- The price of digital currencies including that of Litecoin LTC has soared
- Facebook finally confirms that it will move forward with its Libra cryptocurrency
- To satisfy regulators, only a pared-down version of Libra will be launched
Litecoin news today – Today the digital asset market has taken a turn for the better. The leading digital asset Bitcoin has seen its price soar in the last few hows. The price of other major cryptocurrencies including Litecoin is soaring. This upward movement has pushed the combined value of the digital asset market back above the $200 billion mark. Litecoin price has gained 6% over the past 24-hours. This fresh rally comes after Facebook revealed that its embattled cryptographic project, Libra, will be launched. Note that only a pared-down version will be launched as the social media giant attempts to satisfy regulators around the globe.
Libra Will Support Multiple Coins Backed by Different Currencies
Libra is now set to be split up to support many coins all backed by individual currencies. The Libra Blockchain will be more centralized than expected. This will force companies to follow the regulations or face removal. When the news came to light, the cryptocurrency community reacted to it with a mixture of scorn and Glee. Facebook’s new watered-down Libra version is an admission that the entity cannot replicate the immaculate concept of BTC. It also confirms that their Blockchain won’t be a serious competitor to the already existing cryptographic projects. However, it will be a serious competitor to Paypal, Venmo, and Square. The primary downside of the changes is that the new system will be less open, and not fully decentralized. The Bitcoin community will disregard this as a new centralized project. Global markets have been revived following reports that many countries around the world have started to lift the wide-spread lockdowns.
Economies have Started Open Resuming Following the Lockdown Triggered by the Coronavirus
The U.S. President Donald Trump has announced that state governors can re-open all businesses in a three-stage process. Meanwhile, German chancellor Angela Merkel announced plans to gradually ease the restrictions implemented to tackle the ongoing coronavirus pandemic. Construction and manufacturing have reopened in Spain. Several regions in Italy are reopening small stores. The U.S. stocks closed higher on Thursday despite the report on weekly jobs showing that 5.2 million Americans filed for unemployment benefits.
Litecoin (LTC) Price Today – LTC / USD
The most recent economic numbers from China show that the country’s powerhouse economy has shrunk for the first time in many years during Q1 of 2020 (as it had to deal with the coronavirus outbreak). Gradually, when the lockdown is fully lifted things will return to normal. Facebook’s-led Libra Association, has been under scrutiny since the idea was envisaged. Now, the project will be launched as a watered-down version to please regulators.