Shiba Inu Sees Double-Digit Losses as Bitcoin Drops Below $38,000
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The price of meme cryptocurrency Shiba Inu (SHIB) has shed roughly 12% from its Saturday peak of $0.00002827 on the Binance exchange.
Earlier today, SHIB careened all the way to $0.00002494, with bears sitting comfortably in the driver’s seat. This is the lowest price level the Ethereum-based token has hit since Feb. 6.
Shiba Inu has once again come under intense selling pressure despite finally launching its “Doggy DAO” decentralized autonomous organization earlier this week.
XRP continues to shine
The meme coin is not alone. The ongoing cryptocurrency market sell-off is not showing any signs of abating. Bitcoin (BTC), the largest cryptocurrency, slipped below the key $38,000 support level for the first time since Feb. 5.
Ethereum (ETH) is also in the red together with Polkadot (DOT), Terra (LUNA), Solana (SOL) and Cardano (ADA).
XRP, however, has managed to remain in the green amid positive developments in the Ripple lawsuit.
Alex DovbnyaFearing looming Fed hikes
On Jan. 22, Bitcoin dropped below $33,000 for the first time since last July as speculation regarding the US Federal Reserve’s future interest rate hikes took the central stage.
Banking giant JPMorgan expects the Fed to hike rates during nine consecutive meetings. The central bank is expected to drop its hawkish stance only in 2023 as high inflation continues to persist.
The Crypto Fear & Greed Index, which is updated daily by the website Alternative.me, reentered “extreme fear” territory on Saturday, plunging to 25 points.
Related articles
Gamza Khanzadaev
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov