Bitcoin News

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

Bitcoin (BTC) price has dropped nearly 2% as Japan’s Nikkei 225 index dropped 4.6% taking altcoins like ETH, BNB, and SHIB even lower.
Published by
Here’s Why Bitcoin, ETH, BNB, SHIB Prices Falling Sharply

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.

Advertisement

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.

Advertisement

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.

Advertisement

Share
Bhushan Akolkar

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.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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.

Recent Posts

  • 24/7 Cryptocurrency News

Bitcoin Should Be At $148,000 To Match With Gold Rally, Says Peter Schiff

Bitcoin price surged to a fresh all-time high at $126,198, with its market cap surging…

October 7, 2025
  • 24/7 Cryptocurrency News

Dogecoin Gets Major Upgrade With Cardinals Index Node Launch, Analyst Predicts 37x Rally

Dogecoin’s utility gets a major boost after the network released a new upgrade to its…

October 7, 2025
  • Altcoin News

Coinbase Announces DoubleZero (2Z) Listing Following the US SEC’s No-Action

Coinbase crypto exchange added DoubleZero (2Z) to its listing roadmap today. This follows the U.S.…

October 7, 2025
  • Ethereum News

Grayscale Staking Ethereum ETF Debuts By Locking 32,000 ETH But Inflows Disappoint

Grayscale announced the launch of its staking facility for its two Ethereum ETFs, ETHE and…

October 7, 2025
  • 24/7 Cryptocurrency News

Pi Network Loses $18B Value in Six Months as Expert Warn of “Rug Pull” Risk

An expert has touted Pi Network as a potential “rug pull” project. This comes as…

October 7, 2025
  • 24/7 Cryptocurrency News

Fed’s Jeffrey Schmid Signals Opposition to Further Rate Cuts With Inflation ‘Too High’

Kansas City Fed President Jeffrey Schmid has indicated that he isn't in support of further…

October 7, 2025