Just days after Litecoin's recovery from China's crypto-exchange ban, South Korea appears to be a bearish rumor. Specifically forbidden the first offers of parts or ICO of the country. This news from Litecoin could be catastrophic for Litecoin's pricing forecast.
You see, the vast majority of Litecoin's commercial volume came from Huobi and OKCoin, two Chinese exchanges that are now under pressure to stop their businesses.
The loss of both exchanges is likely to seriously deteriorate Litecoin's price prediction, which has remained bullish following the ICO ban. Because apparently it is the order of things:
- Rumors of a ban by the ICO (resistance)
- Prohibition of confirmed ICO (small correction)
- Rumors about a trade ban (in-depth correction)
- Confirmation of the commercial ban (correction will be blocked)
- The recuperation. (Continuous Ascension)
But according to China's ban on crypto-currency, trade volumes have gone to South Korea. It has become a safe haven of its kind and has welcomed the most active exchange of Litecoin in the world: Bithumb.
Bithumb accounts for 23.95% of all Litecoin operations, which means that South Korea is very important to Litecoin's pricing forecast. Is this likely to follow China after the rabbit hole?
Not fortunately.
South Korea is definitely banned by the ICO, but it seems against the heart to participate in crypt contests.
You must read between the lines (probably scathing) in the ICOs to see it. Through official bids from the ICO and Margin Trading, the Seoul bureaucrats lay the foundation for a functional crypto-currency market.
Analyst Taking:
Fear, uncertainty, doubt. Among investors in cryptocurrence, this triangle of hell is known as FUD. And the market is recovering only a FUD period, which means it is likely to retract.
In this sense, we may see a short-term decline in the "rumors" that South Korea prohibits all Litecoin stores, but I do not think that actually happens.
I could be wrong; I have never been, but the clarity of the rules published by South Korea seems like regulators are saying their game, so do not think about our mid-term price forecast of $ 200 at Litecoin until more information is highlighted.