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Tether (USDT) Flips Litecoin (LTC) In a Sign of the Times

Cryptocurrency, Litecoin (LTC), Tether (USDT)–As the crypto markets fall into another price rout to kick off the final month of the year, with the price of Bitcoin dropping below $3800, controversial stablecoin USDT has managed to flip Litecoin to become the seventh largest cryptocurrency by market capitalization.

Litecoin, the invention of industry mainstay Charlie Lee and often described as the silver to Bitcoin’s gold, has been in near continuous price fall since reaching an all time high of $350 in December 2017. While the coin has tracked value of Bitcoin closely over the year, moving in a similar direction as the number one currency by market capitalization, it was a series of related events that set off the precipitous price fall last December which led to the 91 percent drop in value.

The rise of Bitcoin Cash including the Coinbase listing fiasco led to a fast erosion of BTC pricing, as investors became unsure of which coin would reign supreme following the bull run. This had subsequent effects on LTC pricing, which, as previously mentioned, has typically moved in price alongside Bitcoin. In addition, founder Charlie Lee, who had established himself as an integral and beloved leader for the currency and community of LTC, announced he had sold his entire holding of the coin and would gradually be making efforts to distance himself from the project in an effort to promote decentralization. Charlie also made a series of Twitter posts cautioning investors to not get too greedy in the bull run, and to expect a severe bear market following that could last for several years (a prediction which has proven salient in the closing month of 2018.

While some came to the defense of Lee, stating that his actions would benefit Litecoin in the long-run by removing himself as the focal point for the currency, many investors felt that Lee had acted irresponsibly with his announcements, in particular given the timing of the sell-off coinciding with LTC reaching an all time high. The end result was a disastrous drop in price, similar to that experienced by nearly all altcoins throughout 2018, with the price of LTC extending well below what it traded for midway through last year.

Tether, the parent company behind USDT, has not been without its share of controversy this year despite seeing its token climb the ranks of market capitalization. USDT, unlike most cryptocurrencies, has its value pegged to that of a single U.S. dollar. While the currency is supposed to backed 1:1 with dollars held in reserve by Tether, a series of investigations and self-auditing has failed to provide definitive proof to investors, even with the company changing banks in November.

Given the severity of the bear market throughout 2018, it’s unsurprising that more development focus is switching away from market-valued cryptocurrencies to coins that provide similar features but with the price stability of an external source. Last month, EWN reported on a gold-backed stablecoin being featured in an article by Bloomberg on the the best investment advice for 2019. Just yesterday, Chinese crypto billionaire Li Xioalai provided an update on his position leading up a new stablecoin, despite previously making remarks that he would no longer invest in blockchain projects due to corruption.

While cryptocurrency adoption remains on the rise with most community members optimistic for 2019 and beyond, the rise of stablecoins could continue a trend that sees price-unstable coins, such as Bitcoin and Litecoin, failing to find favor for developers and those accepting the coins for marketplace transactions.

The post Tether (USDT) Flips Litecoin (LTC) In a Sign of the Times appeared first on Ethereum World News.

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Tether (USDT) Flips Litecoin (LTC) In a Sign of the Times

Cryptocurrency, Litecoin (LTC), Tether (USDT)–As the crypto markets fall into another price rout to kick off the final month of the year, with the price of Bitcoin dropping below $3800, controversial stablecoin USDT has managed to flip Litecoin to become the seventh largest cryptocurrency by market capitalization.

Litecoin, the invention of industry mainstay Charlie Lee and often described as the silver to Bitcoin’s gold, has been in near continuous price fall since reaching an all time high of $350 in December 2017. While the coin has tracked value of Bitcoin closely over the year, moving in a similar direction as the number one currency by market capitalization, it was a series of related events that set off the precipitous price fall last December which led to the 91 percent drop in value.

