Litecoin settles lower for second session on profit-taking

Litecoin tilted lower on Wednesday on profit-taking after surging 6% on Monday, the best such performance since September 27 on the back of news that cryptocurrency Tether will be dumped off many platforms, with traders flocking to safer and more "traditional" crypto assets. 

 As of 05:21 GMT, Litecoin shed 0.56% to $55.273, with an intraday low at $55.196, and a high at $55.675. 

Litecoin is dipping on profit-taking after surging earlier this week on news that most platforms are dumping Tether, inflating a violent selloff on it. 

The selloff was initially instigated by concerns over the difficulty of linking Tether to the dollar, damaging the virtual currency's appeal and putting its future in jeopardy. 

The tribulations regarding Tether sent traders to Bitcoin and other major cryptocurrencies, which are considered safe havens within the crypto world. 

However, a familiar bearish wave resumed on crypto assets, after Litecoin slumped the most last Thursday since September 5 after warnings by IMF on crypto assets' impact on the global market. 

The International Monetary Fund warned that the growth in crypto assets could create new weak points in the international financial system. 

The Path of Litecoin

Litecoin was first publicly offered in the first half of 2013 at only $3, marking record lows at below $1 in early 2015 before taking off on its long and spotted journey higher. 

The cryptocurrency pierced $100 for the first time on November 29, 2017, before scaling a record high at $370.78 on December 19, and plummeting back below $100 on June 12, then moving on to $$47.22 on September 12.