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

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• Bitcoin peaked at $72,000 last Friday, quickly fell below $70,000, and fell to $66,000 before the CPI announcement and interest rate decision by the Fed.
• The Shiba Inu's burn rate is up 2,800%, but its price is down over 15% weekly.
• While XRP fell 7% to $0.48, analysts expect a rise to $1 or $1.50 based on technical patterns.

The rise and fall of BTC

Bitcoin (BTC) experience. huge Unrest in the past seven days. Towards the end of last week, It seems so It was potentially preparing for a new all-time high after hitting $72,000. but, The asset's price fell below the psychological level of $70,000 after a violent rejection on Friday and remained at that level over the weekend.

After a brief rally to $70,000 on Monday, the bears resumed control and began to decline, sending Bitcoin price down to $66,200 (according to CoinGecko data). The negative trend was briefly halted yesterday (June 12) when the asset once again touched the $70,000 mark. Assembly event almost After the US Bureau of Labor Statistics released its latest report on the Consumer Price Index, an offer Inflation in America was lower than expected for May.

Despite promising numbers from the US and Elizabeth Warren's plea, the central bank kept interest rates unchanged at 5.25%-5.50%, claiming inflation had seen only “modest progress”.

As a result, Bitcoin Go south Again, it is currently hovering around $67,500. Lowering interest rates in the world's largest economy will make it cheaper for investors to borrow money, which could increase interest in riskier assets such as cryptocurrencies. Notable names, including Mike Novogratz (CEO, Galaxy Digital Holdings) Believe it Bitcoin It could take off as soon as the Fed makes such a move.

Latest developments in SHIB

The popular Shiba Inu meme has made headlines thanks to its burn rate, which exploded increased by 2,800% on June 11, removing nearly 8 million tokens from circulation. The team behind the token has sent more than 41% of SHIB's maximum supply to an empty address in the past few years.

The process aims to create a rise in prices through scarcity (assuming demand stays the same or rises). Despite those efforts, SHIB stock fell more than 15%. On a weekly scalewith its decline echoing with the correction of the entire digital assets sector.

It is worth noting that There may be an increase in the burning rate It happened Through investors moving to liquidate their positions during… times Uncertainty in the market. After all, a percentage of tokens It is burned With every transaction. Those who want to learn more about the process can read our guide here.

Separately, the decentralized exchange Shiba Inu, ShibaSwap, Receive Support from popular DeFi platform DexTools. The development unlocks “Advanced DeFi Analytics” for SHIB Army.

XRP Forecast

Last but not least, we will discuss the native token of Ripple, XRP, whose price has fallen more than 7% weekly, is currently trading at around $0.48 (according to CoinGecko data).. butMany analysts remain unfazed, and envision a return to activity in the near future.

User Believes XRP stands above a to be sure Support line on the weekly time frame. The analyst added: “Our index is approaching the oversold zone again, as was the case weeks ago and awaiting a reversal.”

Dark Defender assumed that the next resistance level (assuming the uptrend continues) stands at around $1. “It will be easy above $0.6640 and $1,” they claimed.

Earlier this week, EGRAG CRYPTO also entered, Forecasting Rising towards the $1.50 level. this This could become possible if XRP breaks a specific pattern depicted as the “white triangle.”

This term reflects asset price movements from the summer of 2023 until the beginning of 2025 and consists of an ascending “Atlas Line” and a descending “Real Awakening” line. If XRP continues to stay in that zone, it will be done It could end 2024 at around $0.70.