Shiba Inu Falters in $500M Crypto Market Turmoil

Shiba Inu Shib

Shiba Inu (SHIB) token takes a hit, dropping by 22% and sticking around $0.0000094, all during a big $500 million dip in the crypto market. This sudden drop is linked to the uncertainty in the market caused by the upcoming SEC decision on spot Bitcoin ETFs.

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This decision has stirred up a lot of ups and downs, making the overall crypto scene quite shaky and unpredictable.

Shiba Inu (SHIB) Faces Steep Decline Amid Crypto Market Turmoil

In the ever-changing realm of cryptocurrencies, Shiba Inu (SHIB), a well-known meme token, recently saw a notable downturn. The token’s value plummeted by 22%, settling at $0.0000094 per token. This decline is part of a larger market turmoil, with the crypto space witnessing a substantial $500 million liquidation of positions within just an hour. Reports from CoinGlass reveal that a staggering 91.3% of these liquidated positions were long positions.

The impact of this market crash extended to SHIB-related derivatives, experiencing a 150% increase in trading volume. However, the open interest in these derivatives saw a 20% drop, signaling a significant deleveraging event. The broader crypto market is grappling with the aftermath of this extensive sell-off, as investors hurriedly adjust their positions amid heightened uncertainty.

Crypto Market Unsettled: SEC Decision and Matrixport Predictions

The crypto market is currently experiencing turbulence, largely driven by speculation surrounding the U.S. Securities and Exchange Commission’s (SEC) impending decision on spot Bitcoin ETFs. Adding fuel to the uncertainty, Matrixport, a crypto financial services firm, predicts a denial of ETF creation by the SEC in January 2024. This forecast has triggered concerns about potential further liquidations, with Matrixport analysts estimating a Bitcoin price range between $36,000 and $38,000.

As the crypto community braces for the SEC’s decision, expected around January 10, heightened volatility and speculation mark the current market environment. The circulation of insider information, varying in reliability, adds an extra layer of uncertainty for investors and traders. This climate of unpredictability puts the resilience and strategies of those engaged in the cryptocurrency space to the test.

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In summary, the recent price stagnation of the Shiba Inu token and the broader market downturn emphasize the inherent volatility and unpredictability of the cryptocurrency market. With significant events like the SEC’s decision on Bitcoin ETFs looming, the crypto community remains watchful, navigating through a landscape filled with both challenges and opportunities.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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Author

  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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