TronWeekly

Crypto World News

You are here: Home / Archives for Litecoin (LTC)

Litecoin (LTC)

Binance Drops Confidential Litecoin Transactions

by

Binance announced that it has halted deposits and withdrawals of Litecoin [LTC] that utilize the MimbleWimble Extension Blocks [MWEB] function, which provides users with an option of sending anonymous LTC transactions without revealing any transaction information.

In the notice issued, Binance cautioned against any further LTC deposits made to the platform through the MWEB function. If done, users might risk losing funds as the exchange would be unable to verify the sender’s address,

“To ensure the security of your funds, please do not deposit LTC through the MWEB function”, it added.

Litecoin is one of the earliest alternative coins [altcoins] that came to being after Bitcoin [BTC]. Created in October 2011, the MimbleWimble upgrade was first developed more than two years ago as part of the Litecoin Improvement Proposal.

Not limited to just scaling privacy features for LTC users, the upgrade also claims to help reduce needless transaction data from the blocks to the minimum using its cut-through feature.

Despite the hype around the LTC’s transactional confidentiality, it met some regulatory roadblocks, particularly with regard to Anti-Money Laundering [AML] and Know Your Customer [KYC] laws.

In fact, it was why leading exchanges in South Korea had removed the coin from their platforms. 

In another different development, Binance has temporarily halted Bitcoin [BTC] withdrawals due to extreme market turbulence, CEO Changpeng Zhao tweeted today.

vadim artyukhin 92BitC3QEU unsplash
Binance Drops Confidential Litecoin Transactions 2

The brutal market condition has sent shockwaves across quarters. On the same day, crypto staking platform Celsius too paused withdrawals and transfers referencing the current mayhem that has engulfed the crypto market.

As reported by TronWeekly, the platform’s token CEL has lost more than half of its value in the ensuing bloodbath.

Binance Under Regulator’s Lens Once Again

Recently, Binance has also been in the midst of regulatory headwinds. CEO CZ Zhao said the Securities and Exchange Commission [SEC] has been “asking questions” about the BNB exchange token but the exchange hasn’t yet been subpoenaed.

The SEC has declined to comment about the presence of a probe, citing policy limitations.

Separately, Binance is also under investigation by the Justice Department, the Commodity Futures Trading Commission [CFTC], and the Internal Revenue Service [IRS].

Rock icon, Gene Simmons to sell mansion in exchange for cryptocurrency

by

Kiss’s bassist and vocalist, the rock icon and a successful entrepreneur Gene Simmons who is also known for the early adoption of cryptocurrency, announced on 1 February 2022 that he will accept cryptocurrency as a medium of exchange for his Las Vegas Estate. The estate is currently listed on the market for $13,500,00.

Simmon’s modern desert mansion is located in the Ascaya community in Henderson, south of the Las Vegas strip. The mansion is more than 11,000 square feet, being well perched above the valley, and with a private orchard adjacent to it.

The rock icon has asserted to accept payments through either Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Try.Finance, Uniswap (UNI), Polkadot (DOT) or Aave. He has also said that aggregation of all these coins would be accepted as well.

In perspective, Kiss’s bassist and vocalist, Simmon’s, told Blabbermouth,

“I have been an outspoken proponent of cryptocurrency from the beginning. It is the future of money, and it just makes sense to offer interested parties the option of using cryptocurrency to purchase the estate.”

It has come to light, that The Ivan Sher Group of Berkshire Hathaway Home Services Nevada Properties was selected to represent the rockstar’s luxury estate. Furthermore, Evangelina Duke Petroni, the salesperson in charge, of Berkshire Hathaway Home Services clarified that parties interested in purchasing the mansion should be verified through closing costs, along with commissions and taxes.

The rockstar goes way back with crypto

The bassist and vocalist of the classic rock band Kiss, spoke about cryptocurrencies on Twitter about a year ago, on 1 February 2021. A few months before this, Simmons tweeted about the subject with Cameron Winklevoss on 15 September 2020.

This message was decoded eventually when the Simmon’s said that he bought and now owned some digital currencies. Through the tweet, he made it clear that he wasn’t recommending it to anyone, but he had bought and will own Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others.

Furthermore, Simmons joined forces with the Tesla founder Elon Musk and hip hop star Snoop Dogg, to show support of Dogecoin (DOGE).

Screenshot 12
Rock icon, Gene Simmons to sell mansion in exchange for cryptocurrency 4

The rockstar, also known for his on-stage persona as ‘The Demon’ embraced Dogecoin through this tweet and disclosed that he had bought the meme token.

Cryptocurrency to be bought on BitPay at 0 fees

by

Cryptocurrency can now be bought on the BitPay wallet app for no fees at all, but only for a limited period. This statement was out in a press release that was published by BitPay on 20 December 2021. BitPay also took to Twitter and announced that it has partnered with Simplex to offer 0% fees on the next cryptocurrency purchase.

One of the world’s largest bitcoin providers and digital asset payment services, BitPay had announced in a promoted collaboration with Simplex, that BitPay Wallet users can now buy virtual coins without any additional charges through their wallet debit cards and ApplePay, only for a limited time.

According to BitPay CEO, Stephen Pair, this is a straightforward way for the residents of the USA that want to try out the world of digital assets for the first time to buy, store and spend crypto. He also adds,

 “BitPay wants to help consumers start to live life on crypto and by working with Simplex, we make it simple to acquire crypto by eliminating the need for users to navigate to a cryptocurrency exchange to fund the wallet.”

Typically, this collaboration is meant to counter-check the requirement of people to use a crypto exchange to fund their wallets. It was announced that users can instantly buy gift cards from hundreds of top retailers in-store and online with Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB) Wrapped Bitcoin (WBTC), as well as five USD-pegged stable coins BUSD, DAI, GUSD, USDP, and USDC.

Cryptocurrency market highs to be capitalized by users through this solution

The founder and CEO of Simplex, Nimrod Lehavi said that buying crypto usually involves fees to make a purchase with a