Shiba Inu Poor Performance Is The Ultimate Sign Of A Fierce Bear Market: Analyst ⋆ ZyCrypto

The Shiba Inu (SHIB) is down 14.9% over the past 7 days and is currently trading at $0.00001057.

Bloomberg analyst Joe Weisenthal sees SHIB’s lackluster performance as a sign of a pernicious bear market.

Bitter Crypto Winter just started

In recent months, the adoption and use of Shiba Inu have failed to move prices.

SHIB is one of six new tokens on an upcoming listing by cryptocurrency exchange BitMEX, with trading expected to begin later this week. However, as the chart shows, the announcement failed to boost the price of his 13th largest cryptocurrency on the market.

The popular dog-themed token currently has a market cap of less than $6 billion. odd lots Podcast co-host Joe Weisenthal suggests that the cryptocurrency market is currently firmly in a “brutal” bear market.

It’s been almost a year since SHIB hit an all-time high of $0.00008845 due to a record-breaking meme coin craze. Today, much to the chagrin of its owners, the property has lost 88.8% of its value since achieving a historic record, down about 67.8% year-to-date.

Bitcoin Drops Below $19,000 Ahead of Today’s CPI Inflation Report

Elsewhere in the market, Bitcoin has fallen below the $19,000 area as traders wait for a significant inflation report. This shows that prices across the range of commodities tracked by the index are up 8.2% from a year ago, with BTC trading at $19,428.91 at the time of writing, and he’s down 2.5% over the past 24 hours. I’m here.

The data was widely expected to show annual inflation rising by 8.1%. This means the US Federal Reserve will continue to aggressively raise interest rates to cool the economy and put the brakes on skyrocketing inflation. Such a pre-liquidity tightening stance dampens demand for riskier assets, including cryptocurrencies.

Ethereum, the second-largest cryptocurrency by market capitalization, fell 4.5% yesterday to trade at $1,287.15.