Charlie Lee shields Litecoin from FUD on twitter

Sep 24 2018

Litecoin maker Charlie Lee is striking back at what he calls a "concerted effort to suppress” the LTC price on the gathering of bearish traders and speculative stock investments who are endeavoring to short the coin. 

Lee asserted that these were endeavors to stifle the cost of Litecoin by those shorting LTC and those that consider Litecoin to be a danger to them. 

Writing in a tweet, Lee said that he needed to clear up "FUD" flowed by bunches that "consider Litecoin to be a danger." 

In the report, which was created by Tushar Jain, Multicoin spread out its legitimization for being short LTC, affirming that the coin faces various "negative catalysts" without an adequate number of bullish elements to balance them. 

The report likewise expressed that right now, Litecoin still has plenty of issues to determine and does not have the Bullish notion important to represent its ongoing ascent. 

Also check: Latest News on Litecoin

Jain guaranteed that the crypto showcase is advancing and cryptos, for example, LTC that don't have much genuine utilize won't profit in the following Bull Run. 

Lee, in any case, trusts that the utilization of Litecoin is the thing that makes it an appealing alternative. The digital asset being bolstered by those organizations makes it much simple for dealers to acknowledge LTC. There is an excessive number of LTC vendors to check, he included. 

He further added that litecoin faces serious sell pressure, from LTC mining as well as from digital currency mining firm Bitmain, who is supposedly sitting on upwards of 1 million LTC while additionally effectively advancing bitcoin cash, a coin that is rivaling litecoin to be the crypto to choose for day to day Payments.

Here's the complete twitter thread, where Charlie Lee defends Litecoin against FUD

He additionally said that a long way from rendering litecoin out of date, the appearance of second-layer scaling arrangements like the Lightning Network (LN) will additionally bolster LTC since they render the coin interoperable with bitcoin. 

"Litecoin will always be the cheapest and fastest on-ramp to Lightning Network. And with solutions like submarine swaps, you can use on chain LTC to pay for a BTC lightning invoice!” he said. “We will also have decentralized exchanges using atomic swaps. The possibilities are endless".

Also read: In-depth technical price analysis of Litecoin.

At present, litecoin is the seventh-biggest digital asset with a market cap of $3.2 billion. LTC is exchanging at $58.06 USD, which is an 85 percent decrease from the coin's all-time high at $375.29, as per CoinMarketCap.

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