Bitcoin (BTC) Volatility Amid FOMC Meeting, Shiba Inu (SHIB) Developments, and More: Bits Recap June 13

TL; DR

Bitcoin peaked at $72,000 last Friday, quickly fell below $70,000, and fell to $66,000 before the CPI announcement and Federal Reserve rate decision. Shiba Inu's burn rate is up 2,800%, but its price is down more than 15% every week. With XRP down 7% to $0.48, analysts are predicting a rise to $1 or $1.50 based on technical patterns.

The ups and downs of BTC

Bitcoin (BTC) has experienced. Huge Violence in the last seven days. At the end of last week It seemed. It could be setting a new all-time high after touching $72,000. however, After a strong rejection on Friday, the price of the property dropped to a psychological level of $70K and remained there over the weekend.

After a brief rise to $70,000 on Monday, the bears regained control and began a leg that sent BTC down to $66,200 (according to CoinGecko). The downtrend was briefly interrupted yesterday (June 12) when the asset again touched the $70,000 mark. The procession happened Not long ago After the US Bureau of Labor Statistics released its latest CPI report in 2018, Showing off US inflation was lower than expected in May.

Despite promising numbers from the US and Elizabeth Warren, the central bank kept interest rates unchanged at 5.25%-5.50%, with only “modest improvement” in inflation.

As a result, BTC He headed south Again, currently hovering around $67,500. Lower interest rates in the world's largest economy make it cheaper for investors to borrow money, boosting demand for riskier assets like cryptocurrencies. Famous names, incl Mike Novogratz (CEO of Galaxy Digital Holdings) Believe bitcoin It may be withdrawn after the Fed announces such action.

SHIB's latest developments

The famous meme coin Shiba Inu gave thanks for the speed of the fire It exploded by 2,800% on June 11, resulting in nearly 8 million tokens being removed from circulation. The team behind the token has sent more than 41% of SHIB's peak supply to empty addresses over the past few years.

The process aims to create price appreciation through scarcity (assuming demand continues or increases). Despite those efforts, SHIB has declined by more than 15% Weekly balanceResonating with the correction of the entire digital property sector.

It is worth noting that The burn rate may increase. Caused When investors move to free up their positions times of Market volatility. Above all, the percentage of accounts It burned with every transaction. Interested parties can read our guide to learn more about the process. over here.

Separately, the Shiba Inu decentralized exchange, ShibaSwap, Received Support from the popular DeFi platform DexTools. The development unlocks “advanced DeFi analytics” for SHIB's army.

XRP predictions

Last but not least, we'll talk about Ripple's native token; XRP, whose price is down more than 7% weekly, is currently trading at $0.48 (per CoinGecko data).. even ifMany analysts have not given up on the recent revival.

X user dark defender He thinks XRP stands above a Certain Support line on a weekly basis. “Our indicator is close to oversold again, just like weeks ago and pending reversal,” the analyst added.

The dark defender estimated that the next resistance (if the trend continues) would be around $1. “It will be easy above $0.6640 and $1,” they said.

Earlier this week, EGRAG CRYPTO was also introduced; Predict It rose to the $1.50 level. This It is possible if XRP breaks a certain pattern described as a “white triangle”.

The term reflects the price movement of the asset from the summer of 2023 to early 2025 and is composed of an upward “Atlas Line” and a downward “True Alert Line”. If XRP continues to stay in that zone, it is. It could end 2024 at around $0.70.