Shiba Inu (SHIB) and Dogecoin (DOGE) are facing significant losses in the cryptocurrency market, alongside Bitcoin Cash (BCH), as the market experiences a sharp downturn. All major alternative cryptocurrencies are currently trading in the red.
Dogecoin (DOGE) and Shiba Inu (SHIB), known as the top meme cryptocurrencies, are among the top 20 cryptocurrencies facing substantial losses, with Bitcoin Cash (BCH) also dropping by more than 5% in the past 24 hours.
Impact of Mt. Gox and German Selling Pressure
Recently, Mt. Gox, the cryptocurrency exchange that faced insolvency due to a major hack in 2014, has initiated repayments to victims in Bitcoin and Bitcoin Cash. Initially established by Ripple co-founder Jed McCaleb in 2010, Mt. Gox has emerged as a significant negative influence on the struggling cryptocurrency market. Additionally, the ongoing selling pressure, including the sale of seized Bitcoin by the German government, continues to weigh on the market, leading to Bitcoin showing red figures once again.
Despite the prevailing bearish sentiment, there are glimmers of hope in the cryptocurrency market. Bloomberg reports that Deribit, an options market, views the recent price correction as a temporary setback. The general market sentiment remains positive, with many still holding onto expectations of Bitcoin surging to the coveted $100,000 mark.
Bitcoin Buy Signal and Market Predictions
Renowned commodity trader Peter Brandt has identified a buy signal for Bitcoin, predicting a potential peak in August 2025. Caroline Mauron from Orbit Markets stated to Bloomberg that forthcoming inflation data will provide traders with valuable insights into future rate cut decisions by the Federal Reserve. A relaxed monetary policy could potentially drive cryptocurrency prices upwards. Presently, Bitcoin is priced at $55,589 after dropping below the $54,000 level in the past week.
