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Cryptocurrency: Litecoin Up 40%

Litecoin is a digital currency whose transaction records are made, verified and recorded on a decentralized system rather than a centralized or single authorization system. In other words, it’s a digital currency, but can be used like any traditional currency.
Litecoin is up 40% since Monday, while Bitcoin is up 5%. This is extremely favorable for the asset, as investors appear to have flocked to the asset as a means of preserving value during the bitcoin and ethereum sell-off

Many large institutions hold bitcoin and ethereum as collateral in their portfolios, so they are more likely to slide when there is a liquidity problem or a market crash. This may be why we are seeing investors move their holdings from bitcoin and ethereum to litecoin.

The dollar is falling and touching the levels seen a few weeks ago after the CPI data was released. If more data further suggests that rate hikes are working, then we will continue to see the dollar fall against major currencies.

Gold is strengthening as the data supports a Fed rate hike. With healthier inflation data, the Fed will not need to be so aggressive in raising rates, which in turn makes holding the dollar more attractive to investors.

Published inCryptocurrency Investment

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