As an experienced analyst, I’ve seen my fair share of ups and downs in the cryptocurrency market. The recent sharp downturn is nothing new, but the sheer scale of the sell-off has left even the most seasoned investors feeling uneasy.
The value of cryptocurrencies took a significant dip once again, causing all prominent altcoins to slide in the market.
As a crypto investor, I’ve noticed that Dogecoin (DOGE) and Shiba Inu (SHIB), two popular meme cryptocurrencies, have underperformed compared to other top 20 coins like Bitcoin Cash (BCH) over the past day. Both DOGE and SHIB are down by more than 5% in the last 24 hours.
As a researcher studying the recent developments in the cryptocurrency world, I came across an interesting update last week. Mt. Gox, the once-prominent but now defunct cryptocurrency exchange that suffered a catastrophic hack leading to its bankruptcy in 2014, has initiated the process of compensating its victims. The repayment is being made in both Bitcoin and Bitcoin Cash.
Since its inception in 2010 by Ripple‘s co-founder Jed McCaleb, this exchange has become a significant bearish factor for the struggling cryptocurrency market.
The market expects continued selling, resulting in Bitcoin’s current loss.
Additionally, the cryptocurrency market has taken a hit due to persistent selling of seized Bitcoins by the German government.
Despite growing pessimism in the cryptocurrency market, there’s reason for optimism based on Deribit’s perspective from the options market as reported by Bloomberg. The recent price drop is viewed as a temporary setback rather than a sign of impending doom, and many still anticipate that the cryptocurrency will eventually reach the sought-after $100,000 mark.
Expert here: Recently, commodity trader Peter Brandt identified a buy signal for Bitcoin and forecasted that it might reach its peak around August 2025.
Caroline Mauron of Orbit Markets shared with Bloomberg her perspective that the forthcoming inflation figures would offer valuable insights to traders regarding the Federal Reserve’s potential future rate reductions. In turn, a more lenient monetary policy could potentially lead to an increase in cryptocurrency prices.
As of now, the largest cryptocurrency is priced at $55,589 following a drop below the $54,000 mark last week.
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2024-07-08 08:44