Venezuela Announces Inclusion Of Bitcoin And Litecoin In Its National Remittances Platform
Venezuela has announced that it will include cryptocurrencies such as Bitcoin and Litecoin wallets to its Patria’s Cryptocurrency Remittance Platform. The government authority has further updated that this step will allow the Venezuelan citizens to receive remittances in cryptocurrency form officially.
Although several Venezuelan citizens are already into Bitcoin usage and are using this cryptocurrency to make cross border payments, this new update from the government will give these transactions a formal status. Venezuela’s next step in embracing cryptocurrencies: Addition of Bitcoin-Petro Trading Pairs Venezuela is already a leading cryptocurrency usage market in the world.
The country is third in the list of highest cryptocurrency usage in the world. And the government is keen on pushing this trend and is making continuous efforts to increase and regulate the usage of cryptocurrencies. And this latest announcement is a part of these efforts.
The formal announcement of including Bitcoin and Litecoin wallets in the National Remittances Platform came through a Patria blog post. This announcement is a part of the Venezuelan government’s several amendments regarding crypto policies to counter the effects of US sanctions. Follow NewsGram on Instagram to keep yourself updated.
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As seen above, LTC carved out a long-term low at $1.12 in January 2015 and rose to a high of $8.72 in July before falling back below $4.00 ahead of Aug. 25 – a day when mining rewards fell from 50 LTC to 25 LTC. So, it could be said that markets bought LTC in seven months prior to reward halving and booked profits a few weeks before the event. The chart also shows that the cryptocurrency exited the bear market (long-term falling trendline) well before the reward halving. Litecoin’s recent surge is reminiscent of the price action witnessed in early 2015. As noted earlier, the cryptocurrency has appreciated by more than 50 percent in the six-weeks and has crossed the 12-month-long falling trendline. History seems to be repeating itself and so LTC could spend the next couple of months trading in a sideways manner before seeing a possible gear-shift in June and July. Such a possibility is also pointed to in the price chart analysis. Weekly chart 
LTC closed last week at $46.30 on Bitstamp, confirming a bullish higher high and higher low pattern. The 5- and 10-week moving averages (MAs) are also trending north, having produced a bullish crossover in mid-January. The move through the long-term trendline hurdle was backed by a jump in trading volumes to the highest level since February 2018. The bearish-to-bullish trend change, therefore, looks legitimate. Bitcoin’s Halving History 
Litecoin isn’t the only cryptocurrency to undergo a reward halving roughly every four years. In fact, so does the world’s largest cryptocurrency, bitcoin. Since bitcoin’s inception 10 years ago, the cryptocurrency has experienced two reward halvings, the first on Nov. 28, 2012 and second on July 9, 2016, and is estimated to undergo a third in May of 2020. As seen in the chart above, both halvings were preceded months in advance by significant price growth and full-fledged bull markets after the event. Upon close inspection, it’s clear the halvings elicit a brief “sell the news” reaction from the market in the weeks leading up to the event. In that time, bitcoin witnessed price drops of 30-50 percent, which is comparable to litecoin markets in the few weeks leading up to its first halving. Disclosure: The author holds no cryptocurrency assets at the time of writing. Source: