Bitcoin drops under key $60,000 level, while Shiba Inu sees double digit gain as Robinhood petition gathers pace

28 Oct 2021, 06:11 · Views 158

Bitcoin dropped below the key support level of $60,000 on Wednesday, dragging most of the crypto universe with it, though meme coin Shiba Inu was an exception as it logged fresh highs.

SHIB, the world’s third most googled cryptocurrency so far this year, climbed to a fresh all-time record of $0.00006 earlier Wednesday. It most recently traded at $0.000057, a 24-hour gain of 21.9%, with the coin surging more than 90% in less than a week, according to CoinDesk data.

Some have cited growing support of a Change.org petition to get SHIB added to Robinhood’s trading platform as helping push the digital coin to fresh highs. The petition asks that SHIB gets the same treatment as fellow Robinhood listed meme coin Dogecoin DOGEUSD, -0.12%, and has gathered over 333,000 signatures. DOGE was down about 12% in step with the decline for cryptocurrencies on Wednesday.

SHIB has been recovering from a spill earlier in the week after Tesla TSLA, +1.91% chief executive officer Elon Musk said over the weekend that he didn’t own any of the meme coin. He also advised that investors “don’t bet the farm on crypto.”

CoinDesk wrote that SHIB’s recent rise could reflect excessive speculation and greed often seen when markets are topping. The last time SHIB saw a big surge in early May, the move was followed by bitcoin and crypto crashing later that month.

Robinhood shares HOOD, -10.44% were dropping 10% ahead of Wall Street’s open after it reported a wider quarterly loss and lower-than-expected sales, alongside weaker crypto revenue as that activity “declined from a record high.”

Bitcoin BTCUSD, -0.36%, meanwhile, slipped back below $60,000, down nearly 6% over 25 hours to $58,697, and sending the digital currency to its weakest levels since mid-October, according to CoinDesk data. Bitcoin surged to a new high above $67,000 last week, as the first bitcoin-linked exchange-traded fund ProShares Bitcoin Strategy ETF BITO, -4.99% made its debut.

Ether ETHUSD, +0.03% was trading at just over $4,000 on Wednesday, down nearly 5% over the last 24 hours.

Read: An Ether futures ETF is next likely step after ProShares watershed bitcoin moment, a former SEC official explains

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Bitcoin drops under key $60,000 level, while Shiba Inu sees double digit gain as Robinhood petition gathers pace

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