Litecoin May Break Through Support Level of $69,613

Litecoin May Break Through Support Level of $69,613

The world’s fifth-largest cryptocurrency Litecoin (LTC) had surged to $69.00, and then declined gradually to the $73.00 level as shown from the price chart of February 2. Thus, Litecoin may break support level of $69,613, and then go down to the next support levels of $66,728, $64,209, and $61,945.

As shown from the chart below, Litecoin may break through support Level of $69,613.

Litecoin hit $69.50 early in the day, converting into a bullish trend. The cryptocurrency was propelled by bulls who pushed the price to $72.97, but it then fell to the $70.50 level. The price chart indicates a downward trend till the end of day.

On February 2, LTC’s Relative Strength Index (RSI) has witnessed an upward across the $70.00 level. Once the cryptocurrency has hit the 87.10 mark, it fell below level of $70.  

Litecoin founder proposes 1% mining tax

Charlie Lee, creator of Litecoin, suggested that miners should donate to finance the cryptocurrency development project. 

“How about Litecoin pools donate 1% (0.125 LTC) of block rewards to the @LTCFoundation? If every miner/pool does this, it amounts to about $1.5MM donation per year!” Lee said.

Unlike Bitcoin Cash, LTC miners can freely decide where to pay the tax, such as Litecoin.com or the Lite school. However, in the case of BCH, a Hong Kong corporation will collect the funds to legally distribute them.

BitGo Provides Litecoin with Custody Solutions

The Litecoin Foundation, a non-profit organization providing blockchain solutions, has unveiled its collaboration with BitGo – one of the largest crypto custody providers. 

Under the partnership agreement, BitGo will provide Litecoin that is registered in Singapore with custody solutions and digital asset storage.

Founded in 2013, BitGo became the premier bitcoin wallet provider. Moreover, it expanded its business in 2018 to a multi-signature wallet which supports more than 200 crypto assets.

Litecoin Foundation has members around the globe, and they aim to develop state-of-the-art blockchain technologies.

Meanwhile, it is widely acknowledged that most alternative coins or altcoins are dependent on bitcoin; and that’s especially true for large market cap coins such as Ethereum, Litecoin and EOS.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.