Bitcoin (BTC) Price Drops Below $100K, Ripple Announces Another Big Acquisition, Shiba Inu (SHIB) in Critical Condition — Crypto News Digest

Bitcoin plunges below $100K first time since June amid market correction

The leading cryptocurrency plunged to the lowest level since June while major altcoins got hit even harder.

• Price drop. Bitcoin fell below the $100,000 mark for the first time since June 22.

Bitcoin, the flagship cryptocurrency, plunged below the $100,000 level for the first time since June 22. It reached an intraday low of $99,941 on the OKX exchange before paring some losses. 

The top coin has now officially entered correction territory, plunging by more than 22% from its record peak that was achieved earlier this month.  

• Market sentiment. Betting platform Polymarket now shows a 51% chance of BTC hitting $90,000 this year.

The odds of Bitcoin collapsing all the way to $90,000 this year have now reached 51% on betting website Polymarket. For comparison, there was only an 11% chance of Bitcoin hitting that level just a month ago. This shows how quickly sentiment changes.

Bitcoin's most recent crash has been triggered by a recent sell-off in U.S. equities due to growing artificial intelligence (AI) bubble fears. The leading cryptocurrency is now up just by a mere 8% this year, substantially underperforming gold. 

Shiba Inu falls to its lowest level since January, extends nine-month downtrend

SHIB saw a price drop that certainly was not expected in such a short period of time, considering the market structure of the asset.

• Price action. Shiba Inu has dropped to $0.0000089.

Shiba Inu has officially dropped to its lowest level since January 2024. The token has fallen to about $0.0000089, confirming a protracted downtrend that now spans nearly nine months, breaking through crucial short-term support.  

Exhaustion is clearly depicted on the chart. The 50-day, 100-day and 200-day lines are the three major moving averages that SHIB has continuously traded below. This technical configuration usually indicates ongoing seller control.

• Momentum indicators. With the RSI near 32, SHIB shows weak momentum and a higher risk of an oversold continuation.

Since late summer, the 200-day moving average in particular has served as a ceiling, rejecting all attempts at recovery. The weak momentum and increasing risk of an oversold continuation rather than reversal are further highlighted by the RSI hovering around 32.

There are no indications of a bullish divergence, and SHIB is trapped in a long-term decline channel. Instead of panic-driven capitulation, which frequently precedes significant rebounds, price action points to a steady decline.

Ripple expands custody capabilities with acquisition of Palisade

Ripple has extended its extremely impressive acquisition spree with Palisade.

• Strategic move. Ripple has acquired digital asset wallet and custody infrastructure firm Palisade.

Enterprise blockchain company Ripple has announced the acquisition of digital asset wallet and custody infrastructure firm Palisade. The latest move is meant to enhance Ripple's custody business, which was initially launched in October 2024. 

Paladise specializes in quickly deploying wallets at scale with multi-chain support. Notably, it is already integrated with the XRP Ledger. 

• Broader expansion. The acquisition follows Ripple’s recent $1 billion purchase of GTreasury.

Recently, Ripple announced that it had agreed to buy treasury management firm GTreasury for $1 billion.  Earlier this year, Ripple also bought prime brokerage Hidden Road, which has been rebranded as "Ripple Prime," and stablecoin payments platform Rail.