Litecoin [LTC], the 7th largest cryptocurrency in the world by market capitalization, completed 7 years of its existence in the cryptocurrency space. A member from the Litecoin community posted on Twitter about the coin making it into its 8th year since the genesis block for LTC occurred on 8th October 2011.
The tweet was also reposted by Charlie Lee, the former Google employee and computer scientist who created Litecoin. The Twitter post read:
“The #Litecoin genesis block occurred 7 years ago on October 8, 2011. Happy Birthday, Litecoin! Cheers to @SatoshiLite and all who build with #LTC”
The vision behind the creation of Litecoin in 2011 after the inception of Bitcoin in 2009 was to defeat the drawbacks experienced with Bitcoin. Unlike BTC’s SHA-256, LTC used Scrypt where the block confirmation time was only 2.5 minutes against BTC’s 10 minutes.
The cryptocurrency went live on 13th October 2011 after its genesis block was added on 8th October in the same year.
Of late, Charlie Lee has been opening up about his goals for the coin wherein he has expressed that the community has its prime focus on adoption. Be it a merchant, vendor or cryptocurrency exchange, the Founder wants Litecoin to be included in the day-to-day life of its users.
Lee’s viewpoint on the market performance of LTC is not an ambitious one. Regarding this, he has always stated that the short-term performance of a cryptocurrency does not matter over the long-term results, which he believes can only occur through crypto-adoption. At various events, Lee has also shown interest in propagating the idea of ‘financial freedom and people’s money’.
A Litecoin follower and a cryptocurrency space enthusiast, PC SpecOps on the occasion commented:
PC SpecOps: “Happy Birthday Litecoin!!! Stonking work so far Charlie! Keep it up @SatoshiLite”
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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