Shiba Inu (SHIB) and Dogecoin (DOGE) are among the biggest losers, along with Bitcoin Cash (BCH), as the cryptocurrency market faces another sharp downturn. All major altcoins are trading in the red.

Dogecoin (DOGE) and Shiba Inu (SHIB), the top meme cryptocurrencies, are among the biggest losers in the top 20, along with Bitcoin Cash (BCH). All of these coins have dropped more than 5% in the past 24 hours.

Last week, Mt. Gox, the failed cryptocurrency exchange that declared bankruptcy after a devastating hack in 2014, started repaying victims in Bitcoin and Bitcoin Cash. The exchange, launched by Ripple co-founder Jed McCaleb in 2010, has become a major bearish force in the struggling crypto market.

The market anticipates continued selling pressure, which is why Bitcoin is in the red once again. Adding to this, the cryptocurrency market has been impacted by the relentless selling of confiscated Bitcoin by the German government.

Despite the increasing bearish sentiment, the cryptocurrency market isn’t all doom and gloom. According to Bloomberg, the options market Deribit believes the recent price correction is just a temporary setback. The market consensus remains optimistic, with many still expecting Bitcoin to reach the much-coveted $100,000 mark.

Bitcoin Buy Signal Spotted Amid Market Predictions

Commodity trader Peter Brandt recently identified a Bitcoin buy signal, predicting that the leading cryptocurrency could peak in August 2025.

Caroline Mauron of Orbit Markets told Bloomberg that upcoming inflation data will offer traders insights into the Federal Reserve’s future rate cut decisions. A looser monetary policy could likely drive crypto prices higher. Currently, Bitcoin is trading at $55,589 after falling below the $54,000 level last week.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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