avalanche awax/usd is trading at $16.77, down 8.85% on Friday afternoon. Many altcoins are trading lower in sympathy with the broader cryptocurrency sector following key US economic data. The US Services PMI rose from 52.6 in March to 53.7 in April – above expectations of 51.5.

See also: Bitcoin, Ethereum and Dogecoin Drop After Havish Inflation Data: What to Watch Over the Weekend

Cryptocurrencies are also viewed by some investors as a speculative hedge against inflation, and the Fed’s plan to curb inflation could weigh on the broader cryptocurrency sector.

“Latest survey signals business activity growth momentum has returned after contracting in the seven months to January,” chris williamsonsaid chief business economist at S&P Global Market Intelligence. “The latest readings indicate GDP growing at an annual rate of just over 2%.”

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