Litecoin climbs for first session in three on timid short-covering

Litecoin rose nearly two percent, or over $1 on Wednesday off November 2 lows on limited short-covering after a selloff wave that engulfed crypto assets as markets priced in regulatory risks in the US, and Saudi Arabia's warnings from dealing with or investing in cryptocurrencies.

Litecoin rose 1.95% to $55.4 as of 05:11 GMT, with a session-high at $56.465, and a low at $54.150. 

Saudi Arabia: Cryptocurrencies Are Illegal 

Saudi Arabia has reiterated warnings that trading cryptocurrencies is illegal in the kingdom amid a resurgence of promotions and ads for crypto trading. 

Officials asserted that all websites who claim a government license to offer crypto trading are fraudulent and fraught with fake promises of monetary gain and quick wealth. 

World Bank Announces First Ever Blockchain Bond 

The World Bank has partnered up with the Commonwealth Bank of Australia to set up the world's first blockchain bond, which was priced by the markets as clear international support for the technology that underpins cryptocurrencies. 

It's expected the bonds will carry 100 million Australian dollars in value, to be called bond-i, an acronym standing for Blockchain Offered New Debt Instrument, with an ethereum-based blockchain to be used in these bonds for its suitability. 

SEC Delays Crypto ETF Decision 

In other news that hurt sentiment in the market last week, the U.S. Securities and Exchange Commission (SEC) has delayed its final decision on requests to set up bitcoin exchange-traded funds to late September, in another development that upset crypto enthusiasts in the States. 

The Path of Litecoin 

Litecoin was first publicly offered in the first half of 2013 at only $3, marking record lows at below $1 in early 2015 before taking off on its long and spotted journey higher. 

The cryptocurrency pierced $100 for the first time on November 29, 2017, before scaling a record high at $370.78 on December 19, and plummeting back below $100 on June 12, moving on to $49.144 on Tuesday, August 14.