The recent sudden crash of Bitcoin price sent ripples throughout the cryptocurrency market, affecting not only Bitcoin but also other popular tokens like Dogecoin and Shiba Inu. This crash resulted in a $2,000 drop in the Bitcoin price within minutes, pushing it below $66,000. While the market saw a quick recovery, the initial decline raised concerns among crypto investors.
One of the major factors behind the Bitcoin price crash below $66,000 was the surprising announcement made by US President Joe Biden. In a shocking revelation, Biden declared that he would be stepping down from the presidential race to focus on his duties as the current president for the remainder of his term. This unexpected move had a significant impact on the cryptocurrency market, causing a sharp plunge in prices.
Following President Biden’s announcement, the crypto market reacted swiftly, with Bitcoin leading the plunge in prices. Notably, Dogecoin and Shiba Inu also experienced a 3% drop in response to the news. However, the recovery was just as quick, with Bitcoin reaching new monthly highs and crossing $68,000 on the same day. This upward trend in Bitcoin price pulled the entire crypto market along, with tokens like Dogecoin and Shiba Inu also witnessing notable gains from their lows.
After the initial drop, Dogecoin price rebounded above $0.14 from below $0.128, marking a daily gain of over 4%. The daily trading volume for Dogecoin also saw a significant increase, exceeding $20 billion in just one day. On the other hand, Shiba Inu saw a recovery from its lows of $0.0000173 to above $0.0000184, although its daily trading volume remained relatively low at around $383 million. Despite these fluctuations, Bitcoin continued to show market bullishness, maintaining the $67,000 support level post-recovery and registering a 12% price increase in the last week.
President Joe Biden’s unexpected announcement had a direct impact on the cryptocurrency market, leading to a temporary dip in prices followed by a quick recovery. The resilience of Bitcoin and the subsequent gains in tokens like Dogecoin and Shiba Inu demonstrate the volatile nature of the crypto market and the influence of external events on price movements. Investors should remain vigilant and adapt to sudden shifts in the market to make informed decisions.
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