Litecoin Might May Crash Again Amid Unpredictable Market
Litecoin (LTC) recently appears ready for a striking correction. At the same time, the cryptocurrency market remains volatile, with analysts enthusiastically trying to look for insight into its next move. These moves might set off another decline in Bitcoin (BTC) and other cryptos, as it has done before.
Crypto traders try to look for patterns in the present market environment. And many went for altcoins which have lower liquidity and tend for more experienced players to trade.
Analyst Benjamin Blunt believes that Litecoin might soon see a price drop. He stated in a tweet, “I like to use LTC as a gauge for the broader crypto market as I find it usually has a clearer structure.”
Also, Blunt explained that the increase in the past several days somehow became an ABC up and now. It prints a lower high at the 0.618, and he can’t help but feel about one more low down to 22-24 is on the deck.
If Blunt’s prediction came true and LTC tanked to the low 20’s, Bitcoin might follow too. LTC’s curious connection with BTC dates to the earliest days of crypto adoption. Then, the market action between the two often works in tandem. As a result, they can frequently use Litecoin moves as predictors for Bitcoin.
For the rest of the cryptocurrency market, Litecoin’s price has hung wildly during the past few days. And it went down two percent over the previous day. The fall of Litecoin is understandable as profit takers are selling to reap the rewards of the last significant gains.
The Increase of Bitcoin Scams
Meanwhile, the Manitoba Securities Commission (MSC) has released a public warning against cryptocurrency, like Bitcoin, scams following reports of fraud involving two European firms.
Last March 20, the Manitoba securities watchdog issued an investor alert about Jbcapitals and Halifax & Associated for defrauding a rural Manitoban of over $5,500. Both firms affiliated with each other and primarily run in Switzerland and Denmark.
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Crypto Scammer’s Target
Senior MSC investigator Jason Roy said that a Facebook ad for Jbcapitals lured the victim.
Roy noted, “Jbcapitals claimed to invest in Bitcoin/cryptocurrency markets on behalf of their clients with an 85% success rate. But the victim was never able to recover any of his initial investment or supposed returns.”
The MSC gave a warning to investors to look out for red flags that hints fraud. And these include the promise of high returns or insider information, and typically apply pressure on investors to make decisions quickly.
In addition to that, on March 17, the Winnipeg Police Service showed an article through the Winnipeg Free Press warning that a massive number of Manitobans have fallen victims to scams. And with the form of Bitcoin, fraudsters are asking victims to send them money.
Moreover, they executed the scams under different pretexts, like fake romantic liaisons or job opportunities. And usually, victims often directed to transfer BTC via Bitcoin ATMs.
Also, the police have pushed Manitobans not to transfer funds to individuals they have not met yet in person or to pay government utility bills with the use of Bitcoin ATM.
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