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Litecoin (LTC) Marks a New Low: Can Paxos Trust Company Push it Back Up?

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Litecoin
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It seems that somehow things started to go downhill for Litecoin since February 2018 when the majority of currencies started to drop dizzily. The market dip that took place went on for more than 8 weeks. Since EOS stood as feistier than LTC back at the time, EOS managed to go past Litecoin, pushing it down to the sixth spot. EOS was able to take over the place of the fifth-best currency that Litecoin held for a long time. Now when LTC has been hit by the latest change in the market, Litecoin dropped under the value of 100$ per one LTC, that way marking a new low.

In addition to the above mentioned bad news, LTC greeted the morning with a new announcement. A licensed company named Paxos Trust was authorized to add LTC, ETH, BC, and XLM, which might provide the much-needed push for Litecoin.

Litecoin Marks a New Low: Drops Below $100

While setting new record prices and achieving new all-time highs is always a lot of fun, observing one of the top currencies in accordance with the global coin ranking list, can be more than devastating, especially for LTC holders who are due to observing their favorite currency dropping to its new low.

On Wednesday, June 13th, during a new wave of drops that took place at the mentioned date, Litecoin dropped below the price of 100$, that way setting its new low while dealing at the price of around 94$.

The initial price at the same time marked the new low of Litecoin, making it the lowest price that LTC has touched during 2018.

What became a thought in general after the horrific drop that exiled LTC to its new low, is the fear that Litecoin might continue with dropping until it touches a new low of 80$ per one unit.

Luckily, this still seems like a worst case scenario in oppose to a refreshing reality that came with the latest market trend.

Only a single day after the initial drop below 100$, Litecoin is seen rising up against the dollar to touch the price of 96.91$ per one LTC unit, which came as a result from the latest rise of 1.40% against USD.

Going towards 97$, and potentially getting back to 100$ and above now seem as more likely to happen in the following days, but only in the case LTC doesn’t break down to the new potentially harmful market trend that comes next.

The fact is that the crypto market is still not able to reflect a flattering level of stability and at least a dose of predictability when it comes to general market trends that often change from day to day, mirrors the uncertainty of what will happen next to once fifth-best coin.

It seems that the defeat that Litecoin suffered from losing its spot to EOS is following LTC like a case of bad mojo as it is trying to pull out a set of gains that could get it back to a much flattering price that Litecoin had only a month ago in May.

Why Litecoin Touched a New Low?

Based on the analysis of the trading volumes, it seems that Litecoin had a major sell-off in the last couple of days, making it the first massive sale of LTC units in the course of the last 8 weeks.

The sell-off, however, seems to have ended in the last 24 hours, after lasting for less than 48 hours from the start of the sell-off that probably came as unplanned and with the objective to gain some profit on the sold-off units of LTC.

Now that the traders have taken a break, LTC can be seen while slowly rising back up, potentially being able to reach the price of 100$ and above in the following days, in case that no other sell-off takes place in the meantime.

Litecoin is still positioned as the sixth-best currency, right below EOS with over 5 billion dollars in market capitalization.

Paxos Trust to Add Litecoin

What makes the following news significance go above the individual benefit for Litecoin, as Paxos Trust announced being authorized to add four of the top ten currencies, which will include Etherum (ETH), Bitcoin Cash (BCH), Stellar Lumens (XLM) and Litecoin (LTC).

Paxos Trust represents a company that is enabled to work like a bank, so representing a financial institution, its link to the world of digital assets becomes even more significant, especially for Litecoin that might get the much-needed push from the case scenario of being added by Paxos Trust.

Paxos Trust is one of the rare financial companies similar to banks that have been approved by the New York State Department of Financial Services, that way being enabled to work with cryptocurrencies. At the same time, Paxos makes up for the first company of such kind to have added XLM while making up for a rare trust and banking institution linked to the mainstream financial operations to add Litecoin. The services that support OTC trading, management and escrow for Litecoin and other added assets are already available with Paxos exchange called itBit.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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