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NEWS

 * LTC - Litecoin
 * Halving
 * Markets

Published August 3, 2023 | 4:38 pm HKT Last updated 7 months ago
By Tom Zuo
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LITECOIN PRICES FALL 6% AFTER THIRD HALVING EVENT


LITECOIN PRICES HAVE LOST OVER 6% SINCE IT COMPLETED ITS THIRD HALVING EVENT ON
WEDNESDAY EVENING IN ASIA.

Image: Envato Elements

Litecoin prices have lost 6% since it completed its third halving event on
Wednesday evening in Asia.

See related article: Litecoin completes third halving event


FAST FACTS

 * Litecoin prices dropped 6.04% in the past 24 hours to US$86.16 as of 3 p.m.
   in Hong Kong on Thursday, according to data from CoinMarketCap.
 * Litecoin’s latest halving event cut the network’s mining rewards from 12.5
   Litecoins per blockchain minted to 6.25 Litecoins, which will reduce the
   supply of new Litecoins from miners.
 * “If the number of Litecoins they mined gets halved, selling pressures will be
   halved from the miners,” said Litecoin founder Charlie Lee in a Thursday
   interview with U.S.-based crypto wallet firm Ballet. “If the demand for
   Litecoin is the same, then the price will go up.”
 * “Although the halving would normally be a positive event for the price of
   Litecoin, the current bearish market and recent negative industry news has
   had a larger impact on trader sentiment,” said Nick Ruck, chief operations
   officer at Singapore-based blockchain infrastructure platform ContentFi Labs.
 * The recent hack on decentralized finance platform Curve Finance and market
   talk of U.S. prosecutors considering a lawsuit against crypto exchange
   Binance over fraud allegations have both contributed to the negative
   sentiment in the crypto market, according to Ruck.
 * Following Litecoin’s previous two halving events in 2019 and 2015, the
   token’s value slid after halving and remained rangebound for months.
 * Like Litecoin, Bitcoin also features halving events that occur around once
   every four years. The world’s largest cryptocurrency’s next halving event is
   expected in April or May 2024, with U.K. bank Standard Chartered predicting
   Bitcoin price to reach US$120,000 by the end of next year.

See related article: What is ‘proof of work’ and how does that affect Bitcoin
halving?


Post Views: 442


AUTHOR PROFILE


TOM ZUO

Tom Zuo is part of the Forkast.News editorial team.

Author's email tom.zuo@forkast.news


EDITOR PROFILE


EVE YEO

Eve is an experienced business reporter and commodities news editor. She has
previously worked at print and media outlets such as Singapore Press Holdings,
Shanghai Metals Market, S&P Global Platts and Argus Media.

Author's email eve.yeo@forkast.news

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