Category Archives: Cryptocurrency

Ambiguous regulations in the cryptocurrency space allow for massive room for new crypto outlets to thrive unchecked.

Everyone around you seems to be trading in cryptocurrency and discussions around ethereum and bitcoin seem to be commonplace these days, right? If youre also surrounded by the crypto frenzy and want to dabble in the newest asset class in town, here are some tips for you.

Delhi-based Shivam Srivastava, a trading mentor and a day-trader himself, stresses the importance of risk management and domain understanding before anything else. While trading advice remains mostly the same across all asset classes, cryptocurrency trading needs additional emphasis on risk management strategies, since the leverage involved is super high, he said.

Here are a few points you should stick to, so that youre able to trade sensibly and profitably, without incurring massive losses in your trades.

Start small

Bitcoin hit its all-time high of $64,863 in April 2021. But if you trace its 52-week trend, youll find that the alternative currency was also valued at $8,900 within this year. It's no surprise that bitcoin has a mouth-watering ROI (Return on Investment) of almost 24,000percent since its inception.

Considered to be fundamentally stronger, ethereum, which has an ROI of almost 68,000percent since its launch, did not fare much differently. Over the last three months, its prices have dipped as much as $1,600 and risen to almost $4,300. Its 52-week trend is on the same lines as bitcoin, trading at just $219 to rising sharply to $4,362.

These numbers can be tempting, but remember to start small and invest only what you are willing to lose, despite a voracious risk appetite when you are starting out. The cryptocurrency market is extremely volatile and overnight crashes are entirely within the scene.

Every investor, irrespective of their risk-taking capabilities, makes specific portfolio allocations for blue-chip companies in the market- stable, large, and well-known companies that are known to deliver good returns consistently.

In the cryptocurrency world, bitcoin and ethereum are somewhat of blue chips. Sure, it is tempting to buy relatively unknown cryptocurrencies that become an overnight sensation at low prices and benefit from their dips and rises, but since bitcoin and ethereum dominate the cryptocurrency market, there are fewer chances of them being rigged and manipulated, unlike other currencies in the league.

Ambiguous regulations in the cryptocurrency space allow for massive room for new crypto outlets to thrive unchecked. But with this rise, there has also been a sharp ascent in the number of scams and investor fraud. The recent case of the Cajee brothers, who vanished, along with Bitcoin worth $3.6 billion from their cryptocurrency investment platform in South Africa, brings this to light.

Recently, FTC (Federal Trade Commission) also reported that around 7,000 US consumers lost more than $80 million on various cryptocurrency scams between October 2020 and March 2021, with an average of $1,900 per transaction.

Srivastava recommends trading via trusted platforms that have a solid market reputation, along with having a cryptocurrency wallet. This wallet, which can either be a device or a program, will protect your crucial information like storing public and private keys of your cryptocurrency transactions.

If youre looking to invest in cryptocurrency from a long-term perspective and do not plan to engage in frequent transactions, having a hardware wallet is a must since they are very secure. Otherwise, platforms like Binance and WazirX also provide such wallet services. If youre a frequent trader, a software wallet would serve your purpose well, he said.

Elon Musk tweeting about bitcoin, China cracking down on cryptocurrency mining, El Salvador legalising bitcoin, the RBI clarifying its stand and support with the Supreme Court circular that permitted cryptocurrency trading- all of these are key developments that dramatically affected the market movement. Be sure to stay abreast with all decisions, both in India and globally, that affect the price of these alternative currencies.

Also remember to disclose your income from cryptocurrency trading, since the current IT rules, despite having no clear provisions for cryptocurrency, do not exempt income earned from this source. Sources have also notified that the government may categorise them as capital assets and not as currency, which would mean that they will be subject to different tax treatment.

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Here's all you need to know before starting cryptocurrency trading - Moneycontrol.com

Visa has broad plans for digital currency, as the payments industry begins to embrace the ... [+] opportunities in cryptocurrency.

Its been brewing for some time, but 2021 is finally seeing established payment companies take the opportunities of cryptocurrency seriously, and among those leading the pack is Visa V .

An industry that was previously plagued by volatility and speculation is beginning to see its enterprise-friendly side blossoming, and according to the card network, the opportunities are abundant.

The world of digital currencies and crypto has moved and evolved quite significantly since the 2009 launch of Bitcoin, explains Nikola Plecas, head of new payment flows,Visa Consulting and Analytics, Europe at Visa.

