Bitcoin (BTC) Volatility, Shiba Inu (SHIB) Developments and More Amid FOMC Meeting: Bits Rec
TL;DR
- Bitcoin peaked at $72,000 last Friday, quickly dropped below $70,000 and fell to $66,000 ahead of the CPI announcement and the Federal Reserve’s interest rate decision.
- The shiba inu‘s burn rate has increased by 2,800%, but its price has fallen by over 15% weekly.
- While XRP is down 7% to $0.48, analysts are predicting a rise to $1 or $1.50 based on technical patterns.
Bitcoin (BTC) experience big Turbulence over the last seven days. Towards the end of last week, as if After reaching $72,000, it was likely poised for a new all-time high. But, The asset’s price fell below the psychological $70,000 level after a strong rejection on Friday and remained there throughout the weekend.
After a brief rally to $70,000 on Monday, the bears regained control and started a decline that sent BTC as low as $66,200 (according to CoinGecko data). The negative trend was briefly interrupted yesterday (June 12) when the asset reached the $70,000 level again. The rally took place briefly After the U.S. Bureau of Labor Statistics released its latest CPI report, showing It was stated that inflation in America was lower than expected in May.
Despite promising figures from the US and calls from Elizabeth Warren, the central bank kept interest rates unchanged at 5.25%-5.50%, claiming inflation was only showing “modest progress”.
As a result in BTC I headed south Again, it is currently hovering around $67,500. Lowering interest rates in the world’s largest economy would make it cheaper for investors to borrow money, which could increase interest in risky assets such as cryptocurrencies. Prominent names among them Mike Novogratz (CEO of Galaxy Digital Holdings), I believe bitcoin When the Fed makes such a move, it may go up.
Latest Developments of SHIB
The popular meme coin, the Shiba Inu, has made headlines thanks to its burn rate. Exploded On June 11, there was a 2,800% increase, resulting in almost 8 million tokens being removed from circulation. The team behind the token has sent more than 41% of SHIB’s maximum supply to a dummy address over the past few years.
The process aims to create price appreciation through scarcity (assuming demand remains the same or increases). Despite these efforts, SHIB fell over 15% on a weekly scalewith its decline resonating with the correction of the entire digital asset sector.
It is worth noting that There may be an increase in burning rate caused as investors take action to liquidate their positions times market uncertainty. After all, a percentage of the tokens burned with every transaction. Those who want to learn more about the process can read our guide Here.
Separately, Shiba Inu’s decentralized exchange ShibaSwap, accepted Support of popular DeFi platform DexTools. This development unlocks “advanced DeFi analytics” for the SHIB Army.
XRP Predictions
Finally, we will discuss ripple‘s native token. XRP, whose price has dropped over 7% weekly, is currently trading around $0.48 (according to CoinGecko data).. ButMany analysts are not affected by this situation and predict a revival in the near future.
X user Dark Defender thinks XRP remains above one level definite Support line on weekly timeframe. “Our indicator is close to oversold again, as it was weeks ago, and a reversal is expected,” the analyst added.
Dark Defender assumed the next resistance (assuming the uptrend continues) is around $1. “It will be easy to move above $0.6640 and $1,” they claimed.
At the beginning of this week, EGRAG CRYPTO was also activated. to guess Rising towards $1.50 level. This This may be possible if XRP breaks a specific pattern identified as the “White Triangle”.
The term, which reflects the price movements of the asset from the summer of 2023 to the beginning of 2025, consists of the rising “Atlas line” and the falling “Real wake line”. If XRP continues to stay in this region It could end 2024 with a price around $0.70.
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