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Litecoin Price Slips 8% as Concerns Over the US Debt Ceiling Talks Grow
Litecoin price crashed more than 8% on Wednesday as investors fret over the impasse around the US debt ceiling talks. Litecoin, the silver to Bitcoin’s gold, was trading 6.75% lower at $85.50 at press time. The asset’s market cap has plunged to $6.2 billion over the last day, while its total volume inched lower. The altcoin currently ranks 12th after TRON and ahead of Polkadot.
Why is LTC Crashing?
Litecoin price was in freefall mode on Wednesday as global markets fell against the backdrop of uncertainty around the US debt ceiling negotiations in Washington. The global crypto market was in the red, with the global crypto market cap falling more than 3% over the last day to $1.10 trillion. The total crypto market volume increased by more than 12% over the same period, while Bitcoin’s dominance slipped.
Crypto heavyweights, Bitcoin and Ethereum, fell by more than 3% each during Wall Street’s trading session. At the time of writing, the Bitcoin price was trading below its crucial support level of $26,500 at $26,263.25, while the Ethereum price was trading at 1,789.60. Most altcoins, including Shiba Inu, Dogecoin, Solana, and Avalanche, followed closely behind, moving in tandem with the heavyweight’s performance.
Global markets have been in the red for the past few days amid uncertainty around the US debt ceiling negotiations and a fast-approaching deadline. Traders have grown nervous at the prospect of an unprecedented US government default early in June which will lead to a possible recession of the US economy.
US short-term Treasury yields have jumped higher and are hovering slightly around their highest level in two decades. The US dollar has held its bullish momentum against a basket of peers as the focus remains on the Washington negotiations.
Investors are chewing on the meeting minutes by the Federal Open Market Committee (FOMC) released earlier in the day. In the minutes, Fed policymakers were divided over where to go with interest rates, with some supporting higher interest rates, while others opposed the move. Markets are uncertain over the Fed’s interest rate path as the Fed appears to be moving toward a data-dependent approach in which several factors will determine its next move.
Litecoin Price Analysis
Litecoin price has been under intense pressure for the past few days as macroeconomic factors continue to weigh on the global crypto market. As highlighted on the daily chart, the asset has managed to move below the 50-day and 100-day exponential moving averages, as well as the 50-day and 100-day simple moving averages. Its Relative Strength Index (RSI) has moved below the neutral zone.
Therefore, the Litecoin price is likely to fall further in the ensuing sessions as the crypto market struggles to recover. If this happens, bears will be eyeing the next support level at $82. However, a move past the key resistance level of $87.85 will invalidate the bearish view.
LTC Price Chart
The Diner’s Club card can take the claim to fame of being the first ever credit card, used as early as the 1950s. Think of everything humankind has achieved since then, we’ve put people on the moon, we’ve invented the internet, and now we even have the world of cryptocurrencies to take over from the older generations of payments.
Credit cards are used more in some places than others, and are alternatives to debit cards where the money is not borrowed at all. Credit cards can be an expensive way of doing things if you don’t pay them off rapidly due to the fact that they are technically a form of lending (and often an expensive one).
Bitcoin changed the game, and though there aren’t as many Bitcoin transactions as credit cards (yet) the numbers are getting closer together.
The Bitcoin and Crypto Revolution
Bitcoin and cryptocurrencies are embraced more by some industries than others, but most have accepted that this is the direction in which the world is going. Estimates say that as many as 20% of Americans use cryptocurrencies and that even more are starting to embrace them. In countries like Australia that percentage is even higher.
The gambling industry has led the way in the embracing of crypto, and some studies suggest that the majority of Bitcoin transactions are now in the gambling industry. When…
12 Peers Capital Markets , a broker-dealer and capital markets firm has announced its support for DigitalBits, a blockchain protocol focused on consumer digital assets such as loyalty points, rewards, and branded stablecoins. The traditional market brokerage firm has purchased the DigitalBits XDB token, after recently announcing “a new found investment thesis focused on identifying blockchain projects that improve efficiencies across global markets,” it said in today’s announcement.
DigitalBits is an enterprise-grade blockchain protocol for supporting consumer digital assets, specifically branded currencies. The company believes that branded currencies play an integral role in driving consumer behavior, but many of these programs are dated by today’s technological standards. “These limitations have stifled value transfer, resulting in the accumulation of large amounts of idle capital – in 2017 US corporations held in excess of $100 billion in unused points liability,” the DigitalBits experts explain.
The DigitalBits blockchain supports tokenization of existing and new consumer digital assets. The XDB Foundation, which was formed earlier this year, is a neutral agnostic non-profit organization to enhance the DigitalBits blockchain and ecosystem, engage partnerships and building a robust ecosystem for users. Commenting on the 12 Peers Capital Market announcement, XDB Foundation’s Managing Director Michael Gord said that it is great to see traditional firms show interest in blockchain technology. …
In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.
CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated.
Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working?
KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering
2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived.
Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on regulated exchanges.
Most of the leading exchanges adhere to…
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