Category Archives: LTC

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Altcoins on the March Hitting 10-Month Peak

For those that might have given up on altcoins as they watched them tumble last year, now might be a good time to take a second look, as it appears that many investors are doing exactly that with values latching on to Bitcoin’s latest wild ride and moving in the right direction.

‘Altseason’ is the latest tag floating around now that crypto winter has finally moved into spring and the momentum is clearly with them. As one CEO put it yesterday, Bitcoin “definitely has a center of gravity that many other cryptocurrencies and coins benefit from”, and this is clearly reflected in the recent movement of altcoins over past weeks.

With markets heading for a new 2019 high and total market capitalization reaching a ten-month high at USD 280 billion, undervalued coins are getting some attention and purchases are cranking up. ZCash (ZEC) is one of these, spiking almost 12% to USD 85 along with the 16% growth of the EOS coin.

With prices reverting to 2018 July-August levels for the likes of TRON (TRX), EOS (EOS) and Litecoin (LTC) Alts are more often in the green than the red, a scenario some thought they would never see again, pinning their hopes purely on Bitcoin as the market struggled.

With Ethereum reaching a 10-month high and Bitcoin bouncing back to end of July 2018 levels before the big fall market players are hoping for a total of reversal of what happened after that.


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After an unsuccessful attack of sellers, which started as far back as 16 May but failed to grow even in the short-term trend, buyers continued to grow and tested the main trend zone for the current time – $112-115. Now, buyers are trying to fix above  this price zone, and on a 4-hour timeframe we see that the volumes rose just around the price zone of $112-115: Litecoin Market Analysis 27th May 2019

The main reason for self-confidence among buyers was the apparent weakness of sellers during testing the price zone of $85-90, from 20 to 22 May. The volumes after the second test of this price zone are quite small in order to count on the continuation of the fall. 29 April  was a similar situation, after which buyers with renewed vigor began a wave of growth:

At the moment, the price is traded above the trendline, which we conducted at local highs from September 2018. However, the breakthrough is still uncertain and it takes several days to see if the buyers are trying to fix themselves over the price zone of $112-115.

Marginal buyers positions increased over the past week. However, during a try to break through $112-115, buyers began to close their positions, seeing a strong level that was once kept for 5 months: Litecoin Market Analysis 27th May 2019

Sellers have also increased their positions over the past week and today the chart shows that they have the mood to continue to do so: Litecoin Market Analysis 27th May 2019

According to the wave analysis, wave (5) = 0.786 * wave (3), at the moment: Litecoin Market Analysis 27th May 2019

Until we see a firm breakthrough and fixing the price above $112-115, today’s breakdown is considered false and we expect the sellers attempt to impose their fight. And from this fight, we will be able to predict whether buyers will continue to grow, whether we expect a short-term falling trend with a minimum target of $82.

However, so far on the weekly chart, we see a beautiful green candle that closed last week and a high probability of a price stop for some time in the price zone of $112-115: Litecoin Market Analysis 27th May 2019

Next week, in addition to the weekly candle, monthly candle is also closed. Over the past 3 months, buyers are confidently looking at the monthly timeframe. It’s been a few days left to see if the confidence will remain on the chart.

Have a profitable trade and see you in the next LTC analysis.


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About the Author: Peter Oleshchuk is a trader and technical analyst.

He has spent two years studying and analyzing the crypto market.

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Switzerland’s Top Stock Exchange Lists XRP Exchange-Traded Product

Switzerland's No. 1 Stock Exchange Lists XRP Exchange Traded Product

Switzerland’s top stock exchange SIX today announced it would list a Ripple (XRP) exchange-traded product (ETP) as of 4 April.

The cryptocurrency derivative development company Amun is behind the product dubbed AXRP and claims it to be the only one of its kind on the market. Both AXRP’s fund and trading currency will be USD.

CEO and co-founder of the firm, Hany Rashwan, said the company has received approval from SIX for an additional four ETPs for Bitcoin Cash (BCH), Litecoin (LTC), Stellar (XLM) and Eos (EOS).

Amun has built a reputation for the progressive development of digital currency ETPs. Besides AXRP, the firm released an Ethereum (ETH) ETP last month in addition to a BTC-tracking ATP in February. Back in November 2018, Amun listed what they claimed to be the world’s first ETP to track an index of multiple cryptocurrencies using Bitcoin (BTC), XRP, ETH, LTC, and BCH.

