Bitcoin Faces Bear Market Fears Amid Broader Crypto Struggles; Shiba Inu Sees Large Outflows While CZ's Pardon Sparks Debate
Bitcoin Faces Bear Market Fears Amid Broader Crypto Struggles; Shiba Inu Sees Large Outflows While CZ's Pardon Sparks Debate
The crypto market is currently grappling with significant downturns, most notably affecting Bitcoin. Recent movements have seen Bitcoin drop into the mid-$90,000s, triggering widespread debate among analysts about whether this signals the onset of a true bear market or merely a sharp correction. This uncertainty is compounded by intensified capitulation, with reports indicating 65,000 BTC were sent to exchanges at a loss, reflecting persistent selling pressure and fragile market sentiment.
Beyond Bitcoin, other major digital assets are also experiencing turbulence. Shiba Inu (SHIB) is reportedly struggling with its price, despite a notable on-chain development: 121 billion SHIB coins were moved from crypto exchanges within 24 hours. This mass withdrawal could suggest holders are either preparing for long-term storage or anticipating future price movements. In separate but significant news, Changpeng “CZ” Zhao, the founder of Binance, received a pardon from US President Donald Trump, reigniting questions about potential links between business deals and political favors within the crypto ecosystem.
Bitcoin Plunges Amidst Bear Market Concerns
Bitcoin has seen a substantial drop back into the mid-$90,000s, reigniting a fierce debate among market experts. Analysts are divided on whether this downward movement signifies the commencement of a true bear market or merely a sharp reset within an ongoing uptrend. This critical juncture for the cryptocurrency is characterized by converging battleground levels that analysts interpret differently.
Adding to the concern, Bitcoin capitulation appears to be intensifying. The asset continues to trade below the $100,000 mark, struggling to find clear direction amidst growing indecision and persistent selling pressure. A recent report highlighted that 65,000 BTC were sent to exchanges at a loss after briefly dipping towards $95,000. Market sentiment remains fragile as traders and investors closely monitor whether Bitcoin can stabilize at current support levels or if further downside is imminent.
Shiba Inu Struggles Amidst Large Exchange Outflows
While Bitcoin grapples with volatility, Shiba Inu (SHIB) is also experiencing significant price struggles. Fresh on-chain data reveals a massive movement of 121 billion SHIB coins from crypto exchanges within a 24-hour period. This large-scale withdrawal extends a series of similar movements recorded throughout the month. Occurring concurrently with declining SHIB prices, this movement may indicate that holders are either preparing for long-term storage of the asset or are anticipating future price developments despite the current downturn.
CZ's Pardon Sparks Controversy
In a development beyond direct market movements, US President Donald Trump granted a pardon to Changpeng “CZ” Zhao, the founder of Binance, in late October. This move has immediately touched off a fresh round of questions and debate about whether business deals and political favors played a role in the clemency. The pardon has split opinion among lawmakers and the broader crypto community, highlighting ongoing scrutiny and concerns regarding the intersection of crypto and political influence.