Daily Litecoin News Update
A darkish cloud is as quickly as as soon as extra hanging over crypto-land. After two days of restoration following the big crash, cryptocurrencies are once more throughout the purple zone. But this cloud has a silver lining that patrons mustn’t miss.
Here are three most important harmful headlines which have sparked pessimism throughout the crypto-world to this point couple days.
First, South Korea continued the customized by most important the associated fee in opposition to cryptocurrencies. To begin with, South Korea’s largest monetary establishment will not be supporting monetary establishment accounts linked with cryptocurrency exchanges.
Secondly, an important Korean change, Korbit, says it ought to not be entertaining foreigners on its platform. In completely different phrases, non-Koreans gained’t have the power to commerce cryptocurrencies on the Korean change.
Finally, the rising market for cryptocurrencies, India, hammered one different nail throughout the coffin. Indian authorities for the time being are going after cryptocurrency patrons, handing out tax funds.
It may look like the sky is falling nonetheless it’s not. Like I discussed, there is a silver lining.
Here’s how the best cryptocurrencies, along with Litecoin, have been responding to this info. Obviously, Litecoin won’t be alone. In fact, compared with associates, it may need been faring significantly increased.
Chart courtesy of TradingView.com
I dug deeper into these headlines and none has shaken my notion in Litecoin, or cryptocurrencies usually.
Firstly, positive, an important South Korean monetary establishment, Kookmin Bank, just isn’t going to be supporting cryptocurrency exchanges going forward. But the void it’ll create may be crammed by the second-largest monetary establishment, Shinhan Bank.
Crypto change Korbit confirms that clients can merely switch over to Shinhan Bank to proceed shopping for and promoting. I don’t see how this should be of any concern to patrons considering the reality that the South Korean authorities has already confirmed that there may be no ban on cryptocurrency shopping for and promoting, just some guidelines.
Moving on, the details about Korbit blocking out foreigners won’t be an unlimited deal the least bit. Korean exchanges have already been unwelcoming to worldwide retailers. The proportion of non-Koreans retailers on South Korean exchanges is insignificant. So this info shouldn’t even rely as a significant motive for concern for LTC holders.
And lastly, the Indian authorities taxing cryptocurrencies ought to essentially be thought-about good news. After all, it establishes them as a good asset class in a country the place about $3.5 billion worth of cryptocoins have been traded in beneath a yr and a half. This rising market would possibly shortly be altering the shrinking Chinese market. (Source: “India sends tax notices to cryptocurrency investors as trading hits $3.5 billion,” Reuters, January 19, 2018.)
All in all, these info headlines might be not heartwarming at first look nonetheless dig considerably, they normally aren’t too heartrending each.
None of these pessimistic headlines rattle our perception in Litecoin. There’s no trigger for LTC holders to fret this short-lived unhealthy info. Litecoin is fixed to aim to become the only option for digital funds in opposition to Bitcoin, and it’s slowly getting there.
We have no trigger to range our Litecoin price forecast, which stays bullish with an LTC price aim of $400.00.