE), these investors are not only protecting their portfolios but also positioning themselves to benefit from potential high returns. What Is Mpeppe (MPEPE)? Mpeppe (MPEPE) is a relatively new entrant in the cryptocurrency market that combines the elements of meme culture with decentralized finance (De-Fi) protocols. Currently priced at $0.00107, Mpeppe (MPEPE) has captured the interest of investors due to its innovative approach and integration with the broader De-Fi ecosystem. Unique Features of Mpeppe Mpeppe (MPEPE) stands out for its unique blend of sports fandom and blockchain technology. The token aims to leverage meme culture’s viral nature and merge it with advanced De-Fi features such as yield farming, liquidity mining, and decentralized governance. This combination not only enhances its appeal but also provides substantial utility for its users. Why Solana (SOL) Whales Are Investing in Mpeppe Solana whales are investing in Mpeppe (MPEPE) due to its potential for significant returns and innovative approach. The token integrates De-Fi protocols, offering services like lending and yield farming, aligning with De-Fi trends. Mpeppe’s unique positioning in meme culture and sports resonates with a broad audience, offering an opportunity to reshape the meme coin and De-Fi landscape. The Impact on Both Cryptocurrencies Solana (SOL)’s Resilience and Growth Solana (SOL)’s ongoing resilience amidst market volatility remains a cornerstone of its investment appeal. The network’s technological advancements and ability to handle high transaction volumes continue to solidify its position as a leading blockchain platform. By diversifying into Mpeppe, Solana (SOL) whales are not abandoning their primary investment but rather complementing it with high-growth potential assets. Mpeppe’s Path to Prominence For Mpeppe (MPEPE) , gaining attention from Solana (SOL) whales is a significant endorsement. The influx of investment from influential players boosts its credibility and can accelerate its growth trajectory. As Mpeppe (MPEPE) continues to develop its De-Fi features and expand its user base, the support from established investors could play a crucial role in its success. Conclusion: Strategic Moves and Future Prospects Solana (SOL) whales have decided to diversify into Mpeppe (MPEPE), a new crypto token, indicating a trend of strategic investment and diversification. This move aims to benefit from potential high returns and innovation. As Mpeppe (MPEPE) develops, prominent investors’ involvement will likely enhance its market presence and growth prospects, providing valuable insights into future investment opportunities and market trends. For more information on the Mpeppe (MPEPE) Presale: Visit Mpeppe (MPEPE) Join and become a community member: https://t.me/mpeppecoin https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
The Bitcoin and crypto markets are currently experiencing one of the worst days since the FTX crash in November 2022. On Binance, the Bitcoin price plummeted to as low as $49,000, marking a stark 15% crash over the past 24 hours. Similarly, Ethereum has tumbled by 20.4%, Binance Coin (BNB) by 20.0%, Solana (SOL) by […]
In a striking move that has captured the attention of the cryptocurrency community, the Shiba Inu (SHIB) army has recently made significant investments in the Mpeppe (MPEPE) token. This surge of support from one of the most influential communities in the crypto space has led to a substantial increase in Mpeppe (MPEPE)’s market value and visibility. Here’s an in-depth look at the recent developments and what they mean for both tokens. The Shiba Inu (SHIB) Army: A Powerhouse of Influence Who Makes Up the Shiba Inu (SHIB) Army? The Shiba Inu (SHIB) army refers to the passionate and dedicated community of investors and supporters behind the Shiba Inu (SHIB) token. Known for their active presence on social media, forums, and crypto news platforms, this community has demonstrated an impressive ability to mobilize and generate momentum for projects they endorse. Their influence is a key factor in driving the success of the tokens they support. The Significance of Community Endorsement The Shiba Inu (SHIB) army’s endorsement is a powerful endorsement due to their established track record of influencing market trends. When this community backs a new project, it often results in increased visibility, higher trading volumes, and substantial price movements. This makes their investment decisions particularly impactful within the crypto space. Recent Surge in Value Mpeppe (MPEPE) is a newly emerging token in the cryptocurrency market that blends meme culture with advanced blockchain functionalities. Priced at $0.00107, Mpeppe (MPEPE) combines elements of sports fandom and decentralized finance (De-Fi) to create a unique value proposition. The token’s integration with De-Fi features such as yield farming, liquidity mining, and decentralized governance enhances its appeal and functionality. The influx of investment from the Shiba Inu (SHIB) army has significantly boosted Mpeppe (MPEPE)’s market value. Since the Shiba Inu (SHIB) community’s substantial investment, Mpeppe (MPEPE) has experienced a notable increase in trading volume and price. This surge reflects the strong market confidence and enthusiasm driven by the endorsement of a major cryptocurrency community. Why the Shiba Inu (SHIB) Army Chose Mpeppe Alignment with Meme Culture Mpeppe (MPEPE)’s alignment with meme culture and its innovative approach have made it an attractive investment for the Shiba Inu (SHIB) army. The token’s light-hearted nature, combined with its serious blockchain applications, resonates with the meme-centric ethos of the Shiba Inu (SHIB) community. This synergy makes Mpeppe (MPEPE) a natural choice for those looking to diversify their investments within the meme coin space. Potential for High Returns Investors in the Shiba Inu (SHIB) army are known for their appetite for high-risk, high-reward opportunities. Mpeppe (MPEPE)’s potential for substantial growth aligns with this investment strategy. With its current low price point and high growth potential, Mpeppe (MPEPE) represents a compelling opportunity for those seeking to capitalize on emerging trends in the crypto market. Conclusion: The Power of Community-Driven Investment Shiba Inu (SHIB)’s significant investment in Mpeppe (MPEPE) underscores the significant impact of community endorsement on a cryptocurrency’s success. This surge in support has elevated Mpeppe (MPEPE)’s market position and emphasized the role of dedicated crypto communities in driving market trends. This dynamic will be crucial for the future of both tokens, highlighting the power of community influence and potential opportunities in the cryptocurrency market. For more information on the Mpeppe (MPEPE) Presale: Visit Mpeppe (MPEPE) Join and become a community member: https://t.me/mpeppecoin https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