Visa's strategy is to be a network of networks and really be able to originate and terminate new payment flows outside of card rails. We have made tremendous push into these new flows over the last couple of years with products such as B2B Connect, Visa Direct, Push to Pay and digital currencies naturally fall into that category.

However, this doesnt mean that the worlds most famous cryptocurrency Bitcoin features heavily in the card networks plans. Instead, Visa characterises the industry as made up of two distinct groups: conventional, untethered cryptocurrencies and fiat currency-backed digital currencies, often known as stablecoins, which are attracting greater interest from institutional and government organizations despite currently a smaller part of the overall market.

The former is seen by the company as a tradeable asset with limited industry potential CEO Alfred Kelly described it as digital gold in the companys Q2 2021 earnings call. However, the latter is where Visa sees significant potential for payments.

We see these as having the potential to be used by consumers and merchants in the same way as existing fiat currencies are, says Plecas. And when it comes to areas of opportunity, there are many for organizations such as ours.

While many use the terms cryptocurrency and digital currency interchangeably, Visa has chosen to characterize the area it is focusing on the stablecoin side of the industry as digital currencies.

Visas digital currency efforts currently fall into five areas. Some of these are well-established and already contributing to the companys revenue growth, while others are in the early stages and are unlikely to make a meaningful impact on Visas top line in the near future. However, they together represent a long-term view of the market.

The first is perhaps the most obvious: making it easy for consumers to buy cryptocurrencies, which has involved working with wallets and exchanges drive acceptance. This area earned a mention in Visas most recent earnings call as being the second biggest contributor of growth in its card-not-present excluding travel segment the biggest growth was the surge in ecommerce.

Second is a natural progression from the first: enabling cryptocurrency to be cashed out to fiat.

We want to make sure that you as a consumer, once you exit your cryptocurrency positions in exchanges and wallets can cash onto a Visa credential and then start spending at any of our 70 million-plus merchant endpoints, says Plecas.

While those two are in full swing, a newer development is the third pillar, which is the use of digital currency APIs to enable banks and neobanks to add cryptocurrency options for their clients. This is in the early stages, with US neobank First Boulevard becoming the pilot customer earlier this year, however Plecas highlights that Visa is looking to extend to other markets and regions with the product.

We quickly realized that there's potential to be the next gen of neobanks, he explains. They're also doing a lot of their treasury operations, paying vendors and employees already in stablecoins.

In order to do this, the company needed to enable customers to stay within their ecosystem when they also settled their obligations with Visa, which is where pillar four, settlement in stablecoins comes in. This has seen Visa settle its first transaction in a stablecoin, US dollar-tethered USDC, this year.

Settling in USDC is very similar to settling in USD, he explains.

What we've done is an upgrade of existing treasury infrastructure operations to be able to receive these assets, because actually receiving them is now done through public blockchain rails. And as time evolves, we want to support other stablecoins.

The final pillar, however, is the most long-term: central bank digital currencies (CBDCs). According to the Bank for International Settlements, 86% of the worlds central banks are now considering the launch of CBDCs of one form or another, with more than one in ten currently engaged in pilots.

CBDCs have a variety of benefits, including the potential to better reach the underbanked, and Visa argues that their implementation will require public-private partnerships.

That way, they will be integrated in the right way into the existing payments' ecosystem, says Plecas.

At Visa, we want to make sure that our products and services are acting as a bridge between our existing clients and the new clients and blockchain rails involved with digital currencies.

Visa's areas of focus as it moves into cryptocurrency

While much of this is focused on the consumer side of cryptocurrency and digital currencies, Visa also sees significant potential in B2B payments.

B2B is an area of high growth, high importance and high interest to all of Visa. And we see that digital currencies can supplement and compliment some of the existing solutions that we have in the space, says Plecas.

However, while digital currencies can impact the B2B space, and in some cases are already doing so, broader institutional adoption is likely to take time.

Nevertheless, in areas with poor infrastructure, the potential of CBDCs in particular is strong for B2B.

In some countries the infrastructure is just not there yet, and for these types of countries and regions, digital currencies can complement what we already have.

One of the areas that is often raised in digital currency discussions is cross-border payments, with many citing potential speed and cost benefits. However, Plecas stresses that while there is potential, it is not a simple clean fix.

