Some cryptocurrency traders are attributing the recent Litecoin spike to the withdrawal issues that have plagued Bitfinex in recent 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 – as suggested by posts on Reddit.
On the 8th of December, Litecoin Made an Aggressive Break Above the $100 USD Area
The breakout saw Litecoin post gains of over 60% in just two days – shooting up from an opening price of approximately $93.60 USD to set a new all-time high of nearly $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 action can be attributed to Bitfinex’s current difficulties processing withdrawals. Over the course of the last week, Bitfinex’s subreddit has increasingly become awash with posts from concerned customers complaining that withdrawal requests in a number of cryptocurrencies have not been completed after several days of waiting…