Binance launched a new fiat-to-crypto that allows users to buy and sell digital assets with Singapore dollars went live just a week ago on July 10, with the regional branch opening of the number one exchange by trading volumes.
The cypto exchange had to comply with local regulations, which turned buying crypto abroad into a great ordeal. This was the third fiat-to-crypto exchange that was rolled out by Binance, after opening one in Jersey and one in Uganda, with the plans to open ten fiat exchanges on every single continent.
All the cryptocurrencys have been freefalling for the last few days, with Litecoin seeing a huge dip just before the halving next month. Currently sitting at $79.70, Litecoin has dropped from $120 just last week. Any time Bitcoin takes a hit, Altcoins seemingly take an even bigger hit. Litecoin traders have remained fairly pessimistic about LTC, expecting it to hit as low as $64. According to CryptoBriefingTA, the bearish head and shoulders pattern on the four-hour time frame has a downside projection of around $40.00.
However, it’s all about a long-term game since Binance Singapore will serve as a springboard for the company’s expansion in Southeast Asia. While it’s great Litecoin is being implemented in more places, it’s steady decline is not reflective of what is to come, Litecoin could quite easily bounce back, as cryptocurrencies often do.