In a surprising turn of events, the Shiba Inu token (SHIB) has plummeted to a new monthly low, losing a staggering 22% in the last two hours. As a result, the SHIB price has stagnated at $0.0000094 per token, adding zero value amid a $500 million bloodbath in the crypto market.
In a surprising turn of events, the Shiba Inu token (SHIB) has plummeted to a new monthly low, losing a staggering 22% in the last two hours. As a result, the SHIB price has stagnated at $0.0000094 per token, adding zero value amid a $500 million bloodbath in the crypto market.
The sudden collapse in SHIB value is part of a broader slowdown in the cryptocurrency market. glass coin reports that in just one hour, positions worth almost $500 million were liquidated, of which a staggering 91.3% were long positions. This massive deleveraging event has sent shockwaves throughout the crypto space.

Amid this turmoil, SHIB-linked derivatives have seen a surge in trading volume, increasing by 150%. However, open interest has simultaneously decreased by 20%, highlighting the deleveraging nature of this dumping.
Rumors about the Bitcoin spot ETF
The trigger for this downward spiral appears to be a seemingly sinister message from Matrixport. The crypto financial services company anticipates that the SEC will deny all issuers the ability to create spot Bitcoin exchange-traded funds (ETFs) in January 2024.
Matrixport warns of possible cascading liquidations if the SEC does not give the green light, predicting a Bitcoin price range of $36,000 to $38,000, according to its analysts.
With the January 10 deadline approaching for the SEC’s decision on the Bitcoin ETF, the cryptocurrency market is bracing for increased volatility. As the date approaches, inside information of varying reliability is permeating the industry, adding an air of uncertainty that is sure to test the nerves of market participants in the coming days.