Reserve Dollar

Cryptocurrency

Litecoin

<div class="watcher-guru"> 
 <p>Litecoin (<a rel="noopener noreferrer nofollow" title="LTC" href="https://thebittimes.com/tag/ltc.html">LTC</a>) underwent its third halving event yesterday. The halving took place on block 2,520,000. <a rel="noopener noreferrer nofollow" title="LTC" href="https://thebittimes.com/tag/ltc.html">LTC</a> rewards are now halved, down from 12.5 <a rel="noopener noreferrer nofollow" title="LTC" href="https://thebittimes.com/tag/ltc.html">LTC</a> to 6.25 <a rel="noopener noreferrer nofollow" title="LTC" href="https://thebittimes.com/tag/ltc.html">LTC</a>. Although price gains usually follow halving events, <a rel="noopener noreferrer nofollow" title="LTC" href="https://thebittimes.com/tag/ltc.html">LTC</a> did not witness any such developments. Instead, the popular crypto asset is down by 5.9% in the last 24 hours, and by 20% in the last 30 days. </p> 
 <p>There is no clear reason why Litecoin did not see a price rally post-halving. It is possible that because the larger crypto market is in a slump, the event did not garner enough interest from investors. Several macroeconomic developments, such as interest rate hikes and job data, might have kept the crypto markets at bay. </p> 
 <p><strong>Also Read: Litecoin Halving Countdown: <a rel="noopener noreferrer nofollow" title="LTC" href="https://thebittimes.com/tag/ltc.html">LTC</a> Sees Last-Minute Slump in Value</strong></p> 
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 <p>Moreover, the halving event seems like another “sell the news” event. This is similar to what happened during Ethereum’s transition to a Proof-of-Stake consensus method, which did not lead to any significant price movements. The anticipation for the halving led to a higher price movement than the halving event itself. In the week prior to the halving, <a rel="noopener noreferrer nofollow" title="LTC" href="https://thebittimes.com/tag/ltc.html">LTC</a>’s price went from $88.73 on July 25 to $95.20 on July 30. However, the tide soon changed, and the price nosedived to below July 25 levels. </p> 
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 <h3 class="wp-block-heading" id="h-is-a-litecoin-rally-imminent">Is a Litecoin rally imminent? </h3> 
 <p>Historically, <a rel="noopener noreferrer nofollow" title="LTC" href="https://thebittimes.com/tag/ltc.html">LTC</a> has seldom rallied after its halving. A rally usually follows after a few months, sometimes even after more than a year. </p> 
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  <img decoding="async" width="1024" height="506" src="https://cdn.thebittimes.com/images/2023/08/03/04a4cd480fe97b9de243a67cf2c994ae.webp" alt="" class="wp-image-105036" srcset="https://cdn.thebittimes.com/images/2023/08/03/04a4cd480fe97b9de243a67cf2c994ae.webp 1024w, https://cdn.thebittimes.com/images/2023/08/03/04a4cd480fe97b9de243a67cf2c994ae.webp 300w, https://cdn.thebittimes.com/images/2023/08/03/04a4cd480fe97b9de243a67cf2c994ae.webp 768w, https://cdn.thebittimes.com/images/2023/08/03/04a4cd480fe97b9de243a67cf2c994ae.webp 1536w, https://cdn.thebittimes.com/images/2023/08/03/04a4cd480fe97b9de243a67cf2c994ae.webp 380w, https://cdn.thebittimes.com/images/2023/08/03/04a4cd480fe97b9de243a67cf2c994ae.webp 550w, https://cdn.thebittimes.com/images/2023/08/03/04a4cd480fe97b9de243a67cf2c994ae.webp 800w, https://cdn.thebittimes.com/images/2023/08/03/04a4cd480fe97b9de243a67cf2c994ae.webp 1160w, https://cdn.thebittimes.com/images/2023/08/03/04a4cd480fe97b9de243a67cf2c994ae.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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 <p>Going by the above graph, we may see a Litecoin (<a rel="noopener noreferrer nofollow" title="LTC" href="https://thebittimes.com/tag/ltc.html">LTC</a>) rally sometime later in 2023, or maybe even in 2024. However, the U.S. Federal Reserve has said that there could be another rate hike in September, which could lead to more volatility in the market. Hence a rally could also be thwarted by macroeconomic developments. This brings the focus to 2024 when many experts predict that the crypto market will enter another bull run. </p> 
 <p><strong>Also Read: Next Cryptocurrency Bull Run Could Begin in 2024, Predicts Analyst</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>LITECOIN</li> 
  <li>LTC</li> 
 </ul> 
</div>

Litecoin Halving Proved to Be a "Sell the News" Event

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