Litecoin Drops 20% During the Weekend
During the weekend, Litecoin dropped from ~0.0094BTC to 0.007584BTC. Although this can partially be attributed to the current Bitcoin rally, the USD price has also dropped 17% dropping from the $11 mark to $9.14. The loss of value in Litecoin may be connected to da tweet by Wang Chun, co-owner and chief administrator of the biggest LTC mining pool, F2Pool, who expressed his concerns about Segregated Witness and warned that he may need to pull his mining pool's support for the proposal. F2Pool is still signaling SegWit but the miner approval rate seems to be stuck at the 60%-65% mark. Currently, it's up to the BW mining pool to decide whether SegWit will be activated or not., although some users are discussing a UASF.
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Bitcoin Will Cost $500,000 By 2030, Says Snapchat Investor
Bitcoin at $500,000 by 2030 is the latest sky-high prediction to come from high-flying personalities, this time Snapchat’s first investor.
In a joint presentation with Blockchain CEO Peter Smith, Jeremy Liew, whose stake in Snapchat is now worth $2 billion, said that external factors driving interest in Bitcoin would propel it to unseen heights in the coming decade. According to him, Bitcoin will reach the $500,000 mark by 2030. Business Insider quoted Liew and Smith as saying:
"We believe Bitcoin awareness, high liquidity, ease of transport and continued market outperformance as geopolitical risks mount, will make Bitcoin a strong contender for investment at a consumer and investor level.
Developing countries represent a significant market for Bitcoin, with countries such as Kenya already conducting financial activities via mobile, having skipped banking in what was previously a highly cash-driven economy."
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Bitfinex Sues Wells Fargo Over Embargoed Wire Transfers
Bitfinex is taking Wells Fargo to court for having reversed US dollar cash deposits designated for their customer accounts coming from Bitfinex. The legality of shutting down bank accounts merely for being related to the use of Bitcoin or cryptocurrency trading has long been questionable, but the outcome of this lawsuit could bring some clarity to the situation. The three companies which make up the Bitfinex in a legal sense as well as UK-based Tether Limited and iFinex, another financial firm affected by Wells Fargo’s policies, are the plaintiffs in the suit.
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