Daily Litecoin News Update
Abra CEO Bill Barhydt has proven that, if the right force is guiding the way, any disruptive idea can be turned into reality. Following the Litepay debacle, there has been genuine skepticism in the cryptocurrency community about Abra. But having heard Barhydt eloquently respond to some hard-hitting questions in a TV interview on Tuesday, most of my concerns have been put to rest.
I have to admit that I was incredibly bullish on Litepay ahead of its launch. To my disappointment, Litepay massively underdelivered after its CEO Kenneth Asare made some huge promises that he could not make good on.
Barhydt, on the contrary, has been quietly turning a cryptocurrency dream into reality without saying so much as a word. He has delivered first, before making any promises.
Barhydt was on Fox Business yesterday, explaining the “magic” that goes on behind the scenes at Abra, a blockchain-based investing application. Barhydt highlighted how it works and why it’s different from all the other investing applications out there. (Source: “This app allows users to buy and sell 20 cryptocurrencies worldwide,” YouTube, March 20, 2018.)
Barhydt reminded us that Abra is like a decentralized exchange. Since it’s built on blockchain, there is only a snowball’s chance in hell that you’ll lose your funds to a hacker. It’s absolutely secure and mostly free of charge to use, making it the most viable alternative to other cryptocurrency exchanges.
In a nutshell, for the average investor, Abra is a one-stop solution for investing in 20 of the top cryptocurrencies and 50 of the top fiat currencies. It offers ease and peace of mind.
Just to remind you why Abra matters to Litecoin (LTC), it’s because Abra is going to be using Litecoin’s blockchain and will eventually be adding Litecoin as a base currency—in addition to Bitcoin (BTC). In my Litecoin price update yesterday, I discussed at length why Abra is a bigger deal than one might think.
Sadly, the market has been undervaluing Litecoin’s alliance with Abra. Litecoin prices didn’t budge following the major announcement.
Chart courtesy of TradingView.com
The rally we’ve seen in the past couple of days was fueled by another celebratory piece of news that has little to do with Litecoin directly, and more to do with the broader cryptocurrency market.
In case you missed it, the G20 summit has been underway this week, and the central bankers of the top 20 economies have been mulling over their next move on cryptocurrencies. As it turns out, we may finally have a reason to rejoice. Word on the street is that the G20 bigwigs are not planning to ban cryptocurrencies, only regulate them.
The G20 governments have found consensus that cryptocurrencies are not actually “currencies.” They want to call them “crypto assets.” In other words, expect cryptocurrencies to be treated like commodities such as precious metals.
The Financial Stability Board (FSB), the regulatory board of the G20 countries, has pushed the due date for a final verdict on cryptocurrencies to July. The FSB will be using some more time to gather data on cryptos. We can expect some favorable regulations to be announced by summer.
The market has reacted positively to that news. The charging bull has once again made its way to the crypto markets. The Litecoin price has been up more than 8.88% in the past day.
A number of tailwinds have been working in favor of Litecoin, all of which bolster our Litecoin price prediction for 2018. We’re sticking with our $400.00 price target.