Shiba Inu (SHIB) price is hovering around $0.000024 on Wednesday after rejecting the weekly resistance level earlier this week. On-chain data supports a bearish outlook as SHIB holders take profits on recent gains and increase selling pressure, suggesting further decline in memecoin price.
President-elect Donald Trump’s administration is reportedly considering granting the Commodity Futures Trading Commission (CFTC) greater authority over the cryptocurrency market, particularly Bitcoin and Ethereum. This plan would reduce the role of the Securities and Exchange Commission (SEC) in regulating digital assets and shift primary oversight to the CFTC, which traditionally focuses on commodities and derivatives.
The crypto market plummeted to a total cap of $3.15 trillion on Tuesday. However, on Wednesday morning, purchases prevailed, bringing the capitalization back above $3.22 trillion, roughly the same level as the day before. The return of buyers reinforces hopes of an end to the correction, fueled by the extremely positive dynamics of the stock markets.