The rise of Bitcoin Cash including the Coinbase listing fiasco led to a fast erosion of BTC pricing, as investors became unsure of which coin would reign supreme following the bull run. This had subsequent effects on LTC pricing, which, as previously mentioned, has typically moved in price alongside Bitcoin. In addition, founder Charlie Lee, who had established himself as an integral and beloved leader for the currency and community of LTC, announced he had sold his entire holding of the coin and would gradually be making efforts to distance himself from the project in an effort to promote decentralization. Charlie also made a series of Twitter posts cautioning investors to not get too greedy in the bull run, and to expect a severe bear market following that could last for several years (a prediction which has proven salient in the closing month of 2018.

While some came to the defense of Lee, stating that his actions would benefit Litecoin in the long-run by removing himself as the focal point for the currency, many investors felt that Lee had acted irresponsibly with his announcements, in particular given the timing of the sell-off coinciding with LTC reaching an all time high. The end result was a disastrous drop in price, similar to that experienced by nearly all altcoins throughout 2018, with the price of LTC extending well below what it traded for midway through last year.

Tether, the parent company behind USDT, has not been without its share of controversy this year despite seeing its token climb the ranks of market capitalization. USDT, unlike most cryptocurrencies, has its value pegged to that of a single U.S. dollar. While the currency is supposed to backed 1:1 with dollars held in reserve by Tether, a series of investigations and self-auditing has failed to provide definitive proof to investors, even with the company changing banks in November.

Given the severity of the bear market throughout 2018, it’s unsurprising that more development focus is switching away from market-valued cryptocurrencies to coins that provide similar features but with the price stability of an external source. Last month, EWN reported on a gold-backed stablecoin being featured in an article by Bloomberg on the the best investment advice for 2019. Just yesterday, Chinese crypto billionaire Li Xioalai provided an update on his position leading up a new stablecoin, despite previously making remarks that he would no longer invest in blockchain projects due to corruption.

While cryptocurrency adoption remains on the rise with most community members optimistic for 2019 and beyond, the rise of stablecoins could continue a trend that sees price-unstable coins, such as Bitcoin and Litecoin, failing to find favor for developers and those accepting the coins for marketplace transactions.

The post Tether (USDT) Flips Litecoin (LTC) In a Sign of the Times appeared first on Ethereum World News.

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Litecoin (LTC) Finally Nears $70 Amid Multiple Positive Developments

LTC Nears $70 For The First Time In Weeks 

For the first time in weeks, Litecoin (LTC), one of the foremost altcoins in the cryptosphere, has made a move for the $70 price level, which it hasn’t breached in nearly a month. At the time of writing, LTC sits at $67.65 and is up a solid 3.3% in the past 24 hours. Although this move may seem negligible in the eyes of many cryptocurrency traders, LTC and Stellar Lumens (XLM) have both taken a leading position in today’s mixed market, with Bitcoin up 1.3% and Ethereum down 1.25%.

Many analysts expect for $70, which has proven itself as a line of psychological and technical resistance, to be LTC’s next roadblock to leap over in the coming days.

Chart Courtesy of TradingView

Although it is unlikely that there was an explicit catalyst for this move, many believe that a series of positive developments (which are as follows) have pushed the price of this asset higher.

The Upcoming Litecoin Summit 

As revealed by Charlie Lee, the founder of Litecoin and a well-known cryptocurrency personality, in an interview with CNBC, the San Francisco Litecoin Summit is just weeks away. When asked about what he wants for attendees to take away from the conference, Lee stated:

“I’d like to see more [talk around] Lightning Network and sidechains, ways of helping Bitcoin and Litecoin to scale. I think with the price depressed, it’s actually a good time for people to… get stuff done. That’s what I’ve seen in the past few bear markets actually.”

Many hope that the development of these technologies will bolster the long-term performance of the price of both BTC and LTC, as the two assets are complementary to each other. Responding to Lee’s statement, CNBC Fast Money panelist Brian Kelly noted that this conference has a possibility to also be a short-term catalyst for the price of LTC.

