Floki Inu FLOKI/USD it traded about 4.2% lower at $0.0002669 on Friday. Shares of several altcoins are trading lower Bitcoin retreating after a new all-time high of $73,000.
Cryptocurrency markets are heavily driven by sentiment. If Bitcoin, as the leading cryptocurrency, pulls back after hitting a new all-time high, it could lead to a general sense of caution or concern among investors, causing them to also sell off other cryptocurrencies like Floki Inu.
Many traders in the cryptocurrency market also engage in speculative trading, meaning they buy and sell assets based on short-term price movements rather than long-term fundamentals. A drop in Bitcoin’s price could trigger panic selling among these traders, leading to a cascading effect on the broader cryptocurrency market, including Floki Inu.
For the united, Floki Inu is often called a spin-off of Dogemoneta DOGE/USD AND Shiba Inu SHIB/USD. The altcoin is based on a Elon Musk tweet in which he stated that his Shiba Inu would be named “Floki”.
See also: Why Vanguard Rejects Bitcoin ETFs: Are They Too Volatile for Your Retirement?
What is going on?
Bitcoin fell below $67,000 in the Asian trading session following its failure to break out of the $71,500-72,000 range. According to cryptocurrency analyst Pierrethis decline has led to three potential short-term price outcomes.
The first scenario suggests a trend break on a four-hour chart, leading to the gap closing on the 100-day moving average before stabilizing…to know more