The cross-border space is highly complex, and it has a large number of actors who are trying to solve for consumer experience in terms of end user price and time efficiency, he says.

It's not easy to solve for this, even if you're trying new technologies that would give you some advantages theoretically with this aspect.

However, he says Visa sees particular opportunities in global marketplaces that bring together buyers and sellers from different currencies.

In those instances, potentially digital currencies can help them reach some of these markets in a more time and cost efficient way.

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Visa And The Cryptocurrency Opportunity: Inside The Card Networks Digital Currency Plans - Forbes

Two members of the Senate Intelligence Committee, Sens. Mark Warner (D-Va.) and Roy Blunt (R-Mo.), called on Sunday for greater regulation of cryptocurrencies in order to crack down on ransomware payments from cyberattacks.

Why it matters: Last month's hacking of the Colonial Pipeline underscored the nation's vulnerability to large scale ransomeware attacks and increased attention to the importance of cybersecurity.

Be smart: Cryptocurrencies allow users to make payments anonymously and can make cybercriminals harder to trace. Ransomware payments through cryptocurrencies like Bitcoin have also been on the rise.

What they're saying: Warner, the Intelligence Committee chairman, acknowledged that there can be some benefits to crypto, but noted that "we are seeing now some of the dark underbelly."

Blunt argued that cryptocurrency regulation is needed to ensure these types of transactions don't remain "behind the scenes" of the U.S. financial system.

Go deeper: U.S. plans crypto crackdown.

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Senators call for greater regulation of cryptocurrency - Axios

Cardano (CRYPTO:ADA) has seen one of the most significant price jumps of any leading cryptocurrency in 2021 so far. Priced at just $1.85 as of this writing, the coin is more than 10 times more valuable than it was on January 1 and currently sits in the top five cryptocurrencies by market cap.

The recent crypto market crash has erased much of Bitcoin's (CRYPTO:BTC) recent gains (although it's still up about 32% since January 1), and at least temporarily dampened Ethereum's (CRYPTO:ETH) electrifying surge -- it's down about 35% from its recent all-time high. However, Cardano has kept more of its upswing action intact amid increased market volatility.

Image Source: Getty Images.

Cardano isn't as well-known as Bitcoin or Ethereum, and its market cap and daily transaction volume are a fraction of those leading coins. But that's part of the appeal: cryptocurrency investors see vast potential in the so-called "Ethereum killer," which is on the verge of a massive blockchain network upgrade that could help it live up to that moniker.

Here are five reasons why investors are so bullish on Cardano right now.

Cardano will soon implement "smart contract" functionality, which essentially means adding code that enables automated, self-executing contracts. Smart contracts allow developers to build apps on top of blockchain platforms, such as Ethereum's enormously popular Uniswap decentralized exchange. The entire decentralized finance (DeFi) industry is built on smart contracts, much of it on Ethereum, and Cardano is about to join the party.

Ethereum's blockchain can only handle a very limited number of transactions right now -- around 15 per second -- which has led to immense congestion on the network. That means longer waits to complete transactions and high "gas fees" (or transaction fees) that you'll pay to send them through.

Future network upgrades should ease that pain, but Cardano is already primed to handle much larger volumes of transactions. It has been tested at up to 257 transactions per second, but Cardano developer Input Output is looking into much vaster tallies -- potentially as many as 1 million or more transactions per second.

Both Bitcoin and Ethereum are based on energy-intensive "proof-of-work" systems, which require miners to use powerful computers to solve complex math equations -- all in the hopes of winning some cryptocurrency for their efforts. In fact, it's part of the reason why the crypto market is down so much lately, after Tesla decided to stop accepting Bitcoin due to the outsized environmental impact of mining.

Luckily, Cardano has a much more eco-friendly "proof-of-stake" system, in which validators hold their coins within the network to participate and earn rewards. According to Cardano founder Charles Hoskinson, the network is "1.6 million times more energy efficient" than Bitcoin. That might seem like an impossible figure, but it really speaks to the overwhelming amount of energy needed to power Bitcoin's network. It's something that crypto newcomers are surely keeping in mind as they plot potential investments, and Cardano offers a better path forward.

