Why is Litecoin cheap (Why is Litecoin trading stopped in China)?
Why is Litecoin cheap? According to CCN, Litecoin is cheap because its price st
Why is Litecoin cheap? According to CCN, Litecoin is cheap because its price started to decline in December 2017. While Bitcoin’s price recovered after falling to $20,000 and remained near the high range of over $30,000, Litecoin continued to be cheap.
According to data from CoinMarketCap, the current total market value of cryptocurrencies is $478 million. Although recent gains are in line with the low point earlier this year, the increasing demand for crypto assets has become more urgent as the impact of market volatility gradually weakens. Therefore, buying more digital currencies in the market can lead to more risks.
Why is Litecoin trading stopped in China?
China is one of the largest cryptocurrency markets in the world. According to data from CoinMarketCap, over 52,000 trading pairs related to Litecoin were delisted or suspended in the past 24 hours, including US exchanges such as OKEx, Bitfinex, HuobiGlobal, and other major cryptocurrency exchanges. Why has China stopped Litecoin trading?
This is because the Chinese government has explicitly banned LTC trading in mainland China, which is a huge issue for the cryptocurrency industry in China.
So, why has China stopped using Litecoin for payment? This is because Chinese citizens hold a significant amount of RMB assets (such as USD, EUR, etc.) without any financial instruments or investment plans to purchase Bitcoin.
The reasons are simple: firstly, no one currently owns or has used Bitcoin, and secondly, the domestic regulations limit the way in which individuals store virtual funds in their personal digital wallets. Therefore, users can only access their private keys and related data through bank transfers to third-party accounts and, if needed, directly withdraw legal tender from overseas banks. However, these actions are in violation of national laws. Therefore, we can no longer allow Chinese customers to buy or sell Litecoin in this form.
However, this also means that Chinese residents can no longer buy Litecoin through cybercafes or other intermediary platforms and will not receive government subsidy income like in other countries.
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/ai/25251.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
When did the Fireworks Exchange start? Is the Fireworks Exchange decentralized?
When did the Fireworks Exchange start? When did the Fireworks Exchange start? Wh
-
Identity-Centric Encryption Project Worldcoin Plans to Boost Iris Scanning Production with Jabil Collaboration
According to reports, the identity centric encryption project Worldcoin, co founded by OpenAI CEO Sam Altman, plans to launch its main network in the first half of this year. According to two people familiar with the matter, Worldcoin is collaborating with Florida based global manufacturing giant Jabil to outsource the production of portable iris scanning devices, which debuted in 2021, to increase its production of iris scanning spheres. After the main network is launched, it will be able to produce 400 spheres per month. OpenAI CEO’s encryption project Worldcoin plans to launch its main network in the first half of this year Analysis based on this information:Worldcoin, an identity-centric encryption project co-founded by OpenAI CEO Sam Altman, is reportedly collaborating with global manufacturing giant Jabil to increase the production of its portable iris scanning devices. The partnership aims to outsource the production of iris scanning spheres to Jabil, which debuted in 2021, in order to increase the output of these…
-
Vinci Games Raises $5.1 Million in Seed Funding for VR Basketball Game Blacktop Hoops
According to reports, Vinci Games, the studio of VR basketball game Blacktop Hoops, completed a $5.1 million seed round financing, led by Makers Fund, and co founded by Y Combinato
-
ANZ Bank Expects FOMC to Raise Interest Rates by 25 Basis Points
On April 27th, analysts from ANZ Bank stated that they expect the FOMC to raise interest rates by 25 basis points at next week\’s meeting. This will set the target upper limit of th
-
Unstoppable growth for Web3 startup as senior executives are promoted
It is reported that the Web3 startup Unstop Domains has promoted its senior vice president and channel director Sandy Carter to the position of chief operating…
-
The Significance of “Soon”: Major Players in the Cryptocurrency Industry Release Mysterious Video
On April 3, it was reported that several mainstream encryption protocols released the same \”Soon\” short video, including the digital asset management platform Safe (formerly Gnosis
-
Aevo: An Emerging Option Trading Platform on Ribbon Finance’s Chain
According to reports, the option trading platform Aevo launched by the structured product Ribbon Finance on the chain has a 24-hour trading volume and option holdings exceeding $1
-
Multichain Launches Online Test Network for zkRouter Cross-chain Infrastructure
It is reported that Multichain launched a cross-chain infrastructure zkRouter online test network based on zero-knowledge proof, and has realized cross-chain t…
-
ALT [er] Ego by Adidas: The Beginning of a NFT Identity Journey
According to reports, Indigo Herz, an NFT project under Adidas, stated on Twitter that Chapter 1: ALT [er] Ego has been officially released, with eight different ALT [er] Ego, each
-
Ethereum’s Total Circulation Supply Drops
It is reported that the total circulation supply of Ethereum has dropped to 120499921, a new low since the merger, according to the data of Ultrasound. Money, …