SHIB/USD plunges 7.3% from peak, but fall inspires demand
SHIB/USD plunges 7.3% from peak, but fall inspires demand
As expected, yesterday's release of the U.S. Consumer Price Index caused sharp movements in the crypto market. The Shiba Inu first rose 4.85% to $0.00000930, then plunged 7.3% to $0.00000862, but there was moderate demand.
The slowdown in consumer inflation in the U.S. was a reason to sell the dollar, as its level is still far from the U.S. Federal Reserve's target, and the very fact of slowing inflation reduces interest in assets that can be seen as "shelters" from inflation. If the Bank of England raises interest rates today, the pressure on SHIBUSD may continue, but its price is unlikely to collapse.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
