Let me begin with a reminder; today is January 30—the day when South Korea’s new cryptocurrency trading rules take effect. From today onward, anonymous cryptocurrency trading has been completely banned in the country. As expected, cryptocurrency markets are remaining cautious about how the new regulations will play out.
All of the top 20 cryptocurrencies, including Litecoin, are blinking red as investors stay spooked in anticipation.
Nonetheless, we now know for certain that South Korea is no longer banning cryptocurrencies but in fact making the space more conducive to safe trading. So once this air of uncertainty surrounding the South Korean anonymous trading ban dissipates, expect some common sense to prevail in the markets.
That said, if you’re a Litecoin “HODLer,” here’s another piece of good news for you to start your day on a positive note while the markets hold their breath.
One of the largest e-commerce platforms in South Korea has just announced plans to add support for 12 cryptocurrencies. One of these is Litecoin.
Wemakeprice Inc., commonly known as Wemepu in the country, is an online seller of goods and services. It is engaged in e-commerce and also sells software development and online marketing services.
The Seoul-based company has revealed that it is in talks with one of South Korea’s largest exchanges, Bithumb, to add support for cryptocurrencies. The company would start accepting payments in a dozen cryptocurrencies including Litecoin, Bitcoin, and Ethereum.
Here’s what a company spokesperson had to say:
“Integrating cryptocurrencies is a part of our initiative to make payments more convenient for our consumers and clients. We consider mobile fintech apps, points, and cryptocurrencies as efficient payment methods.”
(Source: “South Korea’s Largest E-Commerce Platform is Integrating 12 Cryptocurrencies Including Bitcoin,” CryptoCoinNews, January 29, 2018.)
This is the first company of its size to begin accepting cryptocurrencies. This takes cryptos another step closer to mainstream adoption.
Mind you, South Korea is one of the largest markets for cryptocurrencies. The country’s heavy influence on prices can be gauged from the fact that merely a rumor of a cryptocurrency ban in the country sparked a massive sell-off in the crypto markets, causing top cryptocurrencies to crash by 50% or more in the past one month.
So, the news of a major retailer moving toward crypto adoption is music to crypto investors’ ears. Litecoin, in particular, may be the biggest beneficiary. The coin is aiming to replace Bitcoin as the primary mode of digital payments. Remember that other coins—Ripple, Ether, and the like—have been created for an altogether different purpose.
Analyst Take
Our Litecoin price forecast for 2018 stays firm as we see Litecoin reaching new milestones each passing day. We’re rooting for LTC prices to run past $400.00 this year.
How much of the market is propped up on insider dealings?