Charlie Lee Impersonator & Giancarlo Reinvigorate LTC Prices?

litecoin price forecast
Credits: istock.com/TimArbaev

Daily Litecoin News Update

Today’s Litecoin update is exhilarating as we take a break from reporting crypto crash updates. The cryptocurrencies that have been nosediving for nearly a month finally changed course yesterday. Crypto markets are once again soaring.

In the top 10 cryptos, Litecoin is currently the second-best performer. At the time of press, Litecoin was up 30.26% in the last 24 hours with the LTC to USD rate standing at $151.32.

What exactly happened in the past 24 hours that caused public opinion to take a 180-degree turn? You guessed it; the cryptocurrency Senate hearing.

We’re hailing two people at the hearing as the heroes who saved the day. More on that later. But first, let’s recap some of the important takeaways from the hearing.

  1. The market watchdogs don’t wish to ban cryptocurrencies. That much is certain now.
  2. The financial bigwigs actually respect Bitcoin for blessing the world with blockchain technology. We can finally be at peace.
  3. They see a bright future for blockchain. That was also made crystal clear.
  4. The regulators propose regulating initial coin offerings (ICOs) since they resemble securities offerings. That’s actually a good idea.
  5. They want to crack down on fraudsters. Again, way to go.

All in all, the U.S. regulators took a moderate stance on cryptos.

So while rumors of a South Korean and Indian crypto ban jolted the markets through most part of January, the U.S. government’s balanced liberal take has breathed new air into the dying markets.

Now, coming back to our heroes.

The first is the regulator who let up on cryptos with his positive remarks. The Chairman of the Commodities Futures Trade Commission (CFTC) Christopher Giancarlo became an overnight star in the crypto world after his bullish comments on cryptocurrencies. He showed his support with an anecdote.

Giancarlo doesn’t want to ban cryptos because his kids are likewise investing in cryptocurrencies. Here’s an excerpt from his testimony that was the highlight of the hearing.

“It strikes me that we owe it to this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one, and yet we must crack down hard on those who try to abuse their enthusiasm with fraud and manipulation.”

Then, we have the “SatoshiLite” impersonator to thank who marketed Litecoin on national television yesterday. We have to give it up to him for daring to pull off the comical move in a somber setting.

Somebody came dressed up in Litecoin founder’s “Chikun on a rocket ship” Twitter avatar but, as Lee confirms, it wasn’t him.

charlielee tweet

In all hilarity, the impersonator managed to make a point without saying a word. That is, Litecoin is the cryptocurrency investors should be watching right now, because this is the rocket ship ready to take a flight.

Analyst Take

We’ve to wait a couple of days to figure out if this is just a dead cat bounce or if the cat actually lived to see another day. Nonetheless, we’re maintaining our Litecoin price prediction 2018 at $400.00 LTC as we await the LitePay launch.

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Litecoin is similar to Bitcoin, and in some ways a direct competitor. Like Bitcoin, Litecoin exists as a blockchain where participating nodes process transactions, and miners provide security and verification for each of those transactions. Litecoin was originally conceived and developed by Charlie Lee in 2011. For a period of time, Charlie was a Director of Engineering at Coinbase, having joined our team in 2013. Since its launch in 2011 Litecoin has seen steady adoption with an active community of traders, merchants, and developers. We believe Litecoin is here to stay and will continue to play an important role in cryptocurrency and digital asset development.
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