Published Apr 21, 2023 21:10
Updated Apr 21, 2023 22:11
Litecoin Is Falling: What's Going On?
Benzinga - Litecoin (CRYPTO: LTC) is trading lower by 5.80% to $84.91 during Friday's session. The altcoin is trading lower in sympathy with the broader cryptocurrency sector following key U.S. economic data. The U.S. Services PMI rose from 52.6 points in March to 53.7 points in April — above expectations of 51.5.
See Also: Bitcoin, Ethereum And Dogecoin Drop Following Hawish Inflation Data: What To Watch Over The Weekend
Cryptocurrencies have also been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broader cryptocurrency sector.
"The latest survey adds to signs that business activity has regained growth momentum after contracting over the seven months to January," Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said. "The latest reading is indicative of GDP growing at an annualized rate of just over 2%."
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Written By: Benzinga
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