Cryptocurrency Round Up: Litecoin, Libra and Binance in the News

  1. LTCUSD Set for More Downside As it Breaks Key Support

Litecoin continued its downward start to the week on Tuesday by falling to the 85.30 mark (as at the time of writing). By this move, the weekly candle for last week closed effectively below the $93.24 support line by more than the required 3% downside penetration. The active weekly candle is pushing towards the next support at $84.78 and looks set to attain it if the bearish sentiment on Litecoin continues.

  1. Facebook Says It Will Protect Libra Users Against Fraud

Libra continues to dominate proceedings in the US Senate, as Facebook’s David Marcus takes the stand to address concerns that US lawmakers have about the company’s planned cryptocurrency. Marcus, who heads the division that will manage the Calibra wallet, has testified that Facebook will operate within the financial regulations of whatever jurisdiction it operates from. He also opined that he would have no problem collecting his entire salary in Libra. Facebook is launching Libra as its solution to reaching the unbanked population of the world. However, governments and regulators are very concerned that this crypto could be used for nefarious purposes, given Facebook’s poor handling of user data in the past.

  1. Binance Hackers Offloading Stolen Coins on Exchange

There is mounting evidence that the hackers who stole millions in cryptocurrency from the Binance exchange hack are spreading the coins across several exchanges and liquidating them in small tranches. This is according to an expose from Coinfirm, a startup in the blockchain ecosystem. So far, only a stash of cryptocurrency valued at $21,000 have been sold on exchanges. This is just a fraction of the reported $41million worth of coins that were reported stolen in the May hack. It is likely the hackers are trying to avoid triggering perform KYC verifications, as this is required when much larger sums are involved.

 

 

Don’t miss a beat! Follow us on Twitter.

Download our latest quarterly market outlook for our longer-term trade ideas.

Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.