Litecoin (CURRENCY:LTC) traded up 3.7% against the dollar during the 1 day period ending at 20:00 PM ET on June 14th. During the last seven days, Litecoin has traded up 15.7% against the dollar. One Litecoin coin can now be purchased for approximately $135.65 or 0.01570361 BTC on major cryptocurrency exchanges including DOBI trade, Liqui, Bithesap and GOPAX. Litecoin has a total market capitalization of $8.44 billion and $4.54 billion worth of Litecoin was traded on exchanges in the last day.
Here is how other cryptocurrencies have performed during the last day:
- Dogecoin (DOGE) traded 1.1% higher against the dollar and now trades at $0.0031 or 0.00000036 BTC.
- Bytom (BTM) traded down 4.1% against the dollar and now trades at $0.17 or 0.00001925 BTC.
- Verge (XVG) traded down 2.8% against the dollar and now trades at $0.0088 or 0.00000102 BTC.
- NEXT (NET) traded down 0.8% against the dollar and now trades at $1.01 or 0.00011682 BTC.
- Polymath (POLY) traded 1.1% lower against the dollar and now trades at $0.0996 or 0.00001153 BTC.
- Syscoin (SYS) traded 4.8% lower against the dollar and now trades at $0.0627 or 0.00000726 BTC.
- Einsteinium (EMC2) traded down 1.6% against the dollar and now trades at $0.13 or 0.00001449 BTC.
- TTC Protocol (TTC) traded 5.2% higher against the dollar and now trades at $0.11 or 0.00001306 BTC.
- Lightning Bitcoin (LBTC) traded down 1.2% against the dollar and now trades at $4.99 or 0.00057823 BTC.
- Matrix AI Network (MAN) traded 2% higher against the dollar and now trades at $0.10 or 0.00001174 BTC.
Litecoin’s (LTC) Charlie Lee Bashes DeFi, Bitcoin (BTC) Developer Agrees
Decentralized financial applications, or DeFi, are on the march in 2020. However, recent criticism from top speakers proves DeFi has a great deal of work ahead of it.
Two days ago, the global crypto community was thrilled by the news of the Fulcrum DeFi ecosystem hack. It was shut down through the bZx financial primitive used for trading on Fulcrum. It looks like decentralized financial applications have never been chastised so severely.
The worst of both worlds
Charlie Lee, the creator of Litecoin (LTC), went on a rampage when describing the situation with Fulcrum and bZx. Mostly, he addressed the ‘decentralized’ nature of DeFi. According to him, they not only can be shut down by a centralized party but can’t even be repaired unless more centralization is added.
The actual level of decentralization in such systems, according to Mr. Lee, should be compared to ‘decentralization theatre’ or even ‘Decentralized Fiatre’. Finally, he asked a solid question about what edges DeFi has over traditional fiat financial tools.
According to research by Mudit Gupta, an ex-Google software engineer and blockchain enthusiast, an anonymous hacker cheated the system of Fulcrum DeFi service using margin trading and exchange features.
Through a series of manipulations with crypto loans he/she made the price of Wrapped Bitcoin (WBTC) skyrocket on the Uniswap exchange which resulted in 2300 ETH lost by bZx. At printing time, this amount of crypto is worth more than $575,000.
Jimmy Song agrees
Jimmy Song, well-known Bitcoin (BTC) researcher, evangelist and developer, sided with Mr. Charlie Lee. He outlined the fragile and centralized nature of DeFi.
According to Mr. Song, Bitcoin (BTC) is a much better and solid instrument than DeFi. He believes that we should avoid putting Bitcoin (BTC) and DeFi in the ‘same universe, let alone the same category’.
As reported by U.Today, Brad Mills, venture investments partner and host of Magic Internet Money podcast, recently called DeFi ‘Digital Forex’. Erik Voorhees of Shapeshift challenged this assessment.
Litecoin Price Prediction – Litecoin Bull Run Ends Price Falls Against The USD
- Litecoin News Today – LTC Price Falls to $72 Level
- Litecoin lost about 5.82% to trade at the $72 price position
- The LTC/USD pair lacks support from the short-term MA
- LTC price traded beneath the rising channel
Litecoin news today – The price of Litecoin has reportedly been marred by an overall bearish pressure that the digital asset market has come under in recent days. In the past 24 hours of trade, the LTC price has lost up to 5.82%. The value of LTC has also been dragged into the downward region to $72.1 from the $76.5. However, in the above-mentioned time-frame, the Litecoin price faced huge volatility. However, recently, the coin traded slightly upwards. There might actually be a short stint in way of price recovery for LTC in the short-term. Let’s see how it got this for the digital asset.
The Price of Litecoin Opened the Day at $76.56
A close look at the daily chart for LTC/USD shows that the digital currency opened the day trading at the $76.56 area. In the following 3 hours of trade, the price of LTC added another $3.95 and went on to reach the $80.51 mark. After getting to the $80 mark, the coin started to trade downwards. It eventually went on to register a 16.07% correction which cost it about $12.94 inevitably pulling the price of Litecoin down to $67.54 at 16:53 UTC. However, the digital currency could not be kept on this low point for an extended period and gathered some momentum before it managed to add another 12.21% as it approached the close of trade for the day. In the past two and a half hours of the trade from the last 24 hours, the price of Litecoin again dropped by 5.37% falling to $71.75.
Litecoin (LTC) Price Today – LTC / USD
LTC Price Traded Under the Rising Channel
Additionally, in the past week, the price of LTC traded beneath the rising channel. From the final two days, the digital asset marked a steep downside movement. A closer look at the technical indicators for LTC shows that the current price of the coin is lagging behind the 50-day moving average by a marginal value. The MACD pattern is moving above the signal line despite the sudden and overnight drop in value. This hints that in the upcoming days, LTC may fair better. The digital currency may trade in a familiar range to what we have seen this year. RSI is currently around the 55 region with no extremities. Per the current price movement, the price of Litecoin may post a slight recovery and remain above the $72 mark.
Litecoin Price Analysis: Just a retracement?
- The LTC/USD price bounced off the 38.2% Fibonacci retracement to move higher.
- The previous wave high will now be the target to beat for the bulls.
LTC/USD 4-Hour Chart
Litecoin has retraced over the last few sessions but found some support at the 38.2% Fib level.
The level coincided with some previous support and historically has been a sticky point for the price.
Elsewhere, if that level breaks the 50% level could also act as a support level too.
Now if the bulls regain control of LTC/USD the previous wave high of 84.50 should be the target to beat.
On a longer-term basis, if a lower high wave is made then the bulls might start to worry.
|Today last price||71.856|
|Today Daily Change||-2.9171|
|Today Daily Change %||-3.90|
|Today daily open||74.7731|
|Previous Daily High||80.6896|
|Previous Daily Low||67.5225|
|Previous Weekly High||84.4232|
|Previous Weekly Low||72.4372|
|Previous Monthly High||70.0854|
|Previous Monthly Low||38.7677|
|Daily Fibonacci 38.2%||72.5524|
|Daily Fibonacci 61.8%||75.6598|
|Daily Pivot Point S1||67.9673|
|Daily Pivot Point S2||61.1614|
|Daily Pivot Point S3||54.8002|
|Daily Pivot Point R1||81.1343|
|Daily Pivot Point R2||87.4954|
|Daily Pivot Point R3||94.3013|