Shares of a number of standard altcoins, together with Litecoin LTC/USD, are buying and selling decrease once more Saturday afternoon in sympathy with apex cryptocurrency Bitcoin BTC/USD and second-largest market cap crypto Ethereum ETH/USD.
Crypto has traded decrease this week in tandem with main U.S. indices, that are additionally experiencing marked weak point after the Federal Reserve Wednesday afternoon raised its goal fed funds fee by 75 foundation factors to a brand new vary of between 1.5% and 1.75%, its largest rate of interest hike in 28 years.
Fed Chair Jerome Powell Wednesday mentioned one other 0.75% fee hike is on the desk for the subsequent Fed assembly in July… Read More
Cryptocurrencies have been seen by some buyers as a speculative hedge in opposition to inflation and the Fed’s plans to curb inflation may weigh on the broader cryptocurrency sector.
In keeping with knowledge from Benzinga Pro, Litecoin is buying and selling decrease by 10.03% to $42.78 Saturday afternoon. Litecoin can also be decrease by 35.21% over the trailing month amid ongoing weak point within the broader cryptocurrency market.