How a Big Litecoin Rumor Turned into Reality

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See How a Litecoin Rumor Turned into Reality

ForexMinute.com – Weeks ago, we posted about an anonymous thread at Reddit, started by an unidentified user “whyyour”, claiming the Chinese Exchange Huobi CEO’s announcement to include Litecoin trading to their services. The thread was mostly met with hideous responses, as no specific or similar announcement was found that could prove the actuality of this step by Huobi.

The idea of the Chinese exchange adding Litecoin was merely based on a server update they did on February 25th. Many even called whyyour’s thread a “dirty trick” to upkeep Litecoin prices, which was then falling due to an alleged frenzy against cryptocurrencies after the Mt. Gox’s shutdown.

The thread, in the end, was considered to be speculative, with one of the users commenting the following: “Didn’t we already see that they announced this yesterday the 25th. They ended up only upgrading the servers. I don’t mean to be so negative. I’m just making sure this news isn’t just to influence a rally for Litecoin.”

It was a rumor, but until March 13th.

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Expected by some and surprising to many, Huobi has done the exact that was once predicted by “whyyour”. The Chinese exchange yesterday confirmed to include Litecoin trading to its services, alongside Bitcoin trading. The new service is currently in its final testing phase before becoming available from March 19th this year, the company stated.

Huobi’s co-founder Jun Du further bolded the “whyyour” prophecy by accepting that their exchange was extensively researching Litecoin’s role in the current digital currency arena from a long time. He confirmed that only after a careful deliberation, they were able to come to a definite conclusion on Litecoin; a conclusion that seems more like proof now.

Or was it the BTC China’s Impact?

There also may be a huge chance of Huobi trying to improve its competency in the Chinese digital currency market, as its competitors BTC China has also added Litecoin trading to its services last week. The latter have even announced to charge zero-commission on Litecoin transactions, owing to the brotherly relationship between the BTC China’s CEO Bobby Lee and Litecoin inventor Charles Lee.

Du however was stick to its impression, explaining their reason for adding Litecoin because the currency has “enough liquidity and sufficient value.”

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com