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Fork Confusion Propels Litecoin to 1-Month High Above $200

Fork confusion propels litecoin to 1-month high above $200

Fork Confusion Propels Litecoin to 1-Month High Above $200

Litecoin (LTC) is putting on a show today amid news a group of developers may seek to fork its blockchain, the fifth-largest by total value.

The cryptocurrency was last seen changing hands at $216, a one-month high, according to data service CoinMarketCap. Overall, LTC has appreciated by 29 percent in the last 36 hours, up over 100 percent from the Feb. 6 low of $106.94. Further, with the move, litecoin’s market capitalization has jumped above $10 billion for the first time since Jan. 29.

Still, the reasons for the move may give investors reason for pause.

LTC appears to be edging higher due to news of an upcoming fork called “Litecoin Cash,” which is promising new tokens to existing holders at block 1,371,111. For every 1 LTC held at block 1,371,111, holders will receive 10 LCC, according to the official website.

However, there is a notable contingent that is warning about the new cryptocurrency.

Litecoin founder creator Charlie Lee and the litecoin community have dismissed the project by calling it a “scam” meant to confuse litecoin owners. bitcoin similarly boomed on the release of a rival blockchain called bitcoin cash last year, though there were perhaps more stark differences between the two technologies, propelled by competing ideologies.

However, the technical charts indicates the news may be enough to extend a rally.

Litecoin chart

Fork confusion propels litecoin to 1-month high above $200

The above chart (prices as per Coinbase) shows:

  • LTC has breached the falling trendline resistance on the back of a sharp rise in volumes. A high volume breakout indicates the rally is here to stay.
  • Short-term momentum studies indicate bullish setup: 5-day MA and 10-day MA are curled up in favor of the bulls.
  • The relative strength index (RSI) is above 50.00 (in the bullish territory) and on the rise, indicating scope for further gains in LTC.
  • Meanwhile, 50-day MA is sloping downwards in favor of the bears.

View

  • A close today (as per UTC) above the trendline hurdle would signal bearish-to-bullish trend change and allow for a stronger rally towards $300.
  • The RSI on the 1-hour and 4-hour chart shows overbought conditions, hence a minor pullback could be seen. That said, the dip would be short-lived as short-term momentum studies are biased bullish.
  • Only a daily close (as per UTC) below $142.26 (Feb. 11 low) would signal bullish invalidation.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase and Ripple.

Litecoin image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Published at Wed, 14 Feb 2018 14:15:03 +0000

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Palestine May Launch Its Own Cryptocurrency as Sovereign Legal Tender

Palestine Plans Cryptocurrency as Sovereign Legal Tender

Palestinian officials are planning for the region of Palestine to receive its own digital currency within the next five years. The motivation for this stems from concerns about potential Israeli interference, Azzam Shawwa, Governor of the Palestinian Monetary Authority (PMA), told the news agency Reuters.

Palestinians have no sovereign currency of their own and use a combination of different currencies, including the euro, the dollar, the Jordanian dinar and the Israeli shekel, to conduct their daily financial transactions.

Due to the lack of a sovereign currency, Palestinian officials have little control over money supply and inflation. This is why the Palestinian Monetary Authority wants to introduce a bitcoin-like digital currency as the territory’s new legal tender, which will be called “the Palestinian Pound,” according to Shawwa.

It is the Palestinian Monetary Authority’s goal to become a fully-fledged and internationally recognized central bank for an independent Palestine. However, it is still unclear how a digital sovereign currency for Palestinians would sit with the 1994 Paris Protocol agreement. The protocol agreement gives the Palestinian Monetary Authority the functions of a central bank; however, it has not granted the institutions the right to issue its own currency. The Paris protocol recommends the use of the shekel in the region and, thereby, effectively provides Israel with a veto over the establishment of a Palestinian currency.

A sovereign digital currency, though, would make sense for Palestine. Not only would it allow the PMA to have more control over the country’s money supply and inflation, but it would also circumvent the practical challenges of delivering hard currency into the country as the PMA has no money-printing facilities.

“If we print currency, to get it into the country you would always need clearance from the Israelis and that could be an obstacle. So that is why we don’t want to go into it,” Shawwa explained to Reuters.  

While the digital Palestinian pound is planned to be issued within the next five years, this will be no easy task for Palestinian authorities, given that the Palestinian Monetary Authority has been trying for over a decade to become an internationally recognized central bank.

Another option for the Palestinian monetary situation would be to keep the current status quo of the four above-mentioned currencies in use or to officially recognize one of the these currencies as the territory’s legal tender. However, a digital sovereign currency would be the preferred choice for Palestine, according to Shawwa.

The post Palestine May Launch Its Own Cryptocurrency as Sovereign Legal Tender appeared first on Bitcoin Magazine.

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