April 21, 2023 4:10 PM | 1 min read
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.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!
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.