Do you remember how excited I was for the launch of LitePay?
Lol. Seriously, all I can do right now is ironically make fun of myself.
If you haven't seen the news, the payments processing company that we all had such high hopes for in LitePay, has today ceased operations.
See this release from the Litecoin Foundation:
"To the Entire LTC Community,
We wanted to inform you that a couple of days ago, the Litecoin Foundation was contacted by Kenneth Asare, CEO of LitePay, informing us that he has ceased all operations and is preparing to sell the company."
What a let down...
It's sort of surreal how much this company was talked up by the community, even led by head cheerleader Charlie Lee.
"Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs."
Said Litecoin creator Charlie Lee on his Twitter profile.
"I am sorry for having hyped up this company and vow to do better due diligence in the future."
He went on.
Charlie. Mate. Come on, you've surely gotta do better than this.
You can sell all of your coins to try to avoid conflicts of interest, but you are looked to by the community as a leadership figure and whether you like it or not, you will have an influence.
The news dropped Litecoin 10%:
LTC/USD Daily
While this isn't anything spectacular or even unusual, let alone on a Monday so significant for the US stock market, it does give the headline driven, crypto negative media, the headlines they crave.
I see CNBC is having a field day. No links though. They're cunts.
Back to the chart above though and you can see that price is still trying to find support and confirm this change of short term trend from bearish, back to the longer term bullish.
I do like the spot that price is sitting in right now for obvious reasons, but it's a headline driven drop and levels wont mean jack shit if momentum picks up on the back of them.
Best of probabilities to you.
Peace ✌🏻.
Instagram: @forexbrokr
Website: www.forexbrokr.com
