LitePay Fails to Launch: Litecoin investors were looking forward to some delicious rallies this week as they awaited the launch of LitePay; a service designed to accept Litecoin payments. However, the card registration process was delayed on Tuesday. This caused LTC prices to take a hit.
LitePay Card is Delayed but Launches for Merchants
LitePay is a service designed to accept Litecoin payments. They were supposed to launch their services on Tuesday, February 27th. However, its launch turned out to be only partial, and the unrolling of Litecoin payment cards has been delayed.
This was apparently due to hostile actions by card issuers towards crypto companies.
LitePay, Inc said in an email to their mailing list on Tuesday that they will continue to monitor the situation with regards to card services and will open registration as soon as a reliable product can be supported.
Later on Tuesday, LitePay, Inc. Tweeted “Merchant Payment Processing Account registration is ongoing. Depending on your location, documentation, and type of business - verification times will vary. LitePay Card support is not available at this time.”
Litecoin’s creator, Charlie Lee, cheered the decision on Twitter, saying “For Litecoin adoption, merchant processing is much more important than crypto debit cards. Using LTC debit card is not really paying with Litecoin. Merchants still pay high fees and you still have to deal with fraud.”
Keep in mind that LitePay is not a project under the supervision of the Litecoin community, however, they work closely with each other.
Litecoin LTC Price Action on the News
LTC’s price consolidated versus the USD inside the daily Ichimoku cloud on the news. It was unable to break out of the range between $202 and $238.
This is on a day that USD saw gains versus major forex counterparts as Fed's Powell showed optimism about the US economy.
Litecoin investors need a strong catalyst to be able to push the LTC/USD price higher. A break above the daily Ichimoku cloud would be our first confirmation for LTC to get back to the all-time-highs.
Meanwhile, versus LTC/BTC, Litecoin saw sharp declines on Monday and Tuesday. It formed a Double Top chart pattern, approaching the neckline of 0.0195 while remaining above the daily Ichimoku cloud.
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*This article was originally published here.