Litecoin Continues Its March Toward $75

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It appears the Litecoin uptrend is here to stay. A few weeks ago, it seemed unlikely that this altcoin’s price would surpass US$55 on a permanent basis. Right now, a rise to US$75 isn’t out of the question. With a Litecoin price of US$71.89 at the time of writing, things are looking pretty solid for this alternative cryptocurrency.

MORE LITECOIN PRICE GAINS ON THE HORIZON?

It has to be said that the past 24 hours have been pretty lucrative for Litecoin holders. With the price rising from just under US$68 all the way to US$71.89 in the past few hours, there has been some decent profit to be made. Granted, these gains are not as spectacular as those of Bitcoin or even Ethereum, but they are good to see nonetheless. Right now, it seems to be a matter of time until the Litecoin price surpasses the US$75 mark.

How all of this will play out in the bigger picture remains to be seen. Like most other cryptocurrencies, Litecoin has been pretty bullish throughout 2017. The Litecoin price has exploded, yet the uptrend is still intact as of right now. While reaching a value of US$100 probably won’t happen this year – although you never know – maintaining this uptrend will be a top priority for the time being.

With some interesting developments behind us and coming up in the near future, there is no reason to ignore Litecoin whatsoever. This currency is a major cog in the machine of atomic swaps right now. Every currency – including Bitcoin – can seemingly be exchanged for Litecoin, whereas other bridges remain closed for the time being. It is thanks to Litecoin developer Charlie Lee that the whole world may soon embrace atomic swaps over centralized exchanges.

Ukrainian Police Arrest Individuals Involved in SwisCoin Ponzi Scheme

Ever since the SwisCoin program was announced, cryptocurrency experts have noticed something was off about the venture. It had all the telltale signs of a cryptocurrency-related pyramid scheme. Although there have been multiple allegations in this regard, no arrests were ever made. That was, until recently, as the Ukrainian national police detained a group of people believed to be connected to SwisCoin. Count this as another victory for the police and legitimate cryptocurrencies in existence today.

SWISCOIN SCAMMERS ARRESTED IN UKRAINE

Looking back at the original SwisCoin concept, it is not hard to see why people would think this to be an illegitimate business model. Similar to how OneCoin operates, SwisCoin had all the telltale signs of a pyramid scheme waiting to collapse. With its various “investment packages,” it was only a matter of time before the scammers ran off with the money or people stopped contributing funds to this pyramid scheme. It is still unclear which of the two eventually came to be, but we do know the program’s operators have been arrested.

The Ukrainian national police arrested multiple individuals believed to be connected to this scam project. It is unclear how many individuals were arrested, but we do know they all face up to 12 years in prison. All of their assets have been seized, including cash assets, expensive products, various – potentially stolen – payment cards, and a fair amount of actual cryptocurrency as well. It is believed SwisCoin successfully raised US$500,000 from investors, although none of this money was ever put to good use.

Investors were promised that the money would be invested in blockchain infrastructure. Additionally, the money would also supposedly be used as a way to improve the visibility and marketing of this particular currency. Although SwisCoin had an official value for the longest time, there were very few exchanges openly supporting it. Most of the trading occurred within the platform itself, where prices could easily be manipulated by the team.

 

The scammers used the money for their own personal benefit rather than worry about their promises to investors. This tactic is not uncommon for cryptocurrency-related pyramid schemes, but it shows that people are all too willing to invest in these scams to this very day. The criminals also spread false information about the profits generated by SwisCoin, as it allowed them to improve their visibility in the market and attract more investment.

The police also confiscated a fair amount of weapons at the time of the arrest. This further indicates the alleged SwisCoin operators may have been involved in other illegal activities as well. After all, no one needs a Kalashnikov assault rifle when dealing with cryptocurrency, yet for some reason, these people had several at their disposal. It is a very troublesome scenario, although it remains to be seen what else this investigation can turn up.  The criminal case being built against the individuals may reveal other unpleasantries.

Ever since the SwisCoin team held its ICO back in February, no one has heard from the company. The price of the currency fell from US$7.35 all the way to US$0.003764 and no exchanges are actively supporting the digital currency whatsoever. This is not a surprising state of affairs by any means, since the SwisCoin team never had any honest intentions whatsoever. It’s good to see the Ukrainian police arresting these individuals, assuming they are related to this blatant scam.

Image via Shutterstock

Source: Themerkle

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The Litecoin trading volume seems to be holding its own quite well these days. With over US$200 million in volume over the past 24 hours, the demand for LTC is not diminishing whatsoever. Although it remains to be seen how this will play out in the coming days, Litecoin has some solid trading volume compared to most other altcoins. Slow and steady growth wins the race, and things look promising for LTC in this regard.

The vast majority of 24-hour trading volume originates from Bithumb, which is only normal. The Korean exchange has generated over 18% of all trades, with GDAX and Bitfinex next in line. It’s nice to see various fiat currency trading pairs at the top of the list. After all, we need more fresh money entering cryptocurrency on a daily basis. Diversification is key, even though Bitcoin will always appeal most to the masses.

So far, nothing points to an immediate Litecoin trend reversal. It is evident this will heavily depend on what Bitcoin does in the next few days, though. Any Bitcoin price increase will set all altcoins back once again. Litecoin has noted solid gains against both USD and BTC, which goes to show that things are looking pretty good for the time being.

Source: Themerkle