Why Litecoin Is Nosediving Today

Why Litecoin Is Nosediving Today

Shares of several popular altcoins, including Litecoin LTC/USD, are trading lower in sympathy with apex cryptocurrency Bitcoin BTC/USD and second-largest market cap crypto Ethereum ETH/USD

Crypto is likely trading lower in tandem with major U.S. indices. Major indices are lower following worse-than-expected May CPI data. Rising inflation has caused economic concerns and has also raised expectations for further Fed policy tightening.

According to data from Benzinga Pro, Litecoin is trading lower by 5.08% to $56.82 Friday afternoon. Litecoin is also lower by 29.82% over the trailing month amid ongoing weakness in the broader cryptocurrency market.

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