How the Dow Jones Influenced Litecoin Movements

Jobless claims came in worse than expected for this week, sending the Dow Jones Industrial Average down in pre-market. Financially motivated layoffs, small businesses on lockdown, and larger companies incapable of continuing businesses motivated the loss.

The figure began to decline across the United States since the outbreak, pushing demand for the currency lower and lower across global markets. As a result, Bitcoin has become a safe haven alternative.

Now that another wave of coronavirus cases is underway, it looks like this would benefit asset classes outside foreign exchange once again. Traditional markets are catching up to the appeal of cryptocurrencies to diversify their portfolio.

Although the stock market usually attracts attention when forex is down, Nasdaq is showing high volatility down to the bears. This drives the market closer to Bitcoin, which now breaks its stagnant tread to an upcoming surge.

As more traders and investors take an interest in Bitcoin, Litecoin, and their peers, more countries demand to get into the market. Australia recently opened a local crypto exchange platform specially made for local citizens.