Here’s Why Bitcoin, ETH, BNB, SHIB Prices Falling Sharply

Bhushan Akolkar
September 30, 2024
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Crypto Prices Today (Feb 12): BTC Dips To $95K, Altcoins On Edge Ahead Of Key Economic Data

Highlights

  • Shigeru Ishiba's victory triggers a sell-off in Japanese market amid chances of interest rate hikes.
  • Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) suffered the most, dropping by 5-8%.
  • A bullish crowd expectation could delay Bitcoin's next all-time high amid heightened volatility.

Following the last week of upside, Bitcoin (BTC) along with the broader crypto market has come under selling pressure in the early trading hours on Monday. The BTC price is down 1.97% trading at $64,536 levels as the Japanese Nikkei 225 index slides nearly 5% today. Also, the victory of Shigeru Ishiba last week has once again led to concerns of more interest rate hikes ahead. Top altcoins like ETH, BNB have also faced the slump with meme coins like DOGE and SHIB seeing even sharper correction today.

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Bitcoin, ETH, SHIB Slide Amid Asian Market Developments

Bitcoin had a stunning run-up this month in September while beating the market’s subdued expectations with 9% gains. Although the bulls tried to hold the BTC price above $65,000 levels, the developments in the Japanese market has putting some selling pressure on the asset. Other geopolitical developments like Israel killing Hezbollah leader Hassan Nasrallah also added to the uncertainty.

While the crowd has been waiting for a fresh all-time high for BTC following the Fed rate cuts, it won’t come very easily. Crypto analytics platform Santiment reported that social sentiment has skyrocketed highly and thus, the crowd might need to wait a bit to see a new all-time high. It noted that currently there are 1.8 bullish posts for BTC for every bearish post. “Markets historically always move the opposite direction of crowd’s expectations,” noted Santiment.

Courtesy: Santiment

In a message last week, popular crypto analyst Ali Martinez wrote: “I think the best way to mess with everyone’s dreams would be for Bitcoin to drop to $60,000, rebound to $66,000, retrace back to $57,000, and finally break out towards $78,000!” However, last week’s inflows into spot Bitcoin ETFs show that institutions are back in the game buying the recent dips.

Altcoins have also been facing similar selling pressure, with Ethereum (ETH), BNB Coin (BNB), Dogecoin (DOGE), and others seeing 2.4% corrections. On the other hand, XRP defies broader market correction with 5.3% gains moving to $0.645 levels. Meme coins have suffered the most today after last week’s party with Dogecoin (DOGE) and Shiba Inu (SHIB) correcting 5-8% today.

Furthermore, the markets are likely to stay volatile bracing for the US Jobs data release ahead of the anticipated Uptober rally.

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Nikkei 225 Index Slides 4.6%

As of press time, the Nikkei 225 Index is trading at 4.64% slipping under 38,000 levels amid the Strong Yen. Shigeru Ishiba’s win last week has led many analysts to believe that the Bank of Japan would undertake a hawkish stand on monetary policy announcing further rate hikes. Following the announcement last week, the Yen went soaring against the USD.

Courtesy: Bloomberg

Speaking on the development, Michael Wan, an analyst at Mitsubishi UFJ Financial Group, Inc. told Bloomberg: “Our base case is for Ishiba to reflect the status quo of supporting Bank of Japan normalization and hence provide support for the yen.”

However, Ishiba’s current stand remains less clear while commenting on the weekend that “monetary policy must remain accommodative as a trend given current economic conditions.”

Amid these macro uncertainties, there’s strong anticipation that Bitcoin could repeat history with a strong BTC Q4 rally with traders already giving targets of $100K before the year-end.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.