While the market didn’t surge during (or after) Consensus 2018, unarguably crypto’s biggest get-together, some optimists hope that the upcoming Litecoin-centric summit could spark the crypto market’s next bull run.

Abra Introduces Fiat-To-Crypto Support For Bitcoin, Litecoin & More

Although this news could be seen as a positive signal for the entirety of the crypto market, Abra, a popular mobile-focused alternative to Coinbase, has just announced that residents of the SEPA (Single Euro Payments Area) can directly deposit fiat into the app, which should make buying the 25 cryptos listed a breeze.

In a Twitter announcement, the California-based startup wrote:

“Excited to announce that Abra is starting the launch of in-app European bank purchases of Bitcoin and 25+ cryptocurrencies for consumers across 28 countries.”

Hopefully, this new feature will help to drive the adoption of cryptocurrencies in general, as an easy-to-use, accesible, and efficient method of buying crypto assets, like Abra, is needed in a time where this nascent industry is widely misunderstood.

Casa Begins Work On LTC Support For Q4 2018 Release

Litecoin’s founder, who has been outspoken about his affection towards both the Bitcoin and Litecoin projects in the past, recently asked Casa, a popular Bitcoin-focused infrastructure firm, if its products would natively support Litecoin in the future.

Responding to Lee’s tweet, the startup has just revealed that it is, in fact, working on Litecoin support for its publicly-available Lightning Network Node. The firm intends to release Litecoin support during early Q4 of this year, which will evidently help to drive the growth and development of the long-awaited Lightning Network and atomic swaps.

Title Image Courtesy of MaxPixel
Girl in a jacket

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TRON (TRX) With Excitement Accepted at Bitcoin Superstore: The Crypto-Community’s Choice

TRON’s TRX Available

The 12th largest digital coin by market capitalization – TRON (TRX) is listed under available payment options at any Bitcoin Superstore. Going by the people’s vote TRON‘s TRX was chosen to be included as a way to pay in 200,000 stores by Bitcoin Superstore.

See Also: Ripple’s XRP Added by Bitcoin Superstore

To buy the item you want from Amazon, users log onto the Bitcoin Superstore, paste the URL of the item they want, enter their shipping details, and check out with their cryptocurrency of choice. Bitcoin Superstore then takes care of the rest, and can handle returns as well, if necessary.

From the companies team:

“Our customers can buy from Amazon, Google Express, Walmart.com, and any other online retailer who does not charge a membership fee. Our team is behind the scenes, receiving orders, and ensuring the purchase, shipping, and delivery go smoothly. We are the customer’s interface from start to finish.”

The token is another addition to the already accepted BTC, BCH, ETH, LTC and XRP.

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Big Step for Litecoin: Confirmed HTC Exodus Blockchain Phone Backing LTC

It has been announced via the twitter page of HTC Exodus that Charlie Lee – founder of Litecoin and the blockchain network will be part of the project as an advisor.

If everything goes by plan, the first native blockchain phone will make its debut in Q3 this year. In contrast to the many existing centralized cloud systems, every device will be a node. This way each user will own their identity and information.

The founder of Litecoin, Charlie Lee recently revealed that one of the biggest smartphone manufacturers in the world, HTC is going to include support for LTC and “the Lightning Network [LN] on Litecoin natively.”

And now, Mr. Lee did let know his followers that he took part in developing the Exodus last week. Each phone bought will have as an addition a cold storage/wallet for digital currencies.

“Met the HTC Exodus team last week and was really excited to hear the phone will support LTC and Lightning Network on Litecoin natively! I will be an advisor as I see having a secure crypto phone that makes LN simple is needed for mass adoption. P.S. No, they will not remove BTC.”

In May this year, HTC said that they are working on the world’s first blockchain-powered smartphone. It was going to have features “dedicated to decentralized applications and security.” In the beginning of the project, Phil Chen – Chief Crypto Officer, noted that HTC Exodus will only support the two leader by market capitalization [Ethereum and Bitcoin].

