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July 2016

Litecoin (LTC) Corrects 35% From 52-Week High, What’s Next?

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Litecoin

Litecoin

2019 has been an excellent year for cryptocurrencies, with most tokens having gained considerably from their lows of 2018. However, the month of July has not been kind at all as statements from key figures like the United States President and the head of the Federal Reserve have wrecked the market over the past seven days. In that regard, Litecoin (LTC) has not been able to escape the carnage either and has lost some of its value during this period. That being said, there is, at last, some good news for Litecoin amidst all the doom and gloom of an uncertain crypto market.

Litecoin on Binance Singapore

In a new development, it has been announced that Binance Singapore has added Litecoin, and while the announcement has not made a huge impact on the price yet, it is a big development. The Litecoin token had been worth $140 at one point, but currently, it is trading at only $94. However, this listing gives the token access to a much larger and wealthier base of customers.

Singapore is currently at the 36th position globally in terms of Gross Domestic Product and remains one of the world’s most foremost financial hubs. It goes without saying that the token’s listing on Binance Singapore will eventually have a significant impact on it.

>> Bitcoin (BTC) Slumps 27% This Month: Here are Two Key Reasons

LTC definitely has significant potential, and currently, it is the fourth biggest cryptocurrency in the world in terms of market cap. Hence, this particular listing has the potential of opening up the token to considerable investment from the South East Asian market. More importantly, users in Singapore will be able to buy Litecoin using the Singapore Dollar, and at this point in time, that is the only pair that has been made available. It goes without saying that more pairs will probably be introduced as the interest in Litecoin rises in the region.

Litecoin has corrected over 35% over the past month amid broader sell-off in the cryptocurrency markets. However, despite the recent correction, LTC is one of the top performers and has gained 330% from its 52-week low $22.50.

Featured image: DepositPhotos © aa-w

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How Will the Crypto Markets Perform in Coming Years?

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crypto markets

crypto markets

The crypto markets roared back to life at the beginning of 2019 after having a poor year previously, but many concerns remain despite the impressive show in the first half of the year so far. In an interview, the Managing Director of the advisory firm PFYN Advisory, Patrick Franz, spoke broadly about the range of changes that could eventually propel the crypto space even further in the years to come.

PFYN wishes to eventually harness a crypto markets ecosystem in which traders from all over the world can buy and sell cryptocurrencies around the clock without any worry in the world. Franz said that some of the biggest complaints he has heard about from clients related to delay in execution, difficulty in trading in the US Dollar in most exchanges, and the delay in settlements. That can lead to a lot of heartburn and loss of money for any trader.

Traders and Investors in the Crypto Markets

When asked about the best way in which space could become friendlier for traders and investors, Franz stated that meaningful regulations are the only way forward. He said that for an ecosystem to flourish, the investors need to have a degree of protection, and that can only come from regulation. He went on to state that although many crypto exchanges do claim to be regulated, an investor needs to look at the regulations pertaining to the entity that ultimately owns an exchange.

>> Ripple (XRP) Gains After Bank of America Includes Ripple Ledger

Lastly, he stated that another challenge for crypto markets at this point in time is the fact that the market is currently far too fragmented and prices vary considerably from one exchange to the other. In such a situation, it is difficult to envisage institutional investors getting into the space in a big way. However, Franz did go on to add that PFYN is working on ways to address these problems and has spoken to banks in Europe and Oceania regions with regards to the possibility of instant settlements.

Featured image: DepositPhotos © eskaylim

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Ethereum Soars Over 125% Since March

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Ethereum

Ethereum

Almost all markets across the world have been in turmoil owing to the economic uncertainties brought about by the coronavirus pandemic, and in that regard, the crypto market has been no different. However, one of the major cryptocurrencies to have made a remarkable recovery since hitting its lowest levels in March is Ethereum (ETH), and it is important to take a closer look at it. In this regard, it should be noted that ETH is the second-biggest cryptocurrency in the world, and its recovery might have an impact on the wider crypto market.

Major Triggers

The recovery has been quite remarkable, and it is only natural that investors are taking note of Ethereum since it rose 125% from its lowest levels. In a new development, it has now emerged that Grayscale Investments has acquired as much as half of all the ETH tokens that had been mined this year.

The actions of Grayscale could well be one of the major reasons behind the rally enjoyed by the cryptocurrency this year. According to a post that was published on Reddit, Grayscale now owns 1.1% of all the ETH tokens that are currently in circulation.

It is a significant development for ETH and marks the entry of an entity that looks after the interests of institutional investors. Grayscale is currently focused on a total of 10 cryptocurrency-related investment products and primarily caters to the interests of institutional investors.

>> ETH is in Focus Ahead of Ethereum 2.0: What to Expect?

At this point, Grayscale has investments worth $2.7 billion in its books, and out of that, the Ethereum Trust consists of investments to the tune of $234.7 million. It needs to be kept in mind that over the years, it has been said that the flow of institutional money is going to be the main trigger behind the growth of the crypto market, and it seems like perhaps this is finally happening. It remains to be seen how this latest development affects the attitudes of other investors with regards to Ethereum.

Featured image: DepositPhotos © Violka08

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Bitcoin Price Jumps 20% on Technical Breakout

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Bitcoin Price

Bitcoin Price

It has been a while since we last saw a major Bitcoin price increase, but Tuesday seems to be a big day for crypto traders as BTC jumped over 20% to cross the physiological mark of $5000 on the Luxembourg-based Bitstamp exchange. Other virtual currencies also rose, with Ethereum (ETH) and Bitcoin Cash (BCH) climbing around 10%.

Bitcoin, the world’s largest and most popular cryptocurrency by market capitalization, saw a sudden jump of about 17% within 30 minutes on Tuesday, hitting its best level since mid-November 2018.

Although many key industry followers expected the surge in Bitcoin price, the pace of today’s jump has shocked many traders.

At the time of writing, Bitcoin is trading at $4,868, up 15.90%.

There seems to be no justification for such a sudden jump; however, it could be because of a big technical breakout from a closely-watched resistance level of $4,200. As soon as the price moved above this level, we saw big buying activities that lasted for a few minutes. Additionally, Bitcoin price moved above the 200-Day Moving Average, often a bullish technical indicator.

Oliver von Landsberg-Sadie, chief executive of London-based cryptocurrency firm BCB Group, said that “the move was likely triggered by an algorithmic order worth about $100 million spread across major exchanges – U.S.-based Coinbase and Kraken, and Luxembourg-based Bitstamp.”

“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC,” he continued.

The total market capitalization of all cryptocurrencies has significantly jumped during the sudden market move today. While yesterday’s market capitalization peaked at $146 billion, today’ it climbed to $163 billion, declining to $160 billion by late morning.

>> Bitcoin Price: Crypto Market Top Ten Green – BTC, BNB, XLM

Other Cryptos in Focus

Ethereum (ETH), the second-largest cryptocurrency by market cap, is up about 10.50% today, selling for $160.

Ripple (XRP), currently the world’s third-largest cryptocurrency, moved up by 7.60% to $0.3369 in late morning trade.

Featured image: Pixabay

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