Litecoin hits two-week high even as cryptocurrencies suffer

Litecoin rose on Wednesday to two-week highs after a phase of dithering and heavy losses sustained by cryptocurrencies due to official clampdown around the world. 

Thailand's central bank issued a memorandum ordering financial institutions to steer clear from dealing in cryptocurrencies due to concerns over unregulated trading. 

The central bank banned five specific activities related to cryptocurrencies, investing, trading, exchanging, creating platforms that would allow clients to use credit cards to buy cryptocurrencies, and consulting them on the issue. 

The bank said the virtual currencies aren't legal in Thailand, expressing its concerns over its potential use in money laundering or terrorist funding. 

The heavy-handed moves comes despite that the Thailand government said recently it won't ban cryptocurrencies, and would rather regulate them. 

Litecoin rose to $180.29 from the opening of $158.91, with an intraday high at $183.85, and a low at $183.85.