Litecoin News Update
Although LTC prices are holding firmly above $100.00 per token, criticisms of the cryptocurrency boom remain as vocal as ever. We’ve included a few examples in today’s Litecoin news update:
- Billionaire Carl Icahn says Bitcoin “seems like a bubble”
Most media outlets will splash this quote across their web sites. Meanwhile, they’ll bury the most important part of Icahn’s quote: “I got to tell you honestly, I don’t understand it.” Yeah, no kidding. (Source: “Icahn: Bitcoin “seems like a bubble”,” CNBC, November 30, 2017.)
- Federal Reserve Vice Chair warns that cryptos are a “systemic risk”
As we saw in 2008, big banks pose a threat to the economy. But does Bitcoin? U.S. Federal Reserve Vice Chairman Randal Quarles claimed it does at a recent conference, but added that “it is not clear” what would happen during a crisis. It’s good to know you can still trust Fed officials to speak in riddles. (Source: “Fed’s Randal Quarles Says Bitcoin Could Be Dangerous for the Financial System,” Bloomberg, November 30, 2017.)
- Goldman Sachs CEO says cryptos don’t provide a “store of value”
He…okay, this is a pretty fair criticism. Cryptocurrencies are extremely volatile, which makes them great investments, but it also makes them terrible currencies. Stability is a necessary condition for money. You need to know the token you have today is worth roughly the same tomorrow. Otherwise, you can’t plan ahead. (Source: “Blankfein Says It’s Too Soon for a Bitcoin Strategy,” Bloomberg, November 30, 2017.)
That said, since when is Goldman Sachs concerned about financial stability? Something about stones and glass houses comes to mind.
What’s Happening to Litecoin prices?
At the time of writing, LTC prices are up 1.71% against the U.S. dollar. This brings the Litecoin to USD exchange rate to $101.68.
However, the Litecoin to Bitcoin rate fell 2.52% to 0.00891300 BTC.
Daily Litecoin Chart
A Very Brief History of Litecoin Trades
In the last 24 hours, investors swapped $360.9 million worth of LTC tokens. Trading activity was lower than the day before, but not by much. It is still at the positive end of the spectrum.
Nearly a quarter of total volume came from GDAX, the exchange tied to Coinbase. It accounted for 23.09% of all trading. Meanwhile, Bitfinex and OKEx came in second and third, accounting for 11.86% and 8.69%, respectively.
We maintain our $200.00 Litecoin price forecast for 2018, with the possibility of upgrading that target should LTC advance more quickly than expected.