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Litecoin

Litecoin (LTC) Eyes Fresh Gains Above $100

Litecoin (LTC) is leading a recovery even as the broader cryptocurrency sector turned bearish in recent trading sessions. A spike past the $100 mark has come on huge trading volume, affirming renewed trader interest in the coin.

Litecoin Fresh Gains

Bulls have regained control, in recent trading sessions, after bears threatened to push the altcoin below the $70 mark. A spike past the $100 mark also comes 17 days away from the much-awaited halving event.

The halving is poised to result in a reduction in the amount of LTC that miners get rewarded, on the addition of a new block. The halving should result in the reduction of LTC coins in supply, something poised to strengthen the price even further given the forces of supply and demand.

The confirmation that the Litecoin Foundation has struck a strategic partnership with the Miami Dolphins is another catalyst fuelling the LTC bullish run. Under the terms of the agreement, the football club is to receive payments pegged on LTC for the 50/50 raffle. The partnership should result in increased LTC usage, a key to enhancing mainstream adoption of the coin.

Litecoin is likely to continue powering high as it is currently trading above the 50-Day Simple Moving Average and the $89 support level. The formation of an ascending trend line also looks set to continue supporting price rebounds above the $100–102 psychological mark. A breach of the $90 support level could trigger a pullback to the $76–78 support area.

>> Ethereum (ETH) Surges As 20,000 ETH Order Triggers Buying Spree

Emerging Tailwinds

Litecoin’s surge also comes amidst heightened pressure across the market. Regulatory pressures are slowly creeping up. The US government insists that cryptocurrencies pose a significant danger to national security, a sentiment that has gone on to rattle traders.

Sentiments by US Treasury Secretary Steven Mnuchin and President Donald Trump that cryptocurrencies are a tool for criminals also appear to have spooked traders. France has also piled pressure on the burgeoning sector by insisting that they cannot accept Facebook’s Libra without strict rules.

In contrast, former presidential candidate Ron Paulis is in support of the least amount of regulation on cryptocurrencies.

At the time of writing, Litecoin is trading at $98, up by 4%. LTC has recovered almost 25% from Wednesday’s low of $77.

Featured image: DepositPhotos © PromesaStudio

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altcoins

Altcoins Recovering | Ethereum (ETH) & Ripple (XRP) Lead Crypto Higher

Cryptocurrencies are trying to bounce back after a steep pullback from one-year highs. Bitcoin (BTC) is trying to bounce back after coming under immense pressure after rallying to highs of $13,000. Altcoins Ethereum (ETH) and Ripple (XRP) are also showing signs of bottoming out.

Cryptocurrency Analysis

Despite rallying by 2.6%, Bitcoin finds itself below the $10,000 psychological level. Below the mark, the flagship crypto remains susceptible to further drops given the short-term bearish momentum. While there were expectations that Bitcoin would skyrocket during the American Independence day, that never happened.

Ether, on the other hand, is trying to register steady gains after falling by more than $200 in one hour on July 14, 2019. An 8.3% rally has seen the altcoin find support above the $200 mark. After seven days of declines, Ripple might as well have hit bottom and is due for a correction higher. A 9% rally represents one of the biggest gains among the major cryptocurrencies at a time of growing concerns in the sector.

Cryptocurrency Uncertainty

Cryptocurrencies have come under pressure in recent trading sessions amidst regulatory concerns. Analysts have raised the red flag that governments and regulators may as well be planning to kill cryptocurrencies.

The decentralization aspect, which makes it impossible to track crypto transactions, is reportedly not going well with authorities. Banks are always in control of the circulation of money in the financial sector. However, with the increased use of cryptocurrencies, regulators will no longer be in control of how money moves in an economy.

>> Bitcoin Price Experiences Second Largest 24-Hour Drop of 2019

The fact that cryptocurrencies are poised to shape people’s livelihood and disrupt the status quo is something that is not boarding well with authorities. India and China have already cracked the whip on closing down all the channels for cryptocurrency and altcoin liquidity.

