Litecoin and Other Alt-Currencies Declines Massively on Wednesday

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Litecoin and Other Alt-Currencies Declines Massively on Wednesday

Litecoin and Other Alt-Currencies Declines Massively on Wednesday

With Mt. Gox’s website going haywire, the Bitcoin’s fall is creating a ripple effect by affecting the values of otheralt-currencies, including Litecoin.

ForexMinute.com – Litecoin is among the first currencies to have been facing the unfair impact of Mt. Gox’s shutdown. The currency has dropped to around 16%, with its current price hanging on only at $12.38. It was trading around $14 at the end of Tuesday, after continuously declining from its compostable position of $25.

The Bitcoin’s fall has also affected almost every digital currency, leading to massive declines in their values. The Peercoin has fallen 18.11%, Dogecoin 16.01%, Namecoin 17.35%, Quark 15.35%, as well as 40 other cryptocurrencies have declined to their all-time low values. The theft of a million-dollars worth of Bitcoins, following with the Mt. Gox shutdown, has spread a massive negativity around the digital currency arena.

Incidentally, there is not even a single crypto currency which has shown a drop below 10%.

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The Bitcoin’s value itself has dropped 20% to $450, with its overall market cap declining from $8 billion to $5.8 billion, within a mere gap of 24 hours. As per the market experts, there lies no chances for the currency to recover in the next 24 hours. It might go even lower.

Litecoin and other crypto currencies’ values were seeing the decline from early Asian trading hours. On Tuesday, the resignation of Mt. Gox’s CEO Mark Karpeles put the exchange in deep trouble, further dropping the Bitcoin’s value to 4.8%. Its effect was beginning to look on the values of other cryptocurrencies. But now with Mt. Gox being shut down for an indefinite period, there is not a single ray of hope for Bitcoin, Litecoin and other digital currencies to stabilize themselves in the coming days.

Mt. Gox had also stopped all sorts of communication with the customers before shutting themselves down; thus creating high levels of uncertainty. The exchange even deleted all posts from its official Twitter feeds. This had led to the negative speculations among Bitcoin communities, which ultimately proved to be right on the currency’s Wednesday reports.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com