How Much Is Shiba Inu Today

What happened

Cryptocurrencies rose today as investors cheered better-than-expected inflation data that suggests the Federal Reserve’s rapid interest rate hikes this year are starting to do their job.

Since tardily afternoon yesterday, the price of the world’due south largest cryptocurrency,
Bitcoin
(BTC
-0.19%), has traded 3.eight% higher equally of 11:36 a.m. ET today, hovering just under $eighteen,000.

Meanwhile, the toll of the world’s 2d-largest cryptocurrency,
Ethereum
(ETH
0.ten%), traded 4.6% higher, while the cost of the meme token
Shiba Inu
(SHIB
-0.29%)
traded 2.nine% higher.

So what

Investors were anxiously awaiting the latest reading for the Consumer Price Index (CPI), which tracks the prices on a market basket of consumer goods and services, enabling investors to gauge inflation.

In November, the CPI rose 0.1% from October and was up vii.ane% year over year, both numbers that came in below economist projections. It’s also the second direct CPI report supportive of the idea that inflation is cooling, and it’south been difficult to become two consecutive reports this year.

There was also a more widespread easing of prices. Food-at-habitation prices, such every bit for groceries, rose only 0.5% in November from Oct, which is the smallest growth seen in that category in many months. Energy prices in the calendar month brutal one.half dozen%, used-bill of fare prices roughshod two.nine%, and transportation and medical services fell 0.1% and 0.vii%, respectively.

The ane blemish on the largely positive written report is that shelter prices still rose 0.6% over the month, and the rent index rose 0.8%. Shelter is a big expense in a consumer’s life and therefore can lead to lingering aggrandizement.

Crypto, specifically, is benefiting because it’s a gamble-on asset, and those accept not fared well in the face up of rising interest rates. Ascension involvement rates make safer avails similar bonds yield more, which leads investors to demand even college returns from riskier assets, and Bitcoin and the entire crypto market already went on an extremely bullish run in 2021.

But subsequently today’s report, criterion bond yields like those on U.S. Treasury bills are falling, which makes riskier assets more bonny.

The crypto market likewise really needed some good news today, as the FTX debacle continues to weigh on the entire industry. Last night, FTX’s founder, Sam Bankman-Fried, was arrested in the Bahamas. Federal prosecutors in New York have filed criminal charges, and the Securities and Commutation Commission (SEC) has also charged Bankman-Fried with misleading investors.

“The incertitude around farther contagion [from FTX] is yet the main overhang, and any bad news there could send prices much lower, but smart investors are weighing probabilities here,” Noelle Acheson, the erstwhile head of market place insights at Genesis, recently told CNBC.

Now what

Prior to the FTX meltdown, inflation and rapidly rising interest rates had been the major factor hurting crypto. Today’due south CPI report further supports the idea of the Fed catastrophe its rate-hiking campaign sooner than afterwards, not that information technology’s done just yet.

I suspect the FTX situation will continue to weigh on the sector, but I continue to believe that Bitcoin and Ethereum are here to stay for the long term. The FTX state of affairs, while likely a massive case of fraud, really has washed nothing to change my outlook on Bitcoin and did naught, in my opinion, to phone call the token into question.

I continue to have no involvement in Shiba Inu because its network does not seem technically avant-garde compared to other crypto networks, and it does not have any special existent-world use cases.