Markets
Shiba Inu (SHIB) and Dogecoin (DOGE) Among Major Cryptocurrency Laggards as Market Sees Sharp Slowdown
Alex Dovbnya
Shiba Inu (SHIB) and Dogecoin (DOGE) are the biggest laggards in the market, along with Bitcoin Cash (BCH)
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The cryptocurrency market has recently seen another sharp decline, with all major altcoins trading in the red.
Dogecoin (DOGE) and Shiba Inu (SHIB), the two leading meme cryptocurrencies, are among the biggest stragglers in the top 20 along with Bitcoin Cash (BCH). All of these coins have fallen more than 5% in the last 24 hours.
Last week, Mt. Gox, the failed cryptocurrency exchange that declared bankruptcy after a devastating hack in 2014, began paying victims in Bitcoin and Bitcoin Cash.
The exchange, which was launched by Ripple co-founder Jed McCaleb in 2010, has emerged as the main bearish hurdle for the struggling cryptocurrency market.
The market is expecting sustained selling pressure, which is why the largest cryptocurrency is in the red again.
Additionally, the cryptocurrency market has been hit by the relentless selling of confiscated Bitcoin owned by German government.
The cryptocurrency market is not all doom and gloom, despite the increasingly bearish sentiment. According to Bloomberg, the Deribit options market believe that the recent price correction is merely a bump in the road. The market consensus seems to be that the cryptocurrency will still be able to reach the much-coveted $100,000.
Commodity trader Peter Brandt recently identified a Bitcoin buy signal while predicting the leading cryptocurrency could peak in August 2025.
Caroline Mauron of Orbit Markets told Bloomberg that upcoming inflation data will provide traders with clues about the Fed’s future rate-cutting decisions. A looser monetary policy would likely push cryptocurrency prices higher.
At the time of writing, the largest cryptocurrency was trading at $55,589 after falling below the $54,000 level last week.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to the burgeoning industry — from price analysis to blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.