Why Shiba Inu (SHIB) Is Falling

Shiba Inu SHIB/USD is trading lower by 4.25% to $0.00000777 during Thursday's session. The altcoin is trading lower, pulling back after recent strength in the price of Bitcoin following BlackRock's Bitcoin ETF application.

What Happened?

The cryptocurrency market is experiencing a notable upswing driven by several favorable developments, including the introduction of EDX Markets, a newly established exchange supported by prominent financial entities such as Charles Schwab, Fidelity and Citadel Securities.

These influential players from the finance industry are lending their backing to EDX Markets, contributing to the positive momentum within the market...Read More

See Also: Why IGM Biosciences (IGMS) Stock Is Trading Higher

What Else?

Altcoins often exhibit a correlation with Bitcoin's price movements. When Bitcoin's price rises, it can create a favorable market environment for other cryptocurrencies. Investors may perceive altcoins like Shiba Inu as offering growth potential and seek to diversify their holdings.

This increased demand can contribute to upward price movement for Shiba Inu.