As a third-generation blockchain network, Cardano has learned from the missteps of its predecessors to try and create a more effective, economical, and energy-efficient system. On top of that, it's also based on peer-reviewed scientific research, with ample time and energy put into exploring the technical possibilities within. You might call it the opposite of Facebook'sclassic "move fast and break things" motto. Some would say that's why Cardano has been slow in implementing features like smart contracts, but it could assuage some investors' fears given the already volatile nature of cryptocurrency.

If bullish cryptocurrency analysts are correct, then the entire market may have plenty of room to grow in the years and decades to come. But the days of buying a single BTC or ETH for a few dollars and watching it grow into the thousands (and beyond) are long gone. Could Cardano's value ultimately lift off into the stratosphere like those coins did? There's no telling for now. But the fundamentals behind Cardano appear to be strong, and given the current low price per coin, many investors see it as a worthy long-term bet on a promising cryptocurrency project.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Why Cryptocurrency Investors Are Excited About Cardano - Motley Fool

While the auto industry is still working on perfecting self-driving cars, one marque is high-tailing it toward self-mining cars. Canadian outfit Daymak has just announced its building the worlds first automobile that can mine cryptocurrency.

The new light electric vehicle (LEV), dubbed the Spiritus, will be equipped with high-tech mining hardware and blockchain technology that will allow it to mine all kinds of crypto, from Bitcoin to Dogecoin, while its charging.

For those unversed in crypto lingo, mining is a way of earning cryptocurrencies by solving cryptographic equations and algorithms through computers. You can mine via any computer, including the one onboard this pioneering ride.

The Spiritus mines all kinds of crypto, from bitcoin to dogecoin, while its charging.Daymak

The Spiritus will include a GPU (processor) that supports a patent-pending system known as the Daymak Nebula. The Nebula comprises a miner that collects the coins and a digital wallet that stores them for future use. Naturally, theres also an app that displays all the crypto info on your smartphone.

We envision a future where your highway tolls, your parking and your drive-thru order will be paid directly on the fly with crypto. Your online bills and your banking can be handled through the same software platform paid in crypto, Daymak president Aldo Baiocchi said in a statement. And whereas most vehicles are depreciating while they sit in your garage, the Nebula Miner will make you money while your Spiritus is parked.

The Nebula Miner can collect the coins using solar power.Daymak

According to the automaker, the emissions-free daily driver is also fitted with solar panels, which means the mining could be carried out using renewable energy rather than traditional fossil fuels. Recently, there has been some criticism regarding the environmental cost of mining crypto, but using solar power prevents all of that.

As for the car itself, it has a decidedly futuristic aesthetic with sleek lines and a sculpted rear end. Though it only has three wheels, its certainly no slouch. The range-topping Ultimate model features an 80 kWh battery that delivers up to 150 hp. Daymak says this allows the svelte two-seater to go from zero to 60 in a breakneck 1.8 seconds and reach a top speed in excess of 130 mph. The company also claims the car can cover some 300 miles and charge in under two hours.

You can access the Nebula Wallet and crypto info via your smartphone.Daymak

The Spiritus is the fifth model in Daymaks Avvenire Series. This line-up includes everything from e-bikes to electric flying vehicles and has already garnered more than $350 million in pre-orders in less than two months. The Spiritus, which is expected to launch in 2023, has received more than 4,000 pre-orders so far.

As for price, the base Deluxe model starts at around $20,000 while the luxe carbon-fiber Ultimate version will set you back $149,000, but, hey, it might just pay for itself.

Check out more images of the car below:

Daymak

Daymak

Daymak

Daymak

Daymak

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The Daymak Spiritus Is the Worlds First EV That Mines Cryptocurrency - Robb Report

New Delhi: Major Cryptocurrencies slipped back into the red after a brief recovery as of 10.45 am (IST). Investors took some money off the table from recent gainers such as Dogecoin and Polkadot, which were down up to 13 per cent at that point.

Tesla boss Elon Musk tweeted late Thursday hinting at a breakup with bitcoin, spooking investor sentiment. Bitcoin and Ether slipped over 3 per cent, but recovered half of the losses later.Musk has been a major promoter of cryptocurrencies, but has of later turned critical of bitcoin because of its immense energy use.Despite speculative action in 'meme' equity counters, pushing them to new highs, the crytpo market is lagging behind. However, the performance of meme-based digital tokens, like Dogecoin, has improved, though the upside remains limited.

