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Home » Litecoin Prices Fall 6% Post Third Halving Event

Litecoin Prices Fall 6% Post Third Halving Event

Hania by Hania
August 3, 2023
in Altcoin News
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Litecoin Prices Fall 6% Post Third Halving Event
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Litecoin prices have fallen 6% since the completion of its third halving event on Wednesday evening in Asia.

Quick facts

Litecoin prices fell 6.04% in the last 24 hours to US$86.16 at 3 p.m. in Hong Kong on Friday, according to CoinMarketCap data.

The latest Litecoin halving event dropped the network’s mining rewards from 12.5 Litecoins per blockchain minted to 6.25 Litecoins, which will decrease the supply of new Litecoins created by miners.

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“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. “The price will increase if there is a similar increase in demand for Litecoin.”

“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,” stated Nick Ruck, chief operations officer at Singapore-based blockchain infrastructure platform ContentFi Labs.

Litecoin Prices Fall 6% Post Third Halving Event

As noted by Ruck, the recent hack on the decentralized finance platform Curve Finance and market speculations that US prosecutors may file a lawsuit against the crypto exchange Binance over fraud charges have both contributed to the unfavourable mood in the crypto market.

Following Litecoin’s previous two halving events in 2019 and 2015, the token’s value fell following halving and stayed rangebound for months.

Similar to Litecoin, Bitcoin has halving events that take place about every four years. Bitcoin’s second halving event is scheduled in April or May 2024, with U.K. bank Standard Chartered expecting a price of US$120,000 by year’s end.

Read More

Litecoin (LTC) Price Prediction For 2023,2024, 2025 And 2030
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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