Shiba

Dogecoin

Joe Biden

Shiba Inu

On Sunday, the Bitcoin price saw a sudden crash that sent the likes of <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-vs-shiba-inu-vs-pepe/">Dogecoin and Shiba Inu</a> spiraling alongside it. This crash saw $2,000 <a href="https://www.newsbtc.com/news/bitcoin/analyst-reveals-condition-for-bitcoin-to-reach-71000-details/">wiped off the Bitcoin price</a> in mere minutes, bringing it back down below $66,000. While this decline did not last at the time, there were a few factors behind it, which inflicted worry in crypto investors across the space. 
<h2 class="p2" id="why-did-the-bitcoin-price-fall">Why Did The Bitcoin Price Fall?</h2> 
The Bitcoin price crash below $66,000 had one major factor behind it and that was the <a href="https://www.newsbtc.com/news/joe-biden-says-he-holds-no-bitcoin/">US President Joe Biden</a>. For months now, the war between President Joe Biden and former US President Donald Trump had raged on, with the two being the leading candidates for the position. 
However, on Sunday, President Joe Biden made a shocking revelation, announcing that he was officially stepping down from the presidential race. In the announcement on X (formerly Twitter), which has so far garnered over 330 million views, Biden said that he was going to prioritize his duties as a president for the remainder of his current 4-year term, rejecting the Democratic Party nomination. 
In the same announcement, President Biden offered his support to <a href="https://www.newsbtc.com/news/kamala-horris-kama-surges-1600-amid-speculation-of-biden-exiting-presidential-race/">Vice President Kamala Harris</a>, to take on the presidential ticket for the Democratic Party. He also urged the party supporters to come together and beat Donald Trump, who is the strongest opponent so far. 
<blockquote class="twitter-tweet"> 
 <a href="https://t.co/RMIRvlSOYw" rel="nofollow">pic.twitter.com/RMIRvlSOYw</a> 
 — Joe Biden (@JoeBiden) <a href="https://twitter.com/JoeBiden/status/1815080881981190320?ref_src=twsrc%5Etfw" rel="nofollow">July 21, 2024</a>
</blockquote> 
Following the announcement, the crypto market responded quickly, with the Bitcoin price plunging sharply. At the same time, coins like Dogecoin and Shiba Inu followed suit, dropping around 3% each in response to the announcement. 
<h2 class="p2" id="dogecoin-shiba-inu-refuse-to-stay-down">Dogecoin, Shiba Inu Refuse To Stay Down</h2> 
Just like the plunge in price, the Bitcoin recovery was just as swift, rising to new monthly highs. The <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-regains-68k/">price eventually crossed $68,000</a> on Sunday, taking the crypto market with it. In response, <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-profitability-shiba-inu/">Dogecoin and Shiba Inu</a> followed, notching notable gains from their lows. 
For Dogecoin, the price rose back above $0.14 after falling below $0.128. This saw its overall daily gains at the time shoot up above 4%, with its daily trading volume also seeing a significant climb above $20 billion in one day. 
In the same vein, <a href="https://www.newsbtc.com/altcoin/burns-shiba-inu-lunc-price/">the Shiba Inu price</a> also rose from its lows of $0.0000173 to rise above $0.0000184. However, unlike Dogecoin, the Shiba Inu daily trading volume remains muted, with around $383 million at the time. 
As for <a href="https://www.newsbtc.com/news/bitcoin/here-are-5-reasons-to-be-bullish-on-bitcoin-analyst-says/">the Bitcoin price</a>, it continues to lead market bullishness, still holding the $67,000 support following the recovery. This translates to an approximately 12% increase in the crypto’s price in the last seven days. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/bEJ0oNi4/" alt="Bitcoin price chart from Tradingview.com (Dogecoin Shiba Inu)" width="3286" height="1518">

Here’s Why The Bitcoin Price Crashed Below $66,000, Taking Shiba Inu And Dogecoin With It

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