"The king pair of Bitcoin and Ethereum are slowly yet steadily moving out of their consolidation phase. It is a good sign for the markets as most of the other Altcoins tend to follow the price movements of bitcoin and Ether," Edul Patel, CEO and Co-founder, Mudrex. "The major decline came from Dogecoin, as it finally shed its steam after three days of a fierce uptrend. This correction in DOGE was imminent. The coming week is poised to be interesting for the cryptocurrency market," he said.

ZebPay Trade Desk's Tech ViewThis week the top 3 assets by market capitalization -- Bitcoin, Ethereum and BNB -- have seen a recovery. BTC has now started its journey upward, trading between $36,000 and $39,500. This week, the asset saw a rise of 10% and hit $39,000 level.

Time is in UTC and the daily time frame is 12:00 AM - 12: 00 PM UTC(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)

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Top Cryptocurrency Prices Today: Bitcoin, Ether slip; Dogecoin tanks 13% - Economic Times

Regarding Lee Reinerss Ban Cryptocurrency to Fight Ransomware (op-ed, May 26): Emulating the Chinese governments approach to cryptocurrencies is misguided, impractical and un-American. As Mr. Reiners concedes, banning anything runs counter to the American ethos, a statement that encapsulates the open approach to new technology that we, as a country, have often pursued. While it is unfortunate that Mr. Reinerss proposed ban mimics the Chinese approach, it is also technically impossible. Open blockchain networks run on open-source software, meaning the government couldnt enforce a ban on digital assets without shutting down the entire internet. We doubt such a solution would have much of a durable constituency on Capitol Hill or in the White House.

Indeed, what sort of signal would banning this censorship-resistant financial system send to the billions of people living under authoritarian regimes? One timely example undermines Mr. Reinerss assertion that cryptocurrencies are used only by speculators and criminals. According to the Human Rights Foundation, Belarusians have used bitcoin to defy Alexander Lukashenkos regime by sending more than $3 million in unstoppable money directly to striking workers, who then convert it to local currency in peer-to-peer marketplaces, helping to support protests against the countrys dictatorship.

Another more local example shouldnt escape our view: Mr. Reinerss Global Financial Markets Center openly solicited, until May 26, donations in several cryptocurrencies. If a well-regarded think tank focused on the future of the worlds financial systems deems crypto donations worthy, perhaps Mr. Reiners should look closer to home for worthwhile use cases.

Kristin Smith

Executive Director

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Cryptocurrency Ban: Unworkable and Unwise - The Wall Street Journal

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The relative resilience of Ether in Mays cryptocurrency rout has put the spotlight back on the idea that the second-largest digital token could one day overtake Bitcoin by market value.

Right now the largest virtual currency is more than twice as big as Ether but the gap narrowed by about $350 billion in May, courtesy of one of Bitcoins worst drops and a smaller retreat in Ether. Fans of Ether cite its popularity for blockchain-based financial services and digital collectibles, as well as an ongoing upgrade to boost the efficiency of the affiliated Ethereum network.

Ether will likely exceed Bitcoin at some point in the future, as Ethereum will be superior when it comes to innovation and developer interest, said Tegan Kline, co-founder of blockchain software company Edge & Node. But she also said that investors should be allocating capital to both tokens.

The speed of change in the crypto sector makes prognostication perilous. Even so, Goldman Sachs Group Inc. strategists and star investor Cathie Wood are among those who highlighted Ethers potential recently. More broadly, interest in virtual currencies has expanded out beyond Bitcoin, whose share of $1.6 trillion in total crypto market value is down to 42% from about 70% going into 2021, according to data from CoinGecko.

In a report last week, Goldman commodity strategists Mikhail Sprogis and Jeff Currie wrote that Bitcoins first-mover advantage appears fragile, adding theres a high chance it will eventually lose its crown as the dominant digital store of value to another cryptocurrency with greater practical use and technological agility.

They said Ether seems the most likely candidate to surpass Bitcoin, while adding the rider that such an outcome is far from certain. Ethers annual supply growth is capped, they said, aiding its credentials as a store of value.

Pat LaVecchia, chief executive of crypto broker Oasis Pro Markets LLC, argues Ether is starting to be viewed as a better growth story for the long term.

Bitcoin is down some 37% in May, one of its worst monthly retreats on record, while Ether has shed about 11%. The largest token retreated 1% to $35,750 as of 8:27 a.m. in London. Ether was little changed at $2,447. Virtual currencies have been under pressure after Elon Musk criticized Bitcoins energy profile and China stepped up regulatory rhetoric.

