5 Things You Should Know About Bitcoin, SHIB and Altcoins Today!

Bitcoin stands on the verge of making a bearish break from a flag pattern. However, BTC, SHIB and altcoins are waiting for important events to happen today. These include the release of US CPI data, research of crypto lending companies, and the CBDC report. Let’s see together.

Bitcoin, SHIB and altcoins await inflation data

Markets entered the typical consolidation pattern often observed before a major macro event. US Consumer Price Index data for June is scheduled to be released around 3:30 p.m. today. It is possible that the new CPI data will change the markets by affecting the expectations regarding the tightening of the FED in the coming quarters. Currently, markets are predicting that the Fed will raise interest rates by 75 basis points this month. Additionally, they expect it to increase by 50 basis points in September. An upside surprise in the CPI has the potential to raise expectations. If this happens, it is likely to have negative consequences for Bitcoin, SHIB and altcoins.

Bitcoin was last changing hands at just under $20,000. It rallied close to 3% after rebounding from lows of $19,200 on Tuesday. But the world’s largest cryptocurrency is still down close to 5.0% this week. In terms of major altcoins, prices haven’t played much. Ethereum, Binance Coin, Ripple, Cardano, Solana and Dogecoin registered little change.

Bitcoin could break down from flag pattern

US CPI data has not been released yet. However, Bitcoin is still seeking an important level of support. Indeed, some analysts have pointed out that Bitcoin is on the verge of breaking the downside of its so-called “bearish flag” technical pattern. As the name suggests, a bearish break of this pattern would signal a significant deterioration in Bitcoin’s short-term technical outlook. A test of late June lows near mid $18,000 is possible. However, there is also the potential for a potential test of annual lows below $18,000 to emerge.


We look at the cryptocurrency on a longer time horizon chart. It’s possible that macro headwinds could push Bitcoin below yearly lows. In this case, Bitcoin has the potential to see below $14,000. This is because there is no notable long-term support level up to $13,800. This level is one of the highest in June 2019. As a result, Bitcoin’s downside break will also affect SHIB and altcoins. In this case, the overall market will decline downwards.

US explores crypto lending companies like Celsius

The US State of Vermont’s Department of Financial Regulation (DFR) released a statement. Accordingly, crypto lending platform Celsius Network is “highly bankrupt.” Celsius, one of the largest crypto lending platforms by assets under management, cited “extreme market conditions”. Then more than a month ago it suspended customers’ withdrawals. Vermont’s DFR said the firm lacked the liquidity and assets to meet its obligations to depositors:

“Celsius has used client assets in a variety of risky and illiquid investments, trading and lending activities. It also combined these risks by using client assets as collateral for additional borrowing to sustain leveraged investment strategies.”

Additionally, Celsius Network and other credit platforms may be targeted by California authorities. The California Department of Financial Protection and Innovation (DFPI) released a statement Tuesday. In its statement, it announced that it is investigating several US-based crypto lending platforms. California’s DFPI did not name any. But he said he is investigating companies that offer “interest bearing crypto-asset accounts” to clients. He then stated that “they may not have adequately explained the risks customers face when depositing crypto assets on their platform.” Alongside Celsius, Voyager Digital, which stopped withdrawals earlier this month, is likely to be in the firing line. These studies have the potential to negatively impact Bitcoin, SHIB and altcoins.

FED: It is possible that CBDCs can help financial stability.

A blow has been dealt to the opponents of the Fed-issued digital USD and the proponents of private stablecoins like USDT. A new Fed research report has found that the US central bank digital dollar (CBDC) can help financial stability. The invention was featured in an article by the US Office of Financial Research. Accordingly, “observing the flow of funds into a CBDC can allow policymakers to understand when a transaction is proceeding faster and to resolve troubled banks sooner”.

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Coinshares: Institutional investors turn to Ethereum

CoinShares has released its latest weekly fund flow report. Accordingly, Ethereum-based financial products saw $7.6 million in inflows for the third consecutive week last week. According to CoinShares, “entries have endured 11 consecutive weeks of exits reaching 2022 exits of $460 million. Thus, it demonstrates a modest return on sentiment”. CoinShares says the change in sentiment seems to be linked to Ethereum 2.0. AmkNews.com As we reported, Ethereum currently uses the Proof-of-Work consensus mechanism. However, the probability of successful transition to Proof-of-Stake in Q4 is increasing. It is possible that ETH 2.0 will have significant ramifications for Bitcoin SHIB and altcoins.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.