As a crypto investor with some experience under my belt, I’ve seen my fair share of market volatility. The recent fluctuations in Bitcoin (BTC) and other digital assets have been nothing short of exhilarating. Last week, BTC touched an all-time high of $72,000, only to be rejected and plummet to around $66,500 due to various factors such as the Federal Reserve’s rate decision and inflation data. While this dip was disappointing, I remain optimistic about the potential for higher prices in the future, especially if the Fed decides to lower interest rates.
TL;DR
- Bitcoin peaked at $72,000 last Friday, dropped below $70,000 quickly, and fell to $66,000 ahead of the CPI announcement and the Federal Reserve’s rate decision.
Shiba Inu’s burn rate increased by 2,800%, but its price is down over 15% weekly.
While XRP dropped 7% to $0.48, analysts predict a rise to $1 or $1.50 based on technical patterns.
BTC’s Ups and Downs
Bitcoin (BTC) went through significant volatility over the past week. At the end of last week, it appeared that Bitcoin was preparing to set a new record high, having reached $72,000. However, following a sharp rejection on Friday, the asset’s value dipped below the psychological threshold of $70,000 and stayed there throughout the weekend.
After a short-lived rise to $70,000 on Monday, bears regained dominance and triggered a sell-off, pushing Bitcoin down to as low as $66,200 according to CoinGecko’s data. The downtrend was momentarily halted on June 12 when the asset reached $70,000 once more. This upward movement occurred shortly following the US Bureau of Labor Statistics unveiling a lower-than-anticipated Consumer Price Index (CPI) for May in their latest report.
In spite of encouraging figures from the US and Elizabeth Warren’s appeal, the central bank maintained its interest rate at 5.25%-5.50%. They justified this decision by stating that inflation had made only minimal advancements.
I, as an analyst, can tell you that the recent downturn in Bitcoin’s price has seen it dipping back down to around $67,500. The potential reduction of interest rates by the world’s largest economy could make borrowing money less expensive for investors, thereby increasing their appeal towards riskier assets like cryptocurrencies. Notable figures such as Mike Novogratz, CEO of Galaxy Digital Holdings, anticipate that Bitcoin could experience significant growth following this monetary policy shift.
SHIB’s Latest Advancements
As a researcher studying the cryptocurrency market, I’ve come across an intriguing development with Shiba Inu, the well-known meme coin. On June 11 alone, its burn rate experienced an unprecedented surge of over 2,800%, leading to the elimination of nearly 8 million tokens from circulation. The Shiba Inu team has previously transferred approximately 41% of the maximum supply to a null address within the past few years.
The goal is to generate price growth through scarcity, assuming demand remains steady or increases. However, SHIB has declined by over 15% in the past week, aligning with the wider correction in the cryptocurrency market.
It is worth noting that the surge in the burn rate might have been caused by investors moving to liquidate their positions during times of market uncertainty. After all, a percentage of tokens is burned with each transaction. Those willing to learn more about the process can read our guide here.
In a separate development, Shiba Inu’s decentralized exchange, ShibaSwap, gained backing from DexTools, a widely-used DeFi platform. This collaboration brings “advanced analytics for DeFi” directly to the SHIB community.
XRP Predictions
Last but not least, we will discuss Ripple’s native token, XRP, whose price is down over 7% weekly, currently trading at around $0.48 (per CoinGecko’s data). However, multiple analysts remain unfazed, envisioning a resurgence in the near future.
The Dark Defender of X user community believes that XRP has surpassed a crucial support level on the weekly chart. According to their analysis, our indicator is once more approaching oversold territory, a condition it has been in previously and typically precedes a price reversal.
Dark Defender assumed that the next resistance (assuming the uptrend continues) stands at around $1. “It will be easy above $0.6640 and $1,” they claimed.
Earlier this week, EGRAG CRYPTO made a prediction, joining others, that XRP might reach the $1.50 level. This possibility arises if XRP manages to breach “the White Triangle” pattern.
As an analyst, I would explain the term as follows: This metric represents the price fluctuations of XRP from the summer of 2023 to the start of 2025. It consists of two lines – the ascending “Atlas line” and the descending “Genuine wake-up line.” If XRP maintains its position within this range, it is likely that its price will end up around $0.70 by the close of 2024.
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2024-06-13 12:25