The fourth-largest cryptocurrency, Litecoin is currently experiencing a spike of 3.82 percent over the past 24 hrs. It’s trading volume counts at $6,067,192,029 and the coin is presently trading at $96.43 against US Dollar.
While the crypto market is showing mixed signals, Litecoin sits in the green zone. To remind, LTC halving is around the corner, and many theoretically believe that price should spike.
Following the similar note, Litecon’s founder, Charlie Lee took to twitter and quickly grabbed audience attention by announcing that “he will be cutting Litecoin mining rewards in half for the first time in 4 years.”
Quoting the news about Federal Reserve Cuts interest rates for the first time in over a decade”, Charlie Lee says that;
I'm announcing today that in 4 days, I will be cutting Litecoin mining rewards in half for the first time in 4 years. This should help prevent the possibility of a cryptocurrency downturn. 👍
And I will cut it in half again in 2023! 😮 https://t.co/YmUIHx5fLi
— Charlie Lee (@SatoshiLite) August 1, 2019
A halving is an event that takes place when the reward of miners will get cut by two. During this event, fewer coins are generated in the network, and as a result, the respective crypto asset will be lesser than before. Due to this situation, the price will rise theoretically. Bitcoin had a halving prior to BTC’s price spike in 2017 – accordingly, the crypto community is expecting a surge in the price of Litecoin.
In fact, few believe Litecoin will outpace $200 level within the next 60 days, even though altcoins are already suffering. While Lee’s tweet seems quite confusing to those, who are a newbie as it quietly involves sarcasm in it.
Also, the opinion of Lee should be taken with utmost care. This is because Lee’s most tweets come with Sarcasm and this one too. Moreover, Lee had once sold all of his Litecoin (LTC) tokens when the price touched its all-time high, and many people often disagree with his opinion, claiming Lee is primarily occupied with profit.
Similarly as a response to a tweet, that says “if Litecoin tanks because people don’t understand sarcasm I’ll be real miffed at you Charlie,” he said;
If it does, then LTC doesn't deserve the price it has. 😀
— Charlie Lee [LTC⚡] (@SatoshiLite) August 1, 2019
Further, it’s worth to note that LTC in Q1 2019 was trading in the range of $61 and then saw a significant surge in Q2. During June, Litecoin was trading at the value $145 against US Dollar whereas it has declined to $96.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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