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Litecoin price (LTC/USD) drops following poor Tuesday trading

Benson Toti

The Litecoin price (LTC/USD) has edged lower as a result of a disappointing Tuesday session and lacklustre performance on Wednesday.

The fifth-largest digital currency on the market had a tough session yesterday, as its price kept moving on a mostly downward trajectory throughout the day. The coin opened the session at $73.93, which turned out to be its highest level for the day. While the coin made a few attempts to resist the subsequent fall, it eventually dropped below the $73 mark. The coin dropped to as low as $72.37 in the afternoon and later finished the session at $72.84.

Litecoin made a couple of attempts to retake the $73 mark in today’s trading, but it wasn’t able to make lasting progress. After hitting an intraday high of $73.02 at 08:49, the coin pulled back towards yesterday’s low. The coin was more recently seen hovering around the $72.60 mark.

In other LTC-related news, reduced funding has led to pay cuts at the Litecoin Foundation during the first quarter of the year, industry website Coindesk has reported. Nevertheless, Litecoin creator Charlie Lee has vowed to continue supporting the foundation financially. Lee told Coindesk that, not unlike other blockchain projects, the foundation’s finances had suffered a drop due to the 2018 bear market. He also revealed that since 2017 his donations had accounted for around 80% of the foundation’s funding.

“The goal, of course, is to get Litecoin Foundation to be self-sustaining from donations, partnerships and merchandise sales,” Lee said, as quoted by Coindesk. “Until we get to that point, I have and will continue to support the Litecoin Foundation financially as necessary.”

The foundation’s board director Xinxi Wang confirmed that donations had dropped in Q1, but also expressed confidence that Q2 numbers would bounce back.

In today’s trading, the Litecoin price stood at $72.58, as of 13:32 BST. The digital currency has lost 0.6% of its value in the past 24 hours, according to data from Coinmarketcap.

Featured image: Visual Generation /Shutterstock.com

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