Litecoin (LTC) Holds A Strong Position – Price Analysis

2022-07-10 | Selina Mathew

Litecoin (LTC) has increased from $50 to over $54 after the price hiked significantly within this ongoing week. The cryptocurrency, which was trading at about $50 a couple of days ago, is at the time of writing, trading at $54.27, according to data from CoinMarketCap. Earlier this week, the price remained a little unstable followed by the removal of Litecoin's founder Charlie Lee from Coinbase's management team.

His removal was made public on Monday, even after the decision was taken back in June 2017. Some had speculated that the decision by Coinbase to remove Lee was due to his comments regarding possible conflicts of interest when the company still employed him.

According to Fortune Magazine, Coinbase decided to remove Lee from its management team so that he would be able to focus on the future direction of Litecoin without any conflicts of interest or other issues with the company he founded. In the last 24 hours, Litecoin’s value has increased by more than 4 percent and is currently trading at just over $54.34.

LTC/USD 1 DAY PRICE CHART - COINMARKETCAP.COM

The cryptocurrency has recovered slightly from its record low of $40.58 this week, which was set following the removal of Litecoin's founder Charlie Lee from Coinbase on Monday night.

The announcement came following a tweet where Lee said he sold all his LTC holdings because he no longer believed in their potential to grow as an investment asset and wanted to "re-focus" on other things besides cryptocurrencies.

Coinbase removed Charlie Lee, who is still an employee of Coinbase and continues to work for the company as a technical advisor. According to a blog post by Coinbase, “the decision to leave was mutual between him and the company."

In a Medium post back in early January, before his ouster as a Coinbase employee and subsequent removal from their management team, Lee said: "I have no idea what my future holds and whether I'll be involved with Coinbase or not.

He added: "At this point, I'd like to separate myself from any potential conflict of interest and focus on the technical aspects." When asked about his role at Coinbase after leaving the company, Lee responded via email with an interview transcript containing a tweet he posted on January 11th:

"It's been an amazing journey working at @Coinbase for almost 5 years and some incredible highs along with some tough lows."

According to Fortune magazine

Coinbase is one of the most well-known exchanges in the cryptocurrency space. The company was founded in 2012 and has become a leader in this industry by helping people trade cryptocurrencies and providing a secure way to store their assets offline.

Coinbase has been around since 2012.
Coinbase has been a leader in the crypto space for a long time.

Lee had been with Coinbase since it acquired his startup GDAX in 2013 and remained an employee.

The company announced today that Lee is no longer working there but did not provide details on what he's doing next or whether he will join another crypto firm. Lee founded GDAX (Global Digital Asset Exchange) in 2014 and served as its CEO until June of this year when he left to work at Coinbase full-time. In addition to serving as GDAX's CEO and Coinbase’s director of engineering, Lee was also an advisor to Circle Financial- a Boston-based cryptocurrency company.

Until earlier this year when they too were acquired by Circle Internet Financial Ltd., a payment service provider based outside Ireland, which launched their cryptocurrency wallet back in 2015 called Poloniex and currently has over 200 altcoins listed on it.

The removal shocked many people who thought that Lee would remain loyal to both companies.

But it seems things have worked out well for everyone involved as Litecoin continues its growth. Coinbase has been getting some positive press lately with their announcement about adding support for Ethereum Classic (ETC). One of the biggest stories in the world of cryptocurrency in 2017 was Charlie Lee's decision to leave Coinbase and focus on his own company, Litecoin.

Takeaway

Like many other cryptocurrencies, Litecoin has seen its ups and downs over the past few months. It started this year with a steep decline before showing some recovery in March. However, those advances were quickly reversed as prices dropped again after reaching $72 on April 2nd.

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