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Here’s Why The Dogecoin And Shiba Inu Prices Crashed Violently
The post Here’s Why The Dogecoin And Shiba Inu Prices Crashed Violently appeared on BitcoinEthereumNews.com. Dogecoin and Shiba Inu prices have significantly crashed in the last 24 hours. This is partly due to Jerome Powell’s speech, which painted a bearish picture for crypto assets despite the announcement of a 25 basis point (bps) rate cut. Why The Dogecoin And Shiba Inu Prices Crashed The Dogecoin and Shiba Inu prices are both down over 5% in the last 24 hours. This price crash has happened despite the Federal Reserve announcing a 25 bps rate cut. One major reason for this price crash is believed to be due to Fed Chair Jerome Powell’s speech, which painted a bearish picture for these crypto assets. Powell hinted in his speech that the Fed was currently ‘hawkish’ despite the 25 bps rate cut. He also suggested that there would likely be fewer rate cuts in 2025, having already made three rate cuts this year. The Fed being hawkish is bearish for the Dogecoin and Shiba Inu prices as investors become more skeptical about investing in these risk assets. In Dogecoin’s case, crypto analyst Kevin Capital had mentioned that the meme coin’s technical indicators were currently bearish but added that it could be invalidated if the Fed took a dovish stance. However, that didn’t happen, meaning that the Dogecoin price could even plunge further, seeing as fundamentals and technicals are bearish. Meanwhile, Powell’s take on the Strategic Bitcoin Reserve is another factor that could have contributed to the price crashes of Dogecoin and Shiba Inu. The Fed Chair mentioned that the US Central Bank is not allowed to hold Bitcoin and is not seeking a law change. That statement caused the price of Bitcoin to drop below $100,000. The Dogecoin and Shiba Inu prices share a positive correlation with the flagship crypto, so it was expected that they would also follow…
The post Here’s Why The Dogecoin And Shiba Inu Prices Crashed Violently appeared on BitcoinEthereumNews.com.
Dogecoin and Shiba Inu prices have significantly crashed in the last 24 hours. This is partly due to Jerome Powell’s speech, which painted a bearish picture for crypto assets despite the announcement of a 25 basis point (bps) rate cut. Why The Dogecoin And Shiba Inu Prices Crashed The Dogecoin and Shiba Inu prices are both down over 5% in the last 24 hours. This price crash has happened despite the Federal Reserve announcing a 25 bps rate cut. One major reason for this price crash is believed to be due to Fed Chair Jerome Powell’s speech, which painted a bearish picture for these crypto assets. Powell hinted in his speech that the Fed was currently ‘hawkish’ despite the 25 bps rate cut. He also suggested that there would likely be fewer rate cuts in 2025, having already made three rate cuts this year. The Fed being hawkish is bearish for the Dogecoin and Shiba Inu prices as investors become more skeptical about investing in these risk assets. In Dogecoin’s case, crypto analyst Kevin Capital had mentioned that the meme coin’s technical indicators were currently bearish but added that it could be invalidated if the Fed took a dovish stance. However, that didn’t happen, meaning that the Dogecoin price could even plunge further, seeing as fundamentals and technicals are bearish. Meanwhile, Powell’s take on the Strategic Bitcoin Reserve is another factor that could have contributed to the price crashes of Dogecoin and Shiba Inu. The Fed Chair mentioned that the US Central Bank is not allowed to hold Bitcoin and is not seeking a law change. That statement caused the price of Bitcoin to drop below $100,000. The Dogecoin and Shiba Inu prices share a positive correlation with the flagship crypto, so it was expected that they would also follow…
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