Bitcoin (BTC) Volatility Amid FOMC Meeting, Shiba Inu (SHIB) Developments & More: June 13 Bit Summary

TL;DR

Bitcoin hit a high of $72,000 last Friday, fell below $70,000 quickly and fell to $66,000 before the CPI announcement and Federal Reserve decision. Shiba Inu’s burn rate increased by 2,800%, but its price is down more than 15% weekly. While XRP was down 7% to $0.48, analysts are predicting a rise to $1 or $1.50 based on technical patterns. The ups and downs of BTC

Bitcoin (BTC) experienced a lot of turbulence in the last seven days. Towards the end of last week, it looked like it was probably gearing up for a new all-time high after hitting $72,000. However, the asset’s price fell below the psychological level of $70,000 after a violent rejection on Friday and remained there over the weekend.

After a brief rise to $70,000 on Monday, the bears regained control and started a decline that took BTC as high as $66,200 (according to CoinGecko data). The downtrend was briefly interrupted yesterday (June 12) when the asset once again touched the $70,000 mark. The rebound came shortly after the US Bureau of Labor Statistics released its latest CPI report, showing that US inflation was lower than expected for May.

Despite promising US numbers and Elizabeth Warren’s plea, the central bank kept interest rates unchanged at 5.25% to 5.50%, saying inflation has only witnessed a “modest progress”.

As a result, BTC turned south, currently hovering around $67,500. Lower interest rates in the world’s largest economy will make it cheaper for investors to borrow money, which could boost interest in risky assets like cryptocurrencies. Prominent names, including Mike Novogratz (CEO of Galaxy Digital Holdings), believe that bitcoin could take off once the Fed introduces this move.

Latest SHIB developments

The popular Shiba Inu meme coin made headlines thanks to its burn rate, which exploded by 2,800% on June 11, resulting in nearly 8 million tokens being withdrawn from circulation. The team behind the token has sent over 41% of SHIB’s maximum supply to a null address in recent years.

The process aims to create price appreciation through scarcity (assuming demand remains or increases). Despite these efforts, SHIB is down more than 15% on a weekly basis, with its decline echoing the correction of the entire digital asset sector.

It is worth noting that the increase in the consumption rate could have been caused by investors moving to liquidate their positions in times of market uncertainty. After all, a percentage of tokens are burned with each transaction. Those who want to learn more about the process can read our guide here.

Separately, Shiba Inu’s decentralized exchange, ShibaSwap, received support from the popular DeFi platform DexTools. The development unlocks “advanced DeFi analytics” for the SHIB army.

XRP Predictions

Last but not least, we’ll talk about Ripple’s native token, XRP, whose price is down more than 7% weekly, currently trading around $0.48 (according to CoinGecko data). However, several analysts remain unfazed and predict a resurgence in the near future.

User X Dark Defender believes that XRP is above a certain support line on the weekly time frame. “Our indicator is close to oversold again, like weeks before and is awaiting a reversal,” the analyst added.

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

Earlier this week, EGRAG CRYPTO also got involved, predicting a rise towards the $1.50 level. This could be possible if XRP broke a specific pattern depicted as “the white triangle”.

The term reflects the price movements of the asset from the summer of 2023 to the beginning of 2025 and consists of the ascending “Atlas line” and the descending “genuine awakening line”. If XRP continues to remain in this zone, it could end 2024 at a price of around $0.70.

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