LitecoinPool, one of the major mining pools for the Litecoin cryptocurrency, is adding a new setting that will make it easy for miners to show some support to the company behind the digital asset.
In a tweet published earlier this week, Charlie Lee, the Founder and Managing Director of the Litecoin Foundation, announced that the mining pool now has a new feature that will allow miners to send a percentage of the rewards they get for mining straight to the Litecoin Foundation.
Working Hard to Improve Litecoin for All
The purpose of the donations will most likely be to help in building the Litecoin Development Fund, and according to an operator of the mining pool, several miners have activated the feature and are now freely donating part of their block rewards to the company.
LitecoinPool is currently the second-largest mining pool in the world for the digital asset, coming in second after Poolin. By attracting miners to give to the firm, the Litecoin Foundation is hoping to have even more funds to help promote research and development and to provide users with more functionalities. Definitely, going to one of the largest mining pools to partner with you is a great way to get that done. However, it’s still unclear whether the same functionality will be provided to miners on other pools.
The cryptocurrency company also recently announced a partnership with Cred, a global cryptocurrency-based lending and borrowing platform, to offer interest on Litecoin collateral. According to a press release published earlier this week, the partnership will see Cred customers lock their coins with the company and earn up to 10 percent in annual interest.
Attractive Interests to Keep LTC Holders
With the partnership, Litecoin holders will be able to lend out their holdings at lucrative rates, in a manner not dissimilar to that of the decentralized finance solutions we have from cryptocurrency firms like Ethereum. However, users who would like to benefit from this will need to commit to the service for at least six months. Once they do, they’ll be able to get their attractive interests, with the option to even get paid in crypto or fiat currency.
The credit process will also be facilitated by several other Cred partners- including BitBuy, Uphold, and Bitcoin.com. Part of the funds obtained from the initiative will also be sent to the Litecoin Foundation to help with further development of the cryptocurrency.
Speaking with Cointelegraph, Alan Austin, one of the directors at the Litecoin Foundation, explained that the partnership would be able to expand the utility that Litecoin holders get for owning the digital asset.
“Strong use cases should be one of the most important considerations when evaluating cryptocurrency. In addition to Litecoin’s reliability, use for payments and excellent liquidity, the ability to earn interest at attractive rates through Cred’s platform further strengthens this use case,” he explained.
Litecoin Launching at 13,000 ATMs in South Korea, Foundation Aims for Global Expansion of Cryptocurrency
Litecoin (LTC), the seventh-largest cryptocurrency by market cap, can now be withdrawn in Korean Won (KRW) at over 13,000 ATMs in South Korea. According to the Litecoin Foundation, LTC is going mainstream in South Korea through a partnership with MeconCash. A Bitcoin spinoff, LTC allows people to make peer-to-peer transactions without a central authority.
MeconCash is integrating the cryptocurrency into its M.Pay platform, allowing Litecoin holders to send remittances to Korea from overseas and to access quick cash. Litecoin users will also be able to purchase products on MeconCash’s MeconMall and pay for mobile games that utilize M.Pay for rewards.
The partnership plans to deliver more services in the future. Says Jo Jae Do, chairman of MeconCash,
“Through our partnership with Litecoin Foundation, we will grow the presence of Litecoin throughout the Korean market starting with the ATM withdrawal services. And with Litecoin Foundation as our partner, we are expecting to grow globally and see positive synergies in the upcoming future not only in the Korean market but also in the global market.”
Litecoin creator Charlie Lee continues to focus on large-scale partnerships that can expose Litecoin to a wide audience, collaborating with big brands across a range of industries including mixed martial arts, K-pop, DeFi and professional sports.
Lee says the new integration into M.Pay’s platform and across a large network of ATMs is a “big step toward expanding Litecoin’s footprint in the South Korean market.” It’s also a push for Litecoin into the country’s remittances industry which moves $6 billion annually.
Adds Alan Austin, director at Litecoin Foundation,
“With billions in remittances sent each year to South Korea, Litecoin – through its speed, security, and low transaction fees – offers significant advantages over traditional methods of sending money overseas through the M.Pay platform.”
Litecoin Price Analysis: LTC/USD now has to break down a huge barrier at $65
- Litecoin price is trading in positive territory by 5.50% in the session on Thursday.
- LTC/USD is now running towards its fourth potential consecutive session firmly in the red.
- A critical trend line of support was breached at around $72, inviting fresh selling.
LTC/USD daily chart
The price in the last four sessions has dropped a chunky $20 from $80 down to $60.
LTC/USD 60-minute chart
Bulls managed to break out of a bearish pennant structure, after being set up for a fresh bout of downside pressure. A near-term supply area should be noted at $65.
Spot rate: 64.20
Relative change: +5.50%
|Today last price||64.3802|
|Today Daily Change||3.8913|
|Today Daily Change %||6.43|
|Today daily open||60.4889|
|Previous Daily High||72.1204|
|Previous Daily Low||57.5184|
|Previous Weekly High||80.6896|
|Previous Weekly Low||66.0609|
|Previous Monthly High||70.0854|
|Previous Monthly Low||38.7677|
|Daily Fibonacci 38.2%||63.0963|
|Daily Fibonacci 61.8%||66.5424|
|Daily Pivot Point S1||54.6314|
|Daily Pivot Point S2||48.7738|
|Daily Pivot Point S3||40.0293|
|Daily Pivot Point R1||69.2334|
|Daily Pivot Point R2||77.9779|
|Daily Pivot Point R3||83.8355|
Litecoin (LTC) Price May Hit $77.50 after Forming Inverse Head and Shoulders
The seventh most valuable cryptocurrency has plummeted after recently reaching $79, but traders remain bullish based on technical analysis.
The Litecoin price has doubled since the start of the year, rising from $40 in early January to $79.54 on February 24, as per data from CoinMarketCap. Litecoin plummeted following the sudden fall of the Bitcoin price from above the $10,000 mark.
Image via CoinMarketCap
At press-time, the seventh-largest coin is trading at $61.79 on CMC. However, crypto traders believe that the LTC price may reverse soon and hit the $77.50 level after it forms an inverse Head and Shoulders (iHS) pattern.
‘Possible formation of multiple iHS’
Crypto analyst ‘CryptoWolf’ has taken to his Twitter page to share a bullish LTC prediction. He believes that Litecoin may form multiple Inverse Head and Shoulders patterns and hit the $77.50 level. He tweets:“LTC. Bearish target hit @ 62$.
Possible formation of multiple iHS with neckline at 77.50.
Picture from VIP video update released the 16th Feb.”
Image via Twitter
LTC may rise to the $70 area
Crypto trader @TraderSmokey has posted a LTC chart, saying that the coin may rise to the 0.007971 BTC level ($70.29).
“Decent level to buy some spot imo”
Image via Twitter
Charlie Lee accuses DeFi of being centralized
Earlier, Litecoin founder Charlie Lee shared heavy criticism of the Ethereum-based DeFi ecosystem. This occurred after the DeFi lending dApp bZx was hacked and then temporarily shut down along with the Fulcrum for trading on which it was used.
In just a few days, a second hack followed. The culprit’s profit after both hacks totaled around $1.2 mln worth of Ethereum.
Lee stated that DeFi apps can be closed down if a centralized party interferes. Further, he said they can’t be repaired unless DeFi becomes even more centralized.