Cryptocurrency value

LitePay issues fall in cryptocurrency value

Monday’s puzzling launch of the new LitePay payment service meant bad news for the price of Litecoin, its chosen cryptocurrency. The popular alternative to bitcoin fell to $ 215 on Tuesday, a 7% drop from recent highs.

It is still not entirely clear what happened with the much anticipated LitePay launch. The service sent subscribers an email revealing that issues with credit card companies would delay user registrations indefinitely, but the site was moving forward with plans to start registering merchants who would accept LitePay once. that it will be available.

It’s possible that Monday’s email may not actually represent a change in plans and the launch was never intended to deal with merchants who will need to sign up for LitePay to be successful with potential consumers. . But the lack of clear communication of the site – it does not even tweet publicly on the situation until around 2 p.m. Eastern Tuesday – has exacerbated general uncertainty as to what LitePay actually means for Litecoin.

For investors, uncertainty tends to mean lower prices, and it has been for most cryptocurrencies in recent weeks. Litecoin had previously reversed the general downtrend in the industry, largely based on enthusiasm for LitePay, but this at least partially botched launch was enough to trigger a decline.

As of this writing, Litecoin costs around $ 218, slightly up from its low point. Cryptocurrency analysts at The Merkle aren’t particularly optimistic about the coin’s near-term outlook, especially as the recent resurgence of bitcoin tends to mean less investor interest in altcoins.

LitePay had previously been a positive for Litecoin, especially since it seemed to foreshadow a new era in which cryptocurrency could be used more freely as an item of exchange rather than an investment asset.

But the general uncertainty and at best inconsistent service communication are now likely to be a handicap for the coin in the future, at least until the site can report positive progress in registering traders or traders. users.

If you liked this article, check out this video about the creator of Litecoin, an Internet Dad who loves memes.

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