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September 14th Multicoin Capital, a considerable fund of crypto hedge supported by prominent VCs Fred Wilson with $ 75 million AUM, called litecoin (LTC) a "relic of the cryptography ecosystem of the pre-smart contract platform" and recommended a cryptocurrency short-trade that was exchanged at a minimum of one year in a relationship.
Since then, Litecoin's price has risen by almost 20% from $ 53.50 to $ 63.41.
Much of the moment came later Charlie Lee, the founder of Litecoin, released a Answer by 11 tweets that went point by point in an attempt to dispel the claims made by Multicoin Capital.
The addition of further pressures on the Multicoin bearish call is the fact that the short interest in Litecoin declined over the past week. Previously, the short interest was over $ 10 million in LTC sold shortly, but today this number has been reduced to about $ 6.4 million.
As Litecoin continues to record higher lows since September 12, a new bullish trend may form, indicating more pain for the main fund of crypto hedge. LTC is currently valued at $ 3.7 billion, placing it in 7th place in the AltDex 100 Index (ALT100), a reference index for cryptocurrencies and large tokens.
Other: Litecoin's maker (LTC) returns to bearish and hedge funds
Similar: decline in interest of Ethereum (ETH) and Litecoin (LTC) as Crypto Market Rallies
Disclaimer: the author of this article has participations in cryptocurrency that may be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct due diligence before making investments.
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