Litecoin rises 1%, in two consecutive sessions

Litecoin rose 1% , or around $0.6 on Friday, to complete its rebound of 6-day low from March 6th, in the third session in four and most of the losses were wiped out earlier this week following last week's expanded gains that came after Venezuela's ratification of Bitcoin and Litecoin as money-transfer methods to circumvent US economic sanctions.

At 0540 GMT, Litecoin rose 0.99% to $57.588 compared to the opening of $57.038, after reaching a high of $57.771, while the lowest at $57.013.

Litecoin is currently lost less than 1% from its opening levels this week after most of its losses got wiped, when it reached 60$ for the first time in five-month last week, with corrective actions widened earlier this week following a report on the rise of money-laundering in relation with cryptos in the Japanese market, the second largest cryptocurrency market in the world.

The Basel Committee on Banking Supervision in Switzerland called on all banks to take precautionary measures in dealing with cryptocurrencies as a potential risk to financial stability. The Swiss Finance Committee reported that it was still working with regulatory organizations such as the Financial Stability Board to clarify preventive measures against cryptocurrencies such as Bitcoin and its crypto counterparts, including Litecoin.

On the other hand, the Venezuelan government's deadline for American diplomats to leave the country has passed as tensions between the two countries escalated following Venezuelan President Nicolas Maduro's decision to cut off diplomatic ties with the United States and accuse his counterpart Donald Trump of sabotaging the political situation in his country. The Government stated that the presence of diplomats on its territory poses a threat to the unity and security of the country.

Earlier this week, reports spreaded of the United States imposing new economic sanctions on the Moscow-based Evrofinance Mosnarbank, citing the move that the Russian bank has financed activities supported by Venezuelan perto-cryptocurrency which is baked by the country's oil reserves, all as part of US action to cut off financial supplies to Maduro's government, which could boost demand for the Bitcoin and Litecoin to circumvent US economic sanctions.