Observation: As Rigid Rules To Prop National Currencies Fail, Bitcoin Gains Favor
Daniel Jennings, a contributor to Seeking Alpha, claims that rigid currency rules in some countries, such as China, Egypt and Zimbabwe, are pushing demand for bitcoin, boosting its price. He says national currencies may no longer be viable in some countries. Many financial observers (Jennings cited Zero Hedge’s Tyler Durden, a financial blogger) have attributed bitcoin’s recent price rise to actions in China, where the government limits the amount of money people can transfer out of the country. China: The ‘Tip Of The Iceberg’. China, however, may only be the “tip of the iceberg,”....
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Litecoin has posted surreal gains following the Greek referendum, soaring from our last observation of $4.100 to hit a new 9-month high of $5.000 before partial profit booking dragged the price down. Litecoin is currently trading up 16.71% at $4.785 since my last observation, vastly outperforming Bitcoin. It seems that Litecoin has decided to continue to defy gravity even when it is grossly overbought. Technical analysis of the 240-minute LTC-USD price chart confirms that the cryptocurrency does not deserve your dollar at the current level. Litecoin Chart Structure - The above chart....