Palwasha Saaim B.ScRead Full Bio Wednesday morning presents a doomsday-like situation, as the cryptocurrency market sees a wide correction. We’re scrolling down the list of the top 40 cryptocurrencies and nearly all of them are drenched in crimson.

Litecoin is likewise a victim. If you’re aboard the LTC ship and are fearing it will go down, then here’s something you must know before you decide to jump ship.

Two events have occurred side-by-side to trigger this sell-off. Let’s start from the beginning. First, last week, three of the biggest global cryptocurrency exchanges—Binance, Bittrex, and Bitfinex—all temporarily disabled new user sign-ups. Many looking to make an overnight killing were turning toward cryptocurrency exchanges to buy their “get rich quick” cryptocoins.

With too many new registrations coming in, the exchanges could no longer handle the high volume.  Here’s one tweet from Binance. Other exchanges like Kraken and Poloniex likewise warned of long wait times for account verifications of new users.

In short, these exchanges basically set up roadblocks for new buyers. To add fuel to the fire, two days ago, everyone’s go-to website for crypto-rankings—CoinMarketCap—removed two major South Korean exchanges from its average price calculations. Read more from…

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