Bitcoin, Ethereum fall below key levels, Dogecoin was toppled by the unstoppable Shiba Inu, DeFi coins regain their luster – Bitcoin – US Dollar ($ BTC)

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Bitcoin (CRYPTO: BTC) traded below the psychologically important level of $ 60,000 on Wednesday evening as the global cryptocurrency market cap fell 0.26% to $ 2.61 trillion. BTC fell 11.13% over a seven-day period.

Ethereum (CRYPTO: ETH) has fallen below $ 4,000 at the time of publication. It was trading down 4.94% to $ 3,942.52 on a 24-hour basis. Over the week, it fell 6.10%.

Dogecoin (CRYPTO: DOGE) traded down 7.21% to $ 0.24 on a 24-hour basis. Over the past seven days, it has fallen 6.46%.

Self-proclaimed DOGE killer Shiba Inu (CRYPTO: SHIB) rose 66.35% to $ 0.00007858 over 24 hours. The coin itself has jumped 175.05% in the past seven days. The coin became the top 24 hour winner.

SHIB hit a record high of $ 0.00008299 on Wednesday night, according to data from CoinGecko. At one point in the day, SHIB had overthrown DOGE in terms of market cap.

See also: How to buy Shiba Inu (SHIB)

Why it matters: Freddie Evans, a seller at GlobalBlock, a UK-based digital asset broker, noted that BTC fell below the $ 60,000 support.

“Investors were expecting a correction as markets appeared to be over-leveraged,” Evans said in an emailed note.

“The decline has been predicted by many analysts and provides an opportunity for those looking to buy the downside, which means this retracement may be short-lived and we may return above $ 60,000 before too long.”

A leverage wiping occurred on Wednesday with the sale resulting in liquidations worth $ 536 million in an hour, according to Bybt data. A total of $ 508.65 million in long positions were closed and $ 28 million in short positions were closed during the same period.

While core coins like Solana, Avalanche and Near Protocol have been hit hard by the latest market downturn, Decentralized Finance or DeFi tokens like 1Inch Network and AAVE have had a chance to shine.

Resurgence of Delphi Digital Chartered AAVE, 1-inch and SHIB “The 1-inch price action today has been overwhelming and likely catalyzed by the token’s listing on the Korean Upbit exchange. AAVE was also listed on Upbit, and within an hour of listing the two tokens had already established a “Kimchi bounty,” noted Delphi Digital, an independent research firm.

Meanwhile, one of the reasons for Shiba Inu’s recent spike is rising open term interest on exchanges such as OKEx, FTX and Huobi, Cointelegraph reported.

Marcel Pechman, market analyst, told Cointelegraph that “open interest seems to follow the price pump instead of an actual increase”.

“Long positions generate huge profits, so it’s easier for them to keep buying cash and pushing up the price. It seems that there are no “real” short sellers, only market makers. If there had been huge liquidations, open interest would have gone down, ”Pechman said.

Read more: Bitcoin Still Hits Millionaires, Just Like ETH

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