One of the most popular cryptocurrencies in the top 20, Litecoin, has just marked a decline. The decline happened in the worst time possible, according to many, which is only after Litecoin launched LitePay – the debit card linked to the cryptocurrency.
Meanwhile, the cryptocurrency markets continue to shake off their slump this week. Most of the large market-cap cryptocurrencies managed to return regarding price against the US dollar. Obviously, Litecoin was not one of them.
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Even though the entire cryptocurrency market index rose by 7%, Litecoin became the top-15 cryptocurrency that witnessed a single-day decline. Currently, Litecoin’s price is $213 which represents a single-day decrease of around 5% and translates to a $12 billion market cap.
Some analysts believe that the present Litecoin price decline appears to be linked to the planned launch of the fintech startup LitePay which was scheduled for this February 26th but scrubbed at the last minute and (once again) delayed. The much-anticipated debit card system will offer an LTC-based payment solution that will make accepting Litecoin for merchants a breeze. The service will also issue a debit card that will allow users to spend their Litecoin funds in any business.
The price of Litecoin has been increasing as February 26th (the launch of LitePay) was coming closer. However, the company emailed its users ahead of the scheduled start to inform them that a core component of their business model – the LTC debit card – is again delayed due to “hostile actions by card issuers towards crypto communities.”
OKEx is the platform where the most significant slice of Litecoin occurs – with more than 31% of all LTC volume.
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