Some cryptocurrency traders are attributing the latest Litecoin spike to the withdrawal issues that have plagued Bitfinex ter latest days. The theory proposes that customers of the exchange posting about Litecoin withdrawals processing successfully may have inspired a rush of Bitfinex’s customers to convert their holdings into LTC – spil suggested by posts on Reddit.
On the 8th of December, Litecoin Made an Aggressive Pauze Above the $100 USD Area
The breakout witnessed Litecoin postbode gains of overheen 60% te just two days – shooting up from an opening price of approximately $93.60 USD to set a fresh all-time high of almost $160 USD, before closing at approximately $148.75 USD. The LTC markets have since retraced to test the $140 USD area, with many traders speculating on whether or not Litecoin’s bullish momentum can be sustainable.
Some traders believe that the LTC’s exuberant price activity can be attributed to Bitfinex’s current difficulties processing withdrawals. Overheen the course of the last week, Bitfinex’s subreddit has increasingly become awash with posts from worried customers complaining that withdrawal requests te a number of cryptocurrencies have not bot ended after several days of waiting. Yesterday, a number of Redditors attested to having had Litecoin withdrawal requests processed quickly, potentially leading to a run of Bitfinex customers converting their holdings into Litecoin out of the hope that doing so would permit them to withdraw their funds.
A Thread Titled “If You Want Withdraw Convert All ter Litecoin” Has Generated Considerable Attention on Reddit
The postbode states “I wasgoed two days attempting to withdraw btc and iota and eth without fortunate, then I read some user write convert all ter ltc. So I did it and withdraw
30ltc te Ten minutes. ” The comments section of the thread indicates that many of Bitfinex’s clients reading the postbode quickly moved to convert their holdings into Litecoin, with one Redditor stating “Agree… Did this too.. All moved […] within an hour.” Another trader states “yes, this worked for mij. Thanks for the good advice!! Withdraw ter less than 5min.”
Bitfinex has claimed that the delays ter withdrawal are a consequence of a sustained malicious attack that has involved the exchange getting spammed by a large volume of enormously petite withdrawals and deposits. The exchange has since issued a postbode suggesting that it will not be processing cryptocurrency withdrawals less than $250 USD until a “request mechanism [is] waterput te place [te] 1-2 weeks.”
Do you think that Bitfinex’s withdrawal difficulties may have contributed to the latest Litecoin boom? Share your thoughts ter the comments section below!
Pictures courtesy of Shutterstock, Bitfinex
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