Bitcoin price action seems to follow a more general stock market trend, especially North American equities. The correlation between Bitcoin and the S&P500 index is currently at considerably high levels—and this index is showing a sharp contraction following the various announcements by the Biden administration to increase interest rates and reduce inflation, which makes it more difficult to investment.
If Bitcoin continues to fall, it could test the $38,700 zone. If the trend reverses, it could return to the $40,500 area and keep traders guessing as it swings around that price line.
Shiba INU, the winner of the day
Robinhood Markets INC listed four new cryptocurrencies on its platform, including Shiba Inu (SHIB), a win for its supporters, who had long argued in favor of making the meme token available for trading.
“We are excited to add more options for our customers as we work to make Robinhood the best place to invest in crypto,” said Steve Quirk, director of Robinhood in a blog post.
Robinhood recently launched its cryptocurrency wallet which gave access to 2 million customers who were on the waiting list for the product. The wallet allows users to interact with crypto outside of the Robinhood trading platform, including purchasing Non-Fungible Tokens (NFTs).
Following the news, the price of Shiba INU (SHIB) soared more than 35%, its highest level in almost two months, before moderating gains. Still, the SHIB token is still on track for its best daily performance since February 6, when it appreciated nearly 27%.
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Source: Ambito
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