Here's Why Litecoin (LTC) Is Moving
Portfolio Pulse from Henry Khederian
Litecoin (LTC) is trading lower by 2.52% to $94.60 as stocks rise following a lighter-than-expected June inflation report. Cryptocurrencies like Litecoin, often considered as potential hedges against inflation, may see reduced demand when inflation is lower than expected. The U.S. CPI inflation in June decelerated more than anticipated, reinforcing investor expectations of a single rate hike by the Federal Reserve.
July 12, 2023 | 7:42 pm
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Litecoin's price is likely to be negatively impacted by the lower than expected inflation report as it reduces the demand for inflation hedges like cryptocurrencies.
Cryptocurrencies like Litecoin are often used as hedges against inflation. With the June inflation report coming in lower than expected, the demand for such hedges is likely to decrease, leading to a potential decline in Litecoin's price.
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