Why Bitcoin Cash is trading lower

[ad_1]

April 21, 2023 4:00 p.m. | 1 minute read

Bitcoin Cash (CRYPTO:BCH) is trading down 3.92% to $118.86 on Friday. The altcoin is trading lower in sympathy with the broader cryptocurrency sector following key economic data from the United States. The services PMI in the United States rose from 52.6 points in March to 53.7 points in April, above expectations of 51.5.

See also: Bitcoin, Ethereum and Dogecoin drop on Hawish inflation data: what to watch over the weekend

How to trade options like a pro…

It’s time to separate the winners from the losers. Options expert Chris Capre is set to drop his next two options plays which have the potential to score double and triple digit gains.

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you’ll also receive Benzinga’s latest morning update AND a free $30 gift card and more!

Cryptocurrencies have also been viewed by some investors as a speculative hedge against inflation and the Fed’s plans to rein in inflation could weigh on the broader cryptocurrency sector.

“The latest survey adds to signs that business activity has regained growth momentum after contracting in the seven months to January,” said Chris Williamson, chief economist at S&P Global Market Intelligence. “The latest reading indicates GDP growth at an annualized rate of just over 2%.”

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

[ad_2]