Litecoin Is Falling: What's Going On?
Benzinga
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.
Read the original article on Benzinga
Get The App
Written By: Benzinga
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.