Let’s take a quick look at what is happening in the crypto money market in the weeks that we left behind before moving on to Litecoin and LitePay.
At the beginning of February, we saw almost all global markets shaking a bit, and the crypto money market was one of them.
Last week, Bitcoin rolled down from $ 10,000 and then climbed back to $ 10,000.
To go a little further, Bitcoin was trading at a record level in December 2017. Up to about $ 20,000, Bitcoin has halved in less than two short months.
It was only a matter of time and expected. The market had to correct itself before it put investors in greater trouble, and so did this. Not to mention the possible losses of a larger scale.
Despite this decline in one of the most talked about crypto currencies of 2017, there is some good news for the crypto currency market.
For example, the founder and CEO of Kraken, Jesse Powell, said that the crypto currency market would reach a value of $ 1 trillion and continued:
Now there are more people in universities preparing to graduate from crypto programs. I think we’re going to see this increase exponentially.
The market is trying to improve itself after a busy year in 2017. For the time being, although it is difficult to say that the market may recover in the short term, it is possible in the long run, and this process will suffice to change the majority’s approach to these digital assets in a positive way.
As Powell says, Bitcoin and blockchain technology courses are becoming one of the most popular courses at universities in the United States and around the world.
A few days ago we learned that the popular crypto currency exchange Poloniex was sold to a Goldman Sachs-backed company. This has been an extraordinary development for all, given Goldman’s harsh and negative views of the market so far.
We have learned from the beginning that Russia, which has been moderately approaching crypto assets, has drafted laws to legalize the crypto currency trade, and we know that the country is continuing its efforts to extract its own crypto currency.
Petro, the official crypto currency of Venezuelan oil, is one of the developments that should take place here.
Of course, let’s look at our own country. Because there are many remarkable developments. For example, Istanbul Medipol University has created an elective curriculum called “Blockchain Technology, Bitcoin and Crypto Coins”.
In essence, the world is just warming up to these digital beings. It just needs more time.
South Korea and Bitcoin
There is also new news from South Korea that can be useful to the crypto money market.
South Korea has been one of the countries where the crypto market has been at the forefront from the very beginning. The good news is that the country is now turning to Bitcoin. The South Korean government said it considers Bitcoin a liquid asset.
What does it mean?
South Korea has a huge impact on the volume of the crypto currency market; therefore, any change in rules and regulations directly affects Bitcoin prices.
The country wants to make the crypto money market more transparent. Of course, this step will bring great (and positive) developments for the market.
However, South Korea was not the only country to officially recognize crypto currencies, but Japan was the first.
Developments in legalization and regulation are increasing the demand for the market due to greater reliability. As the demand increases, so does the value.
Litecoin (LTC) experienced one of the biggest increases this week among the top 10 most popular crypto currencies. Litecoin, which has a market value of approximately $ 12 billion, continues its upward trend despite the weekly collapse in the market.
As of the date of writing, the crypto currency, which is at the level of 216,41 dollars, seems ready to continue its rise in the coming days. The only reason for this expectation is LitePay, which was released on Monday, February 26th.
LitePay can be defined as a payment processor that allows traders to shop from anywhere in the world in exchange for fiat currencies. The best thing about LitePay is that you can easily convert your Litecoin to USD or any fiat currency using your LitePay card.
LitePay is said to be a cheaper and faster alternative to Bitcoin. As said, if LitePay is successful and allows people to pay faster and easier, more people will begin to turn to this subcoin. It will also be an ideal payment alternative for these businesses.
If it is adopted by businesses, it can be expected that the market value of Litecoin will increase further. Can you imagine a major retailer like Starbucks, Amazon or Walmart accepting Litecoin?
Litecoin has so far been one of the most robust and accepted crypto coins on the market. If LitePay succeeds, it will not be a surprise that Litecoin is at worst off Bitcoin Cash.