Litecoin Leads Bitcoin Uptrend, Shows Possible Bullish Run
The recent spike of Litecoin (LTC) seems to be leading the top cryptocurrency, Bitcoin (BTC). Also, it hints to ignite a possible bullish run in the coming days. Willy Woo, a cryptocurrency analyst, stated that LTC/USD bears and, in extension, BTC bears must be wary of shorting the pairs of crypto as the market seems very bullish.
Also, the crypto market is somehow rebounding, and top altcoins are enjoying the uptrend. This indicates a possible bullish momentum in the following days. Ethereum (ETH) breached its $170 resistance mark. Then, Bitcoin Cash (BCH) and Bitcoin SV (BSV) boosted 5.64% and 4.04% in the preparedness of the upcoming block reward halving. And in the past day, Litecoin grew 11%.
On Monday this week, LTC/ USD faced a steady growth from an intraday low of $40.01. Now, it is currently trading at a price of $47.16, representing a boost of 7.8% in a few hours. But the recent price is a little dip from an intraday high of $47.82 on Coinbase.
The sharp gain of LTC is placing the coin on a very bullish path with the SMA 50. And this gives near term resistance on the verge of being breached. A break over the $50.50 mark will definitely signal the chart of a bull run. More importantly, Litecoin – which has a 1-month correlation of 0.95 with Bitcoin – looks like it will spearhead the market leader’s price.
In addition to that, Woo – the prominent crypto Twitter figure -, Co-founder of Hypersheet, explained the correlation in BTC and LTC’s price calling on shorters of the pair of the crypto to change their bets.
Binance Hits Back
Binance retaliated at claims that it embezzled hundreds of thousands of dollars in funds – frozen from a user’s account back in November 2018.
In a long statement, the exchange noted that the funds were frozen upon the request of South Korean law enforcement agencies. And it was because the account holder has allegedly got 3,995 Ethereum through a listing fee scam. After that, Binance showed screenshots of correspondence with the Korean authorities to back up its claims.
Earlier, the user had claimed that South Korean law enforcement authorities had no complaints about him. Forkcast reported that $251,194 worth of the seized crypto became entirely unrelated for funds tied to the alleged listing scam.
The user said, “I have every reason to believe that Binance misappropriated my money for itself. Communication with them continues from November 21, 2018. It has been 18 months already.”
Also, the user stated that it is in contact with other Binance users who think the exchange has wrongfully frozen their funds, and they were getting ready for a class-action lawsuit.
Police Request
Also, in the statement, Binance explained that a police report disclosed an unidentified person had gained unauthorized access to a Korean cryptocurrency project’s email account. After that, they learned that the project was in discussion to list its project on exchanges.
Furthermore, a Korean law enforcement authority communicated with Binance to say that its investigation has discovered a user on the exchange had been identified as receiving a majority of the stolen funds.
On the other hand, Binance pointed out that it already informed the user of Korean law enforcement’s request to repatriate the funds. And gave him contact information for the relevant agencies.
