Daily Litecoin News Update
Litecoin prices have continued to dip in the hours following yesterday’s Litecoin news update. The drop is partly owed to the marketwide downtrend, but mostly due to the disappointing “LitePay” launch on Monday.
But all this noise of a supposedly inferior product launch is tuning out the pleasant music. We had one bit of good news to celebrate yesterday but it got swept under the rug as investors remained busy bashing LitePay.
One of the Middle East’s largest cryptocurrency exchanges, BitOasis, has added Litecoin this week.
By itself, this isn’t earth-shattering news and may not budge investor sentiments. But picture it alongside another key development from two weeks ago, and you’ll gauge why this news matters.
Earlier this month, we reported a breakthrough for cryptos in the Middle Eastern market. A trading company in the Middle East, Regal RA DMCC, became the first to earn an official license from financial regulators to trade cryptocurrencies for its customers.
With this, cryptocurrencies attained the status of a legitimate asset class in this region rich in oil money. The trading company identified that it will not only be trading cryptos for its personal accounts but also for hundreds of its investor portfolios.
For traders like Regal, trading cryptos on a local exchange like BitOasis may be a lot less complicated than foreign exchanges. As of now, Litecoin is one of the four biggest cryptocurrencies traded on BitOasis. The other three are Bitcoin, Ethereum, and Ripple.
It’s no surprise that the exchange has counted Litecoin in the league of crypto heavyweights. Albeit small, Litecoin sees a new door opening to another emerging market.
2018 has so far been wonderful for Litecoin. Litecoin has taken long strides as it builds its reputation globally. A number of exchanges in the emerging markets, notably India, Brazil, and Canada, have recently added Litecoin for trading, making way for the crypto to reach new buyers.
At the same time, countless merchant processors have come forward to adopt Litecoin, most notable of which are Aliant Payment Systems and BTCPay Server.
Amid these successes, the skepticism following the launch of LitePay seems unfounded. Mind you, although LitePay rolled out its merchant processing service, it could not deliver a debit card as promised, citing the hostility of card issuers.
Nonetheless, as Litecoin founder Charlie Lee points out, paying with Litecoin makes more sense than paying with “Visa” for consumers seeking LTC adoption.
Despite LitePay’s reassurances and Charlie Lee’s reasoning with investors, the LTC price has dipped about 5.56% in the past 24 hours, with the LTC to USD rate hitting $207.64 at the time of writing.
Chart courtesy of TradingView.com
Our Litecoin price prediction for 2018 is premised on optimism that Litecoin will continue to forge its way into new markets. Momentary hiccups as seen with the underwhelming LitePay launch do not shake our faith in Litecoin. Our LTC price target for 2018 remains intact at $400.00.