1. QiAi QuestsHome
  2. Metaverse & Beyond

Why can’t Litecoin rise (Why is Litecoin trading suspended in China)?

• Metaverse & Beyond • 68 views

Why can\’t Litecoin rise? According to CoinMarketCap data, as of the time of pub

Why cant Litecoin rise (Why is Litecoin trading suspended in China)?

Why can’t Litecoin rise? According to CoinMarketCap data, as of the time of publication, the price of Litecoin is $6.89, with a 5% decrease in the past 24 hours. Looking at the market trend, the price of Bitcoin has been fluctuating significantly in the past few days, experiencing several major declines, but has now returned to its previous level and shows a certain downward trend. Additionally, there is a certain disconnect between Litecoin and Bitcoin, as both Litecoin and Ripple are in a negative correlation. Why can’t Litecoin rise?

Why is Litecoin trading suspended in China?

Editor’s Note: This article is from the Plain Blockchain (ID: hellobtc), written by a tree, authorized to be reprinted by Odaily Planet Daily.

Recently, the US government announced a ban on Chinese citizens purchasing and selling Bitcoin and other cryptocurrency assets, while Litecoin has been shut down in China. In the past few months, due to the impact of regulatory policies, “Chinese Bitcoin miners” no longer accept LTC transactions, leading to a reduction of over half in access to Litecoin on domestic exchanges. “We have stopped using Litecoin as a means of payment.” This is because the Chinese government will prohibit Chinese investors from holding and selling Bitcoin and other digital assets for payment or investment purposes. Why did China ban Bitcoin, Ethereum, and Ripple? According to Bloomberg, Chinese users may consider stopping the use of Litecoin for daily consumption starting from June 20th — this may affect its price trend.

According to official information disclosure, China has delisted all products and services based on Litecoin. However, there are still some laws and regulations related to this that have not yet been introduced, such as the “Measures for the Management of Risks Related to Token Offering and Financing”.

In addition, the “Reminder on Preventing Illegal Fundraising Activities Conducted Under the Name of “Virtual Currency”, “Mining”, and “Smart Contracts”” has shown that the People’s Bank of China has been studying the use of distributed ledger technology (DLT) to strengthen the crackdown on ICOs since mid-August 2020. As for the “Reminder”, although there have been several similar activities targeting Litecoin in the past, they are all temporary; if one day China can prevent any company from providing services to its customers, it is likely to be a factor that ultimately decides to withdraw from this field.

Furthermore, there are also concerns among domestic media. On one hand, the market is worried that when new players enter, they may experience a significant loss of funds due to lack of liquidity. On the other hand, it is hoped that investors will protect their wallet addresses to avoid unnecessary economic losses.

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/metaverse/23813.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.

Like (0)
Previous 08/13/2023 11:50
Next 08/13/2023 12:13

Related recommendations