Some cryptocurrency traders are attributing the recent Litecoin block to the withdrawal issues that have plagued Bitfinex in recent hours. The theory proposes that customers of the exchange posting about Litecoin withdrawals preparing successfully may have inspired a rush of Bitfinex’s customers to convert their holdings into LTC – as suggested by posts on Reddit.
Also Comprehend: Bitfinex Experiences Withdrawal Difficulties
On the 8th of December, Litecoin Made an Hostile Break Above the $100 USD Area
The breakout saw Litecoin post secures of over 60% in just two days – shooting up from an opening cost of approximately $93.60 USD to set a new all-time high of nearly $160 USD, before proximal at approximately $148.75 USD. The LTC markets have since retraced to test the $140 USD limit, with many traders speculating on whether or not Litecoin’s bullish impetus can be sustainable.
Some traders believe that the LTC’s exuberant price effect can be attributed to Bitfinex’s current difficulties processing withdrawals. Over the despatch of the last week, Bitfinex’s subreddit has increasingly become awash with stakes from concerned customers complaining that withdrawal requests in a billion of cryptocurrencies have not been completed after several days of minister to. Yesterday, a number of Redditors attested to having had Litecoin withdrawal applications processed quickly, potentially leading to a run of Bitfinex customers converting their holdings into Litecoin out of the foresee that doing so would allow them to withdraw their resources.
A Thread Titled “If You Want Withdraw Convert All in Litecoin” Has Generated Illustrious Attention on Reddit
The post states “I was two days trying to withdraw btc and iota and eth without fortuitous, then I read some user write convert all in ltc. So I did it and withdraw ~30ltc in 10 records!!.” The comments section of the thread indicates that many of Bitfinex’s customers reading the post quickly moved to convert their holdings into Litecoin, with one Redditor affirming “Agree… Did this too.. All moved […] within an hour.” Another buyer states “yes, this worked for me. Thanks for the great advice!! Withdraw in ungenerous than 5min.”
Bitfinex has claimed that the delays in withdrawal are a consequence of a level malicious attack that has involved the exchange getting spammed by a Brobdingnagian volume of extremely small withdrawals and deposits. The exchange has since numbered a post suggesting that it will not be processing cryptocurrency withdrawals sparse than $250 USD until a “request mechanism [is] put in place [in] 1-2 weeks.”
Do you of that Bitfinex’s withdrawal difficulties may have contributed to the recent Litecoin resonate? Share your thoughts in the comments section below!
Images civility of Shutterstock, Bitfinex
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