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Why Litecoin did not rise (Why Litecoin ceased trading in China)

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Why did Litecoin not rise? According to CCN, why did Litecoin not rise? Accordin

Why Litecoin did not rise (Why Litecoin ceased trading in China)

Why did Litecoin not rise? According to CCN, why did Litecoin not rise? According to CoinMarketCap data, the current price of LTC is $90.45.

The main reason for Litecoin’s lack of rise is the decrease in its supply, which has led to a reduction in transaction costs and an increase in prices. And because the token has already undergone a long period of decline. Therefore, in the next few months, the market will continue to experience a correction. But if this trend continues, the price will further rise as this situation will keep it consistent with the previous price trend.

According to the data from CoinMarketCap, as of 8 o’clock on December 4, 2018, the price of Litecoin was approximately $10.35; as of writing, its market value was $16.55 billion; the increase in the past week reached 16.6%.

Why did Litecoin cease trading in China

Editor’s note: This article is from the Plain Blockchain (ID: hellobtc) and is authorized for reprint by Odaily Star Daily.

In the past year, the prices of Bitcoin and Litecoin have both risen by nearly 50%, but why have they not been affected in China?

China is one of the world’s largest cryptocurrency markets. Since the US ban on cryptocurrencies, Bitcoin has been steadily rising, but its price has also shown a downward trend this year. “One of the most serious events we are now seeing is Black Thursday in 2018,” some analysts said.

Despite this, China will continue to crack down on this industry and stop investing in digital renminbi because it may harm the rights and interests of investors. “Chinese exchanges will not provide funds for these projects and are unlikely to continue operating,” said a Chinese investor who declined to be named. He added, “This is a disaster.” He added, “If LTC falls below $1, they will put the money in a cold wallet; If you want to sell all the altcoins or buy more BTC, BCH or ETC, you have to retrieve all your tokens first!” However, Chinese investors believe that this problem does not exist anywhere else. It is reported that on September 29, 2019, the People’s Bank of China issued an announcement prohibiting the trading of virtual currency “mining”. According to relevant laws and regulations, Chinese residents are not allowed to buy, sell, or transfer any form of virtual currency. Only people who sell or exchange goods and services through legal channels can participate in the purchase of services or products related to this. Therefore, for countries that use cryptocurrencies, this is an excellent method of payment. “In order to avoid being brainwashed”, the Chinese government is working hard to solve virtual currency fraud and encourage citizens to act in a safe and wise manner to prevent criminals from using them for fraudulent activities.

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