Litecoin rises for first session in 7, to end 5-month losing streak

Litecoin rose more than 3%, or more than $2.3 on Friday, to rebound in its second session from the lowest since April 2nd, when it gained around 27% and reflected its best daily performance since February 8th. after the announcement of a partnership between the Litecoin foundation and Beam, the software development company, to explore a new protocol called "Mimblewimble" which would improve the privacy and expansion of Litecoin.

As of 05:14 GMT, Litecoin rose 3.25% to $74.084 compared to the opening levels of $71.751, after reaching a low of $70,500 and a high of $76.549. The total market value for the fifth largest cryptocurrency is currently about $4.48 billion, up more than 20% from what it was earlier this month.

Otherwise, Litecoin heads to its third consecutive weekly loss, with a loss of about 5% so far this week, reducing the gains of the first weeks of the current month and quarter, which witnessed gains of more than 50% and reflected the rise in market value with more than half then.

It worth mentioning that Litecoin continuation of its losses for the third week in a row comes as it is heading for its longest weekly losing streak since last November, after IMF Executive Director Christine Lagarde that the new financial innovations such as cryptocurrencies lead to financial instability.

Lagarde pointed out that the Blockchain technology in assets such as cryptocurrencies are shaking up the banking system and should be closely monitored, to maintain financial stability, explaining that any changes in the financial system must be accompanied by new regulations, adding that the world does not want innovation that threatens the financial system, which could lead to the absence of stability required. Therefore, she called for more appropriate regulation, of technology companies entering the financial sector.

while those remarks contradict with the essence of cryptocurrencies, as they're characterized by their anonymity and decentralization. Lagarde's remarks came after China's National Development and Reform Commission (NDRC) announced its intentions to ban more than two-thirds of the global Bitcoin's mining operations, which take place in the country, while claiming the ban comes to make the world safer.