Bitcoin Plummets to Month Low: Dogecoin and Shiba Inu Drop by 10%

The entire cryptocurrency market seems to have taken a hit as Bitcoin plummets to its lowest price in the month alongside others. Bitcoin fell below the $39,000 mark, triggering widespread concern and impacting altcoins, particularly meme coins.

Dogecoin and Shiba Inu dropped around 10% in a single day amid bearish sentiment across the crypto market. Meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have suffered significant losses. These declines have outpaced those of major crypto assets like Bitcoin.

This recent downturn follows a period where Bitcoin, Ethereum and Dogecoin saw significant ATHs, but profit-taking and fading demand led to steep corrections shortly after.

Uncertainty over interest rate cuts and the hawkish stance of the Federal Reserve could keep pressure on the crypto market. However, some traders highlight buying opportunities for DOGE and Bitcoin.

Bitcoin claws back gains alongside Dogecoin, Shiba Inu, and major altcoins following the initial plummet, suggesting a possible rebound. Investors are closely watching market trends to determine if this is a temporary recovery or the start of a sustained uptrend.