For some, Bitcoin will fend off rivals to stay in top spot, not least because of the sheer amount of attention it gets. For instance, Andrew Kiguel, chief executive of Tokens.com, argues Bitcoin has the best outside validation signals given how institutions and tycoons like Musk keep talking about it.

Bitcoin will still remain king of the cryptos, said Edward Moya, senior market analyst at Oanda Corp. Bitcoin had too big of a lead for Ethereum to catch and has one major advantage, a fixed supply of only 21 million coins.

Ether is up more than 900% over the past year, exceeding Bitcoins 275% climb. Given the huge gains, the debate on what crypto insiders call the flippening -- a future where Ethers value overtakes Bitcoin -- will likely stay alive for a while yet.

Before it's here, it's on the Bloomberg Terminal.

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Bitcoin ($BTC USD) Vs Ethereum ($ETH): Which Cryptocurrency Price Is Better? - Bloomberg

Voyager Digital CEO Steve Ehrlich on whether more companies will accept crypto.

More companies will accept cryptocurrency as payment, especially Bitcoin and Stablecoin, Voyager Digital CEO Steve Ehrlich told FOX Business Maria Bartiromo on "Mornings with Maria" Tuesday.

MIAMI TO HOST LARGEST CRYPTOCURRENCY CONFERENCE IN HISTORY

STEVE EHRLICH: I think there's going to be more, you know, more companies accepting crypto. I think one of the other things are Stablecoins there, and I think there will be more companies accepting Stablecoins as the first step then they will start accepting Bitcoin.

That's a growing population. Us at Voyager, we're already seeing that as our business caters to small and mid-sized businesses as well as retail consumers.

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Those small mid-sized businesses want to accept USDC Stablecoin, they want to accept Bitcoin and they want to hold some of their Treasury in both of them because you can earn interest on those as well as use them in everyday payment.

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Cryptocurrency expert says Bitcoin, Stablecoin payments will be accepted by more businesses - Fox Business

New Delhi: Major crypto market tokens regained their initial gains on Monday. The cuts in daily prices have been marginal, but tokens including Cardano, Maker and XRP gained up to 10% per cent in the last 24 hours.

Prices of nearly all crytos tumbled after China Banking Association recently warned member banks of the risks associated with digital currencies. Murmurings of tighter regulations on digital tokens have put pressure on them. Despite such a massive crash, investors and traders continue to be bullish about cryptos.

Cryptocurrency market has been less volatile of late but major digital tokens are down by a third this month, weighed by growing regulatory pressures on the sector. Many digital currencies are trading at half of their peak after gaining in the beginning of this year.

Back home, leading domestic banks are clamping down on customers using bank accounts for cryptocurrency transactions. Major lenders such as HDFC Bank and State Bank of India have sent official notices to customers warning them of curbs, including permanent closure of accounts.

The move comes after the 'informal' diktat by RBI issued last week asked banks to stop dealing with cryptocurrency exchanges. The move has seen major backlash from crypto exchanges and traders.

"The weekend was pretty steady with most major currencies moving northwards. We will see this behaviour continue as markets consolidate further and money in the ecosystem evens out. Over the next few days, we will see bitcoin dominance dip and most of that money to flow into Altcoins like ETH and BNB", said Edul Patel, CEO & Cofounder, Mudrex

Crypto prices as of 09:50 IST (Source: coinmarketcap.com)

The cryptocurrency is based on the Bitcoin (BTC) protocol but differs in terms of its hashing algorithm, hard cap, block transaction time along with a few other technical factors. LTC currently has a block time of just under 2.5 minutes and very low transaction fees, which makes it suitable for micro-transactions and POS payments.

Today, Litecoin is one of the most widely accepted cryptocurrencies, and more than 2,000 merchants and stores now accept LTC across the globe.

Technically, LTC, on the four hourly time frame, made a Hammer pattern (trend reversal pattern) at the support level of $117.58 and the prices started moving upwards making Higher Top Higher Bottom formation up to the resistance level of $208.98. Post this, the asset is consolidating and trading in a range from $160 to $200. Hence, breakouts on either side will further decide the trend of the asset.

Key levelsSupport: $117 and $155Resistance: $220 and $247

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Top Cryptocurrency Prices Today: Cardano, Ethereum, XRP gain up to 6% - Economic Times