Shiba Inu (SHIB) and Dogecoin (DOGE) Among Top Crypto Laggards as Market Sees Severe Downturn

Crypto Market Embraces a Bearish Stance, Dogecoin and Shiba Inu Suffer Losses

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The cryptocurrency market has encountered a significant decline, with major altcoins, including Dogecoin (DOGE) and Shiba Inu (SHIB), experiencing notable losses. The top 20 coins, such as Bitcoin Cash (BCH), have faced a downturn of over 5% in the last 24 hours.

Repayment by Mt. Gox Fuels Bearish Sentiment

Mt. Gox, the infamous cryptocurrency exchange that filed for bankruptcy after a catastrophic hack in 2014, has commenced repayments to victims in Bitcoin and Bitcoin Cash. This development has emerged as a prime bearish influence, leading to sustained selling pressure in the market.

German Government Bitcoin Sales Add to Market Woes

Compounding the market's troubles is the relentless sale of confiscated Bitcoin by the German government. This selling has contributed to the negative sentiment and further hindered the market's recovery.

Despite Bearish Outlook, Hope Prevails

Amid the prevailing pessimism, the cryptocurrency market retains a glimmer of optimism. According to Bloomberg, the options market Deribit holds the view that the recent price correction is merely a temporary setback. The market consensus suggests that Bitcoin remains on course to reach the coveted $100,000 milestone.

Analysts Forecast Bitcoin's Future

Commodity trader Peter Brandt has identified a Bitcoin buy signal, predicting a potential peak in August 2025. Additionally, Caroline Mauron of Orbit Markets emphasizes the significance of upcoming inflation data, as it could provide insights into the Fed's future rate decisions. A more accommodative monetary policy is generally seen as bullish for crypto prices.

Bitcoin's Current Position

At the time of writing, Bitcoin is trading at $55,589, having dipped below the $54,000 threshold last week.