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Shiba Inu price found itself a victim of the selling pressure faced across all financial markets on Wednesday. Shiba Inu has found some technical support at the 50% Fibonacci retracement at $0.000049, but buying appears to be drying up. As a result, Shiba Inu is very much at risk of a capitulation move towards $0.0000100.
Bitcoin price popped higher yesterday and made new all-time highs around $69,123.70, but then came under pressure from profit-taking in the US session as global markets got rattled by higher-than-expected inflation data. A similar pattern unfolded for both Ethereum and Ripple price action. With the US session closed today, investors will have a chance to reassess the situation and look beyond the inflation print to determine if markets will open in risk-off mode tomorrow or will shake off the inflation worries and focus back on the several bull runs that are ongoing.
Solana price was at more risk of a catastrophic move lower during Wednesday’s selling pressure than most cryptocurrencies. It is a testament to Solana’s strength and bullish sentiment that not only was the retracement limited, but Solana continued to trade near its all-time highs. Two trade possibilities are now present.
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Bitcoin price has been ranging since June 18, but rumors of insolvency have been spreading on multiple popular platforms in the industry. KuCoin, the fifth-largest cryptocurrency exchange in the world is at the center of bankruptcy rumors.
Former Chief Robert Cohen believes the Securities & Exchange Commission’s (SEC) ’s case against payment giant Ripple is key, however the outcome may not be as significant. The regulator is likely to file a motion for reconsideration on losing the case against Ripple.
The electric car manufacturer faces a dire fate as its Bitcoin holdings further devalue amidst a market rout that is seeing whales readying to sell by rapidly pouring their Bitcoin onto crypto exchange platforms. Tesla is already facing a $440 million writedown of its Bitcoin holdings after the recent crypto market bloodbath, and could face even more.
Dogecoin price managed to slow down its bleeding in the second and third week of June but now sellers seem to have come back. As a result, DOGE is undergoing a minor retracement, but the recent adoption of certain DOGE payments by Door Dash and Uber Eats will be a value add to the fundamentals of the meme coin.
Bitcoin price ended Q2 with a -56% return, which is the first in its 11-year history. On-chain metrics hint at bottom formation but technicals reveal more room to the downside. Bitcoin price has finished the first half of 2022 and things are not looking good. With record negative returns, BTC is likely to continue heading lower, especially if one particular support level is breached.
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