The start-up firm raised USD 4 million to fund the projects, which they say are aimed at creating more simplified methods for traditional investors to enter the cryptocurrency space.


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Bitmain IPO Dream Sinks Further After 2018 Q3 Earning Reports

Bitmain IPO Dream Sinks Further After 2018 Q3 Earning Reports

According to Coindesk, cryptocurrency mining rig manufacturer Bitmain lost USD 500 million during its Q3 financials due to a prolonged bear market, citing a recent update on its financial results to the Hong Kong Stock Exchange (HKEx).

According to a source, the company fell short of its quarterly earnings by as much as USD 500 million. In a previous report it submitted to the exchange, it reported earnings for the first half of the year as having USD 1 billion as profits.

The company’s portfolio had reportedly dropped in valuation by as much as USD 100 million at the end of the third quarter compared to the beginning of the quarter. Being a major stakeholder in the Bitcoin Cash fork, it held a lot of stake in the asset, however, the market downturn had severely traumatized the price of the asset to as much as a 70% loss. Its other major assets holdings like Bitcoin, Ether, Litecoin, and Dash had lost 39%, 67%, 42.68%, and 64.31% respectively.

Bitmain had filed for an initial public offering (IPO) with HKEx in August 2018 to allow it list its shares with the exchange which may possibly improve its financials. However, the company has experienced many constraints on all sides. On the part of the exchange, it had claimed that the industry is still immature for such a leap, and the resulting earnings report for Bitmain further buttresses its point.

For months, many crypto-related ventures have been up against an uphill battle of weathering the storm stirred by the bearish market of 2018. For the most part of the year, aspirations to return to the all-time high seasons gradually waned, instead, many companies began to adjust. For Bitmain, it had to deal with the internal restructuring that saw a reshuffling of management staff, office closures of subsidiaries, and layoffs of its staff.

The chances of Bitmain’s IPO to gain approval from HKEX gets slimmer with the numerous challenges besetting the mining hardware giant.


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UK OTC Firm Gets Derivatives Go Ahead from Regulator

UK OTC Firm Gets Derivatives Go Ahead from Regulator, CFDs

The UK watchdog, Financial Conduct Authority (FCA) has granted permission for London based firm B2C2 OTC Ltd to deal in cryptocurrency CFDs.

“Contracts for Difference” (CFDs) are designed for traders to predict crypto price fluctuations allowing them to profit from rising or fallings markets. The FCA’s acceptance of the B2C2 OTC Ltd application is seen as unexpected given the stance of the UK regulator last year when it said that it was unlikely to give any credence to CFDs. At the time it stated:

“Firms conducting regulated activities in cryptocurrency derivatives must, therefore, comply with all applicable rules in the FCA’s Handbook and any relevant provisions in directly applicable European Union regulations.”

B2C2 OTC’s CFD product now offers exposure to Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC) and Ripple (XRP), which the company’s founder Max Boonen suggests gives traders opportunities to become involved in the markets without the “risks associated with crypto custody.”

While the FCA has reportedly been considering a more direct role in managing cryptocurrencies and tokens, a new consultation paper released last week has been seen as an attempt to make things clearer for investors and the cryptocurrency community for future regulatory purposes. A statement from the FCA indicated a need to clarify current guidelines and changes in how cryptocurrencies are regulated, suggesting that the paper “will alert market participants to pertinent issues and should help them better understand whether they need to be authorized and what rules or regulations apply to their business.”


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ATMs Still Gaining Popularity Globally with 5 Daily Installations

ATMs Still Gaining Popularity Globally with 5 Daily Installations

The installation of cryptocurrency ATMs continues around the world as it has done throughout 2017, despite the crypto market downturn.

Newly-published figures indicate that new installations have taken the number of extant machines around the globe past the 4,000 total. This illustrates the degree to which users are increasingly needing a convenient way to access their crypto assets.

According to industry statistics aggregator Coin ATM Radar the current installment rate is now 4.9 a day. The new data breaks down the spread of crypto ATMs, suggesting that actual locations have changed little with the majority of the machines still being located in North America, followed by Europe with roughly a third of the North American total which currently has 72% of the global total actively in use.

Hong Kong represents Asia’s biggest market for crypto ATMs, accounting for 0.8% of the world’s active ATMs. In Europe, Austrians and the UK public are the most prominent users of machines on that continent. Lagging behind is Oceania, which includes major crypto user Australia, South America. The African continent has only 0.2% of the global usage, despite an increased interest in cryptocurrencies in 2018.

