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Bitcoin drops below $100K for first time since June amid market correction
The leading cryptocurrency immersed to the lowest level since June while major altcoins were hit even harder.
- Price drop. Bitcoin fell below the $100,000 mark for the first time since June 22.
Bitcoin, the flagship cryptocurrency, broke below the $100,000 level for the first time since June 22. It reached an intraday low of $99,941 on the OKX exchange before paring some losses.
The top coin has now officially entered the correction territory, sinking by more than 22% from its record peak that was achieved earlier this month.
- Market sentiment. Betting platform Polymarket now shows a 51% chance of BTC hitting $90,000 this year.
The probability of Bitcoin collapsing to $90,000 this year has now reached 51% on the betting website Polymarket. By comparison, there was only an 11% chance of Bitcoin hitting that level just a month ago. This shows how quickly sentiment changes.
The most recent Bitcoin crash was triggered by a recent sell-off in US stocks due to the growing fear of artificial intelligence (AI) bubbles. The leading cryptocurrency is now only up 8% this year, substantially underperforming gold.
Shiba Inu falls to its lowest level since January, extending the nine-month downtrend
SHIB seen a price drop that was certainly not expected in a short time, considering the structure of the asset market.
- Price action. Shiba Inu fell to $0.0000089.
Shiba Inu has officially dropped to its lowest level since January 2024. The token fell to around $0.0000089, confirming a prolonged downtrend that has now spanned nearly nine months, breaking a crucial short-term support.
Exhaustion is clearly depicted on the chart. The 50 day, 100 day and 200 day lines are the three major moving averages that SHIB has continuously traded below. This technical setup usually indicates an ongoing vendor check.
- Momentum indicators. With the RSI near 32, SHIB shows weak momentum and a higher risk of a continuation of oversold.
Since late summer, the 200-day moving average in particular has served as a ceiling, rejecting all attempts at recovery. The weak momentum and the growing risk of a continuation of oversold rather than a reversal are further highlighted by the RSI hovering around 32.
There is no indication of a bullish divergence, and SHIB is trapped in a long-term downtrend channel. Instead of the panic-driven capitulation that often precedes significant rebounds, price action indicates a steady decline.
Ripple expands custody capabilities with Palisade acquisition
Ripple he stretched out his extremely impressive acquisition spree with Palisade.
- Strategic move. Ripple has acquired digital asset exchange and custody infrastructure firm Palisade.
Enterprise blockchain company Ripple has announced the acquisition of digital asset exchange and custody infrastructure company Palisade. The latest move is aimed at strengthening Ripple’s custody business, which was initially launched in October 2024.
Paladise specializes in rapidly deploying wallets at scale with multi-chain support. In particular, it is already integrated with the XRP Ledger.
- Wider expansion. The acquisition follows GTreasury’s recent $1 billion purchase of Ripple.
Recently, Ripple announced that it had agreed to buy the treasury management company GTreasury for $1 billion. Earlier this year, Ripple also bought first brokerage Hidden Road, which was rebranded as “Ripple Prime”, and stablecoin payment platform Rail.