The US government has taken a keen interest in Libra, the newly launched Facebook (NASDAQ:FB) cryptocurrency. The move follows the creation of a task force to look into digital currency fraud, which the government insists is a threat to national security.

At the time of writing, Ethereum is trading higher by 7% at $211, and Ripple is up 6% at $0.319.

Featured image: DepositPhotos © sinenkiy

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Litecoin

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

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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Huobi Tokens

Huobi Tokens | Huobi Group Buys Back 14 Million HT Tokens

Huobi has withdrawn 14 million Huobi Tokens (HT) from the open market. The move is part of the cryptocurrency exchange’s plan that seeks to stabilize the altcoin price as well as create new incentives for users by curbing inflation. An Ethereum address is to store the withdrawn tokens expected to form a reverse fund.

By slashing down 14 million tokens, the exchange has essentially reduced the supply of tokens from their initial supply of 310 million coins. The reduction comes at a time when the altcoin has picked up some pace, its value having skyrocketed in recent months on the broader cryptocurrency sector turning bullish.

The Singapore-based exchange has not been able to burn the tokens at a consistent rate as revenues have continued to fluctuate quarter over quarter. Strong revenue in the recent quarter has allowed the firm to buy more tokens at a rate that is 116% greater.

This is not the first time that Huobi has moved to reduce the supply of Huobi Tokens from the market. Since early last year, the firm has slashed its HT supply in the market by 20% by using its revenues to buy back the tokens.

>> Ripple Performs Better than Broader Crypto Markets on Technical Support

Future Burn Cycle

Following the recent burn cycle, Huobi says it will no longer withdraw tokens from the market using the traditional buyback method. Instead, the crypto exchange intends to use tokens from the HT Tiered deduction program to reduce the Huobi Tokens supply in the market.

The next burn cycle will also target tokens from team holding as well as those held in the open market. Depending on how the token performs in the market, the firm intends to initiate monthly burns.

The Huobi network continues to grow at an impressive rate as evidenced by increased membership to the Huobi Prime and Fast Track programs. “The rest of 2019 will see even more improvements and innovations coming from Huobi,” said Huobi Group CEO Leon Li.

Featured image: DepositPhotos © SergeyNivens

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Stellar

Stellar (XLM) Outperforms After the Fall Earlier This Week

Stellar (XLM) is outperforming the broader crypto market on the technical rebound.

The world of cryptocurrencies can often prove to be a bit of wild ride sometimes, and it is especially so after the sort of week that has been unleashed on the crypto sphere. Many of the top cryptocurrencies declined yesterday after the comments from the head of the Federal Reserve Jerome Powell about Facebook’s Libra.

Stellar Outperforms

During the bloodbath yesterday, Stellar (XLM) dropped just like many other tokens, and at one point went down by as much as 14%. However, Stellar managed to make a turnaround today and managed to record substantial gains and remains one of the biggest gainers today among altcoins. The price of Stellar rose to $0.09861, up by 9.70%, according to the data that was available from the leading crypto exchanges.

Currently, Stellar is the 11th biggest cryptocurrency in the world in terms of market capitalization, and the total number of XLM tokens that are currently in supply stands at 19.43 billion. During today’s considerable spike in price, the total traded volume of XLM reached $505.56 million over the past 24 hours, and for all those who currently hold XLM, it is definitely an important development.

>> Bitcoin (BTC) Takes a Hit: Trump Targets the Crypto Market

The theme for many cryptocurrencies this year has been about the use case and whether it is going to get any attention from institutional investors. In this regard, it needs to be pointed out that Stellar has already made a highly important partnership with tech behemoth IBM, and due to the potential of blockchain technology in the near future, it’s speculated that this particular partnership could bring rich dividends for the cryptocurrency.

However, as the number of partnerships starts rising, it is almost certain to have a big impact on the cryptocurrency’s price. However, among many experts, there is one concern with regards to Stellar, and that is the suspected centralized nature of the token. However, if it manages to keep forging partnerships, then it could manage to bring hefty returns for its holders.

Featured image: DepositPhotos © kongvector

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