BTC China has added Litecoin for trading against the Yuan- with 0% commission. The addition of the digital currency has been much anticipated as Litecoin’s creator, Charles Lee, and BTC China CEO Bobby Lee are brothers, leading to speculation that it would be only an amount of time until Litecoin trading took place. To commemorate the news, BTC China created a special banner alluding to the Lee brothers.
Their news update reads as:
We are very excited to introduce BTC China’s new member – Litecoin!
Bitcoin grew tremendously in 2013, while another virtual currency has also made considerable progress – Litecoin. It gradually gained recognition from the Bitcoin enthusiasts. By popular request, we have now added Litecoin trading to BTC China’s trading platform.
In addition, Litecoin trading will have 0% trading commission!
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As a responsible trading platform and a Bitcoin industry leader, BTC China is committed to providing a safe and secure platform. We always focus on the safety of customer’s funds.
We will strive to continue to offer the best service to our customers, so we appreciate any suggestions, comments and feedback.
Thank you for your support, and we wish you a happy and prosperous Year of the Horse!
BTC China Team
March 4, 2014″
Volume is over 47,000 LTC ($846,000). BTC China has the world’s 5th highest bitcoin volume according to bitcoinity.org, with a grip of approximately 4% of the market.
Litecoin (LTC) is soaring today, mostly due to the broad-based rally in cryptocurrencies in general. Such altcoins can typically exhibit amplified swings on a scale 2-2.5x that of Bitcoin during major moves. It is entirely possible that its addition to BTC China has further magnified these gains. LTC is up by over 27% today, more than any other altcoin in the top 15 (aside from Auroracoin), now trading at $18. Earlier, it spiked to over $22, a gain of more than 57%. Both levels are the highest since LTC started its lengthy decline in January.
Traders may want to exercise caution, as the highly volatile price movements, especially relative to USD, may follow a typical pattern following news out of China, and may be more vulnerable to the next sudden shock to hit the crypto world. Many traders on BTC-e are discouraging selling LTC at $18, anticipating to climb higher.
In terms of Charles Lee, after working for Google and then creating Litecoin, he currently works at Coinbase, where he was recruited to join the firm last July. As such, his presence has led to hope among Litecoin users that the digital currency will arrive to BTC China. However in a interview with Kevin Rose last December, Coinbase Founder Brian Armstrong was asked about Litecoin adoption but answered that it wasn’t in any immediate plans.