“Through the Exodus, we are also excited to be supporting underlying protocols such as Bitcoin, Lightning Networks, Ethereum, Dfinity, and more,” Chen was quoted as saying. “We would like to support the entire blockchain ecosystem, and in the next few months we’ll be announcing many more exciting partnerships together. Together, we want to craft the best blockchain & decentralized application experiences to end consumers.”

However, later on down the road, Charlie Lee as quoted above revealed the LTC and Lightning Network Support.

Traders that are will be owning the device are able to trade the tokens from one to another directly from the phone.

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Litecoin Creator Bullish on Bitcoin, Advises Buying 1 BTC

Litecoin (LTC)–Litecoin creator, managing director of the Litecoin Foundation, and frequent media figure Charlie Lee has been a mainstay in the industry of cryptocurrency going back to the beginning of the decade. After graduating from MIT with a degree in Computer Science, Lee took the road to Silicon Valley and worked as an engineer with Google for most of the 2000s, including writing code for the Chrome OS.

In 2011, Lee became interested in Bitcoin, which led to part of his time at Google being spent working on developments related to blockchain. By the end of the year, he had created a fork of Bitcoin, which became the currency we know today as Litecoin. The idea behind Litecoin was simple: improve upon the groundwork laid by Bitcoin, and create a similar cryptocurrency that would serve as the perfect “testing ground” for BTC and crypto innovation. Lee focused on improving the transaction utility of Bitcoin, creating a currency with shorter confirmations, leading to faster transfer speeds and lower mining fees. In addition, he raised the max supply of the currency to four times that of Bitcoin, providing more liquidity to the market in addition to keeping the price per coin lower.

While Lee has been a strong proponent of his offspring currency, he has also maintained a role as a figure of authority and information in the space of cryptocurrency. After leaving Google in 2013, Lee took a position with U.S.-based exchange Coinbase, which eventually led to Litecoin being listed on their limited supply of cryptocurrencies (Lee contends he did not directly influence Coinbase’s decision to list LTC). Given his close relationship with both Litecoin and the cryptocurrency community, he shocked the industry last December when he announced he had sold his entire holding of LTC. Citing a conflict of interest in promoting Litecoin and LTC news, Lee argued that removing himself from a monetary relationship with the coin was in the best interest for its future.

“[W]henever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence.”

Instead, the market reacted as expected, sharply declining from an all time high of 370 USD before steadily dropping throughout 2018’s prolonged bear cycle.

Lee has continued to make headlines in the crypto space by making regular appearances on traditional media outlets, promoting the potential of cryptocurrency despite its volatility, and his continued efforts to support LTC through his position with the Litecoin Foundation. However, today Lee made a direct appeal to cryptocurrency investors by reminding them of the scarcity involved in Bitcoin, in addition to the wisdom of buying BTC over altcoins. Speaking in a Twitter post, the LTC Founder recommended all investors secure a full Bitcoin before looking to other currencies,

“There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the s**tcoins you want!”

It’s not a surprise to hear Charlie Lee be bullish on the outlook of Bitcoin–he has been an industry supporter for many years which includes backing BTC–but it is surprising his investment advice neglects promoting his own currency at the expense of Bitcoin. However, this also reveals why much of the industry of crypto has found Charlie to be such an endearing figure: he has regularly put what is best for the industry ahead of his own promotion.

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Litecoin (LTC) Foundation Has Problem Opening A Bank Account Says Charlie Lee

Litecoin founder, Charlie Lee, has disclosed that its foundation which oversees all affairs related to the cryptocoin was having trouble getting a bank account, resulting in the firm buying a stake in a Germany-based WEG Bank.

Charlie made this disclosure today in an interview with Cheddar, a New York City-based platform covering the latest in business and tech news.

