Litecoin falls off four-week high for third session

Litecoin fell over one percent, or $1 on Friday away from June 22 highs near $90, while still on track for a weekly profit after Litecoin founder Charlie Lee said the latest banking acquisition could lead to new crypto services. 

As of 05:25 GMT, Litecoin slid 1.12% to $85.167 from the opening of $86.097, with an intraday low at $84.570, and a high at $86.107. 

Litecoin Founder Charlie Lee tweeted in a joking manner : "There will be at most 21 million bitcoins in existence. There isn't even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the shitcoins you want!"

Cryptocurrencies were hurt this week after Federal Reserve Chair Jerome Powell warned from cryptocurrencies and their use in money laundering during his Congressional testimony, dismissing them as failing to hold real value, while asserting the Federal Reserve doesn't intend to launch its own cryptocurrency, while still monitoring the market closely. 

Powell said cryptocurrencies won't be a problem, as their market is still too small to make an impact, while calling on lawmakers to pay attention and regulate the industry, in turn weighing on crypto assets today. 

Before Powell, the market took a boost after Bloomberg reported that Coinbase, one of the largest crypto exchanges in the world, got regulatory approval from the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to list cryptocurrencies as security tokens under the supervision from federal regulators in a first for the company. 

BlackRock to Invest in Crypto? 

BlackRock, the world's biggest assets manager, is reportedly looking into investment options in cryptocurrencies and blockchain technologies. 

Financial News reported that BlackRock formed a team from various units at the company to look into cryptocurrencies, with an eye on investing in Bitcoin futures in particular. 

Bithumb Expands 

Bithumb, South Korea's largest crypto exchange, has announced plans to expand to Japan and Thailand, with the company currently working to get regulatory approvals from both countries. 

The foray into Japan and Taiwan is part of Bithumb's global expansion plans as crypto and blockchain services and technologies gain traction. 

Litecoin Founder Clarifies German Banking Acquisition 

Litecoin Foundation recently partnered up with start-up TokenPay to purchase a 10% stake from German Bank WEG, with founder Charlie Lee recently stating that: "Best case is that with this bank, we are able to create and deliver crypto solutions like debit cards, merchant processing, and other innovative solutions. However, even with a stake and influence at the bank, it's not guaranteed that this will succeed."

Lee asserted that the foundation didn't pay any money for the stake, with TokenPay footing the bill "in exchange for technical work and marketing support for TokenPay, eFin decentralized exchange, and integration with the bank." 

Lee will become a board member of WEG, giving him a chance to influence the bank and its directives, and increase crypto operations and potentially launch new crypto-based banking products and services.