In the US, the country showing the biggest increase in installations in 2018 with 1,259 new active ATMs, California (473) and Illinois (250) have the largest number of machines in the country. The figures show that Bitcoin is supported by 99.9% of the world’s 4,167 machines.

The token break down shows a  59.5% support for Litecoin (LTC), 49.3% support for Ethereum (ETH) and 33.9% support for Bitcoin Cash (BCH). Dash (DASH) is supported by 17.9% of ATMs, while Monero (XMR), Dogecoin (DOGE) and ZCash (ZEC) are each supported by 3% or less.


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Monero Becomes a Payment Option on Fortnite’s Merchandise Store Retail Row

Monero Becomes a Payment Option in Fortnite’s Merchandise Store Retail Row

The adoption of cryptocurrency as a payment option for mainstream merchant stores outside crypto-related systems continues at a rather gradual pace. Retail Row, a retail merchandise store by Fortnite is the latest to accept exclusively Monero payments from the online video game community.

The announcement was made yesterday by Monero fans on Reddit and then on Twitter by the official Monero page. However, the Fortnite team is yet to comment with regards to the development.

The official Fortnite Merch Store is now exclusively accepting #Monero as a cryptocurrency payment option!

— Monero || #xmr (@monero) January 1, 2019

The store already accepts payments through credit cards and PayPal, but for cryptocurrency payments, it uses Globee as the gateway. Globee also allows payments in BTC, LTC, DOGE, ETH and more across its gateway, however, the store currently accepts only Monero (XMR) for purchases as it is one of the most privacy-centric cryptocurrencies.

According to some of the replies on Monero’s Reddit and Twitter feeds, choosing Monero is a good thing since it preserves the identities of customers. However, some did suggest that they could use BTC or ETH to pay via proxies such as Shapeshift. BTC may as well be a potential option in the future as news outlet CCN disclosed that Fortnite is interested in Lightning Network.

In terms of worth and influence, the game company Epic Games, the developer of Fortnite was recently valued at over USD 15 billion during a recent funding round. Fortnite has become quite popular despite being less than two years old.

According to a report, Fortnite has influence over 125 million players worldwide, especially among the millennials. During a poll in 2018, many teenagers in the US who play the Fortnite game said they would prefer to receive V-bucks – the native virtual currency of the game or cryptocurrency as gifts instead of cash or gift cards.

The privacy concerns of Fortnite is an important one and cannot be easily dismissed as recent hacks and data breaches have made users of social media and other online transaction portals uneasy.

On a broader outlook, payments through cryptocurrency can accord such benefits as fast cross-border payments and transfers, relatively cheap transaction costs and privacy. But how long will privacy-centric cryptocurrencies last? Seeing how their very core antagonizes the will of the government beyond decentralization. In the latter part of 2018, the US government began making plans on tracking privacy coins such as Zcash and Monero to keep a line on transactions trail that could be considered illegal.

Cryptocurrency adoption on the merchant route may indeed be a continuous but challenging one. Different merchants will have to make concise and careful decisions on the choice of crypto-asset(s) to adopt for payment options as the commercial world continues to evolve in that direction.


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Coinbase Makes Highest-Value Crypto Transfer in History


Coinbase, one of the world’s largest and most widely used cryptocurrency exchanges, has made a transfer of over USD 5 billion in cryptocurrency, an amount believed to be the largest in the industry’s history.

Reports indicate that 15 million Litecoin (LTC), 8.3 million Ether (ETH), and 870,000 Bitcoin (BTC) were transferred, eclipsing what was said to be the world’s previous largest transfer of BTC 500,000 in May 2015.

The reason for the transfer was a relatively simple one, with the exchange moving its funds in cold storage to an even more secure cold storage system.

Cold storage is reputedly the safest way of storing cryptocurrency today, particularly for major high-profile investors. Typically, smaller investors continue to store their funds in offline wallets or paper wallets with access to a public and private key. Safeguarding funds has become of paramount concern after major hacking events around the globe since cryptocurrency began to gain prominence as a challenge to fiat currencies.

Hackings have seen more than USD 2 billion either stolen or mislaid. Security is the main issue with hot wallet storage which is why exchanges such as Coinbase keep the majority of their funds in cold storage with a tiny percentage in hot wallets for instant withdrawal; the Coinbase cold to hot wallet ratio is 98:2.

Coinbase maintains that the latest fourth-generation protocol is achieved by starting from a random location with two brand new laptops that have had their Wifi card and storage drives removed to a shielded power supply. Then randomly, one of the two laptops generate the private keys and Linux is booted up on the chosen laptop via a USB drive.

The private keys are generated and divided into several fragments using Shamir’s secret sharing, a method of splitting private keys that enables the full keys to be reconstructed even if some of the parts are lost. The keys are then saved as QR codes, printed, securely faulted, and subsequently, the laptops used are destroyed. Finally, the key holders are geographically dispersed until their identities are verified during the key signing protocol.

Coinbase has recently suggested it is considering adding 300 different coins to its exchange, including Ripple, but has not indicated which coins as yet, encouraging speculation that the long-awaited Ripple addition is about to happen.


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Nasdaq to Trial Prediction Tool for 500 Cryptocurrencies

Nasdaq, second-largest exchange in the world by market capitalization, is planning to add a tool to the exchange which will aid investors to predict crypto price movement, according to unconfirmed reports.

A person familiar with the company’s plans has indicated that it will shortly be adding crypto assets to its new Analysist Hub. The Hub, launched in 2017, computes traditional asset market fluctuations drawing on social media and other sources.

Wall Street has shown interest in the cryptosphere over past months, with major banks making statements of intent, although Brian Kelly’s prediction that the addition of the New York Stock Exchange (NYSE) and Goldman Sachs to the crypto status quo would cause the market to surge, has yet to happen.

Bill Dague, Nasdaq’s head of alternative data, is guarded in his response to the suggestion that the exchange giant is about to take the same steps as some of Wall’s Streets other major financial institutions, and commented, “…given the abundance of interest, we are exploring cryptocurrency related datasets… Whether or not we launch a crypto-related product remains to be seen.”

On the other hand, Nasdaq’s source had a less guarded response, suggesting that the service would provide information on the movement of 500 crypto datasets using resources such as Twitter, and possibly StockTwits and Reddit.

Nasdaq CEO Adena Friedman had hinted earlier this year that Nasdaq had been looking into crypto-related products when she remarked:

“Certainly, Nasdaq would consider becoming a crypto exchange over time… I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature.”

An article published in May on the Nasdaq website even cited three coins that the exchange felt might be able to withstand future market turmoil if it transpired: Bitcoin (BTC), Litecoin (LTC) and Stellar (XLM).

Nasdaq will need to move fast with its any crypto additions to its Analyst Hub, as news services Reuters and Bloomberg are already lining up with similar plans to launch a crypto analytic tool.


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Germany’s Second Largest Stock Exchange Takes yet Another Step down the Crypto Road

Germany’s second-largest stock exchange, Boerse Stuttgart has taken the step to host Crypto Trading and Coin Offerings.

This follows an earlier announcement that’s its new app, Bison, would be released by Fintech company Sowa Labs, a subsidiary of Boerse Stuggart Digital Ventures, later this year. Boerse Stuggart is Germany’s second-largest stock exchange after Boerse Frankfurt.

The aim now is to extend crypto activities to primary and secondary markets and create a platform from which tokens can be issued. The previously announced Bison trading app will be released in both German and English which will support multiple pairs including BTC, ETH, LTC, and XRP. The app is claimed to be the first that has the support of a major traditional stock exchange.

The intention for Boerse Stuttgart is to keep everything under one roof where hosted ICO coins can be traded alongside leading cryptocurrencies such as BTC and ETH. Chief Executive Officer of Boerse Stuttgart, Alexander Höptner, explained:

“At the trading venue tokens issued via our ICO platform can be traded on the secondary market. This is an important success factor for ICOs. At the same time, we are responding to demand from both retail and institutional investors for a regulated and reliable environment for trading cryptocurrencies.”

Höptner said that this will give the exchange the opportunity to offer “central services along the value chain for digital assets, all under one roof.”

Boerse Stuttgart’s Subsidiary Sowa Labs conducted a survey of 1,019 German crypto traders earlier this year asking for their opinion on virtual currencies. Of the respondents, 81% were male, 19% were female, and 54% were 35 years old or younger. Of these, 16.9% owned a single cryptocurrency, whilst 18.2% confessed to owning several. More than 80% of respondents opened their first trading account from 2017 onward.

Dr. Ulli Spankowski, Sowa Lab’s managing director, commented that in Germany up until now the fast trading of cryptocurrencies such as Bitcoin and Ether had been “anything but easy.”

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