Litecoin Dropped After “LitePay” Announced Its Closure

Litecoin Dropped After “LitePay” Announced Its Closure

On March 26, the fifth most significant cyber-coin in the world Litecoin started seeing a decline in the price amid news that LitePay, the payment system, stopped all transactions.

Sad Announcement Stirs Up the Crypto-World

On the very same day, the nonprofit organization which piled into LitePay – the Litecoin Foundation – notified that it was preparing for being sold. In particular, the organization’s CEO Kenneth Asare some days before that announced to the LF that he stopped all the operations.

The LF has been known for advancing Litecoin, so now, as the company might be sold, the concerns over the future of this cyber-coin grow. It is noteworthy that on Monday, after the news was announced, Litecoin saw a fall of 10% around 8 PM GMT, as per Coinmarketcap.com data.

Therefore, on March 26 there was marked a day when Litecoin has dropped by nearly 28.5% since the beginning of the month and has lost over 37% since the start of 2018.

LitePay affecting Litecoin

Sure thing, there were times when this year Litecoin saw some surges. But was is interesting is that in the middle of February this cyber currency went up partway thanks to the news that LitePay would launch its trading payment processing system by the end of that month – on February 26.

However, at the beginning of March, the company notified that it was still examining all potential traders and was delaying card registrations. As the reason for that, LitePay named the malevolent atmosphere among card issuers when it came to dealing with crypto-firms. Since that moment the company did not make any updates on the issue.

What Does The Creator of Litecoin Have To Say?

Charlie Lee, the person who developed Litecoin, said that he was sorry for promoting LitePay. In his words, some things might be too good to be true, and he ignored some signs.