Cryptocurrency

Litecoin rises 1%, to jump above lowest in a week

2019-03-14 10:22:43 GMT (Economies.com)

Litecoin fluctuate higher to 1% or nearly $0.6 on Thursday, resuming its rebound from its lowest since March 6 for the second session in three sessions, in addition to shrinking its losses from earlier this week following last week's extended gains as Venezuela's allowed Bitcoin and Litecoin as money-transfer methods to circumvent US economic sanctions.

 

At 05:29 GMT GMT, Litecoin rose 0.99% to $56.966 compared to the opening level of $56.379, after reaching a high of $57.366 , while the lowest at $56.120.

 

Venezuelan President Nicolas Maduro's decision to cut off diplomatic ties with the United States and accuse his counterpart Donald Trump of sabotaging the political situation in his country. The Government stated that the presence of diplomats on its territory poses a threat to the unity and security of the country.

 

This came after reports of the United States imposing new economic sanctions on the Moscow-based Evrofinance Mosnarbank, citing the move that the Russian bank has financed activities supported by Venezuelan perto-cryptocurrency which is baked by the country's oil reserves, all as part of US action to cut off financial supplies to Maduro's government, which could boost demand for the Bitcoin and Litecoin to circumvent US economic sanctions.

 

It also worth mentioning that at the end of last week, after testing $60 for the first time in five months, Litecoin saw corrections to its gains, before this corrective actions widened earlier this week amid a report on the rise in money laundering operations linked to the cryptocurrencies in Japan The the world's second-largest cryptocurrency market.

 

In the wake of the Venezuelan government ratification of the Bitcoin and the Litecoin as Money transaction methods within the efforts of avoiding the Economic sanctions that were imposed on them by the US recently., which is still stepping up pressure on Maduro government to overthrow his regime from the largest country with oil reserves in the world, while the latter held power and started efforts to sell his country's oil in currencies other than the US dollar.

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