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) experienced huge turbulence in the past seven days. Towards the end of last week, it seemed like it was likely gearing up for a new all-time high after touching $72,000. However, the asset’s price slipped under the psychological level of $70K after a violent rejection on Friday and remained there during the weekend.
After a brief surge to $70,000 on Monday, the bears resumed control and initiated a leg down that drove BTC to as low as $66,200 (per CoinGecko’s data). The negative trend was briefly interrupted yesterday (June 12) when the asset again touched the $70,000 mark. The rally occurred shortly after the US Bureau of Labor Statistics released its latest CPI report, showing that inflation in America came lower than expected for May.
Despite the promising numbers from the US and Elizabeth Warren’s plea, the central bank kept interest rates unchanged at 5.25%-5.50%, claiming inflation has only witnessed “modest progress.”
As a result, BTC headed south again, currently hovering around $67,500. Lowering interest rates in the world’s largest economy will make it cheaper for investors to borrow money, which could increase interest in risk-on assets like cryptocurrencies. Prominent names, including Mike Novogratz (CEO of Galaxy Digital Holdings), believe bitcoin could take off once the Fed introduces such a move.
SHIB’s Latest Advancements
The popular meme coin Shiba Inu made the headlines thanks to its burn rate, which exploded by 2,800% on June 11, resulting in almost 8 million tokens being removed from circulation. The team behind the token has sent over 41% of SHIB’s maximum supply to a null address in the past few years.
The process aims to create a price appreciation via scarcity (assuming demand stays the same or rises). Despite those efforts, SHIB is down over 15% on a weekly scale, with its plunge resonating with the correction of the entire digital asset sector.
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.
Separately, Shiba Inu’s decentralized exchange, ShibaSwap, received support from the popular DeFi platform DexTools. The development unlocks “advanced DeFi analytics” for the SHIB Army.
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 X user Dark Defender thinks XRP stands above a certain support line on the weekly time frame. “Our indicator is close to oversold again, as weeks before and pending for reversal,” the analyst added.
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 chipped in, too, predicting an ascent toward the $1.50 level. This could become possible should XRP break a specific pattern depicted as “the White Triangle.”
The term reflects the asset’s price movements from the summer of 2023 until the beginning of 2025 and is made up of the ascending “Atlas line” and the descending “Genuine wake-up line.” If XRP continues to stay in that zone, it might finish 2024 at a price of around $0.70.
The post Bitcoin (BTC) Volatility Amid FOMC Meeting, Shiba Inu (SHIB) Developments, and More: Bits Recap June 13 appeared first on CryptoPotato.
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