“Like many crypto-related companies, @SatoshiLite says the @LTCFoundation was having trouble getting a bank account, so they decided to buy a stake in a German bank and are working to make the banking industry more crypto friendly from the inside,” Cheddar quoted Charlie as saying.

Crypto-related firms have problems relating with conventional banks owing to the perceived threat it poses to traditional financial institutions.

According to Charlie Lee, the purchased stake will give crypto companies the opportunity to own bank accounts, debit cards, and other amazing solutions dedicated to crypto related business.

The newly purchased stake will give TokenPay (TPay) and Litecoin the opportunity to work together on some ideas. This will make TokenPay benefit from Litecoin’s technical ideas in the blockchain industry, Ethereum World News has learned.

Not long, TokenPay announced an extensive crypto strategic partnership with Litecoin, pointing that the recently acquired stake of the former in WEG Bank in Germany has been transferred to Litecoin Foundation in exchange for a “broad and comprehensive marketing and technology service agreement to benefit TokenPay and its related cryptocurrency and business operations”.

The partnership according to the release will give the two firms the opportunity to combine as a leading force in creating and delivering to the market modern consumer-driven crypto FinTech solutions.

Interestingly, since TokenPay has the options to purchase approximately 90% overall of the bank pending the customary regulatory approval, it therefore acquired another 9.9% of WEG Bank since the German law makes it clear that no entity can purchase more than 9.9% of a bank without regulatory approval.

In essence, TokenPay is waiting for the approval to buy the remaining shares of WEG Bank as contained in the purchase clause.

Meanwhile, Verge (XVG) among other allies of TokenPay will benefit from this partnership, hopefully.

As a sign of happiness, Verge on its official Twitter account showed its concern over the new development claiming it is a signal that Verge debit card is closer to the crypto community.

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Bitcoin is Better being Gold than Gold Itself: Winklevoss Twin Tyler

Tyler Winklevoss – cofounder of Gemini crypto exchange, along with his twin brother Cameron, speaking in NY City on Feb 27, added his back up on the popular claim by many that the leading coin Bitcoin (BTC) is a digital form of gold. Both gold and bitcoin are scarce, he continued, fungible and divisible. But, he believes that bitcoin is better at being gold than gold is, since you can hold it in a single string of numbers making it much more portable.

On the same route, Winklevoss described ether as a digital oil which fuels the Ethereum blockchain network – a protocol layer. On that layer, dapps can be developed and built using their tokens.

When it comes to Bitcoin’s little brother – Litecoin and if it is indeed the Silver to Gold, he added that it more looks like a testnet. These are simulated forms of could-be blockchain that teams of developers run to test without risking anything. Which is why Winklevoss believes that, keeping in mind Litecoin is very similar to bitcoin, but with just a smaller market capitalization it represents more a testnet.

As the digital currency exchange – Gemini only supports ETH and BTC, and audience member asked if it list Bitcoin CASH BCH. The Winklevii – a nickname they said, in response to another question, that they do not mind – avoided giving an answer, but seemed to indicate that bitcoin cash support is unlikely, contrasting the contentious fork to litecoin’s “friendly fork.”

Initial Coin Offerings

During an event that was hosted by the Museum of American Finance, in which even Joe Lubin – the cofounder of Ethereum appeared, Cameron and Tyler Winklevoss took center stage of speaking.

Even that the speaking individuals never traded blows directly, there were many disagreements during the evening. One of the is the regulatory form to approach ICOs or Initial Coin Offerings. Joe Lubin, appeared as the most supportive of the ICO-idea as a way to raise capital. On the saying that the offerings are unregulated, he replied with that they are and recommended a self-regulatory model. In that model, part-takers assemble a central but decentralized repository for information about the projects.

Tyler Winklevoss, by contrast, seemed to dismiss the idea that ICOs were compliant with securities law as currently written. “ICOs are tokens on top of tokens,” he said, calling them an effort to “crowdfund equity.”

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Ethereum (ETH) is the Clear Winner, XRP and LTC Not Looking Good

A crypto hedge fund, Austin-located, called Multicoin Capital and supported by Chris Dixon, Andreessen Horowitz’s Marc Andreessen and Union Square Ventures is looking very forward to Ethereum and EOS while tanking down on Ripple and Litecoin.

Ethereum on the Lead

For now we are holding our position, we haven’t sold any. The EOS launch did not go as smoothly as we were hoping it would. All things considered, actually it hasn’t gone as badly as I think people say. […] I concur that it wasn’t as good as it should have been given the resources they had, so they made some mistakes, and slipped up. But on a long-term time horizon those are rounding errors, they don’t really matter. – Kyle Samani, Multicoin cofounder

Kyle Samani added the comments during and interview for Fortune’s Balancing Ledger as it was mentioned that the company will continue holding EOS even with the confusing launch.

But, without a doubt there are many that would choose a different route with EOS as its network and community was hit with negative news almost every day.

“People seem to forget, but Ethereum in its early days back in 2015 when the blockchain launched, it launched with no tooling, no infrastructure at all. People were really trying to beat this thing into the ground, and the system was pretty just challenging to use for quite some time. EOS was better than that.” – Samani

He compared the EOS crypto-independence to that of Ethereum with trouble of launch. However, now according to the co-founder the best bet to go is Ethereum as it remained steady in face of various competitors:

“If you told me to pick one token today and come back in 10 years, I’d pick Ethereum.”

However, even that his bullish standing point is strong towards cryptos with a blockchain based infrastructure, the same thought does not reach the silver coin Litecoin.

Litecoin in my view has no reason to exist. It was a fork of Bitcoin. It’s just been sitting around. The only investment thesis I’ve ever heard for Litecoin is it’s a testnet for Bitcoin, but that’s not an investment thesis.

Being relevant in the market has been quite tough for Litecoin since its credit card like payment system LitePay.

“It’s quite clear to us that Ripple is a security. We don’t know when that news is going to drop, but the catalysts seem to have kind of gone away from Ripple […] My point is, if Ripple is labeled a security formally by the SEC, all of the crypto exchanges are going to stop trading Ripple. So if that happens, liquidity is going to dry up on XRP and the price will plummet.”

On the same path, Samani highlighted to stay in a distance from Ripple, as he said it is for sure a security. But, Brad Garlinghouse – Ripple’s founder, strongly denies any claim that the token XRP is a security of any sort.

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Below $0.50: XRP Prices Fall to New 2018 Lows

The price of XRP slid below $0.43 on Friday, hitting a new low for 2018.

The world’s third-largest cryptocurrency by market capitalization fell to $0.424 at 13:00 UTC, surpassing the prior low of $0.438 seen just five days ago on the Bitfinex exchange. XRP has not recorded a daily close below $0.42 since December 12th, 2017.

As of press time, the figure has risen above the low, back to averaging a price of $0.43 according to the CoinDesk XRP Price Index. Current prices reflect a 24-hour drop of 3.5 percent and a 14 percent decline week-to-week.

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Market bears will look to strengthen their grip if the current level of $0.43 cannot hold as XRP is not accompanied by any neighboring technical support. The strongest layer of support may not be seen until $0.19.

XRP is not the lone cryptocurrency to set an annual low today, however, as it is joined by the likes of OmiseGo (OMG), NEO (NEO), Litecoin (LTC), and Zcash. The worlds leading cryptocurrency, bitcoin (BTC), came just $14 shy of breaking its annual low of $5786 earlier this morning, BPI data further indicates.

Consequently, the broader market is taking a beating. The total cryptocurrency market capitalization has hit $232 billion – its lowest mark since November of 2017 and a 72 percent depreciation from all-time high just under $830 billion, according to CoinMarketCap.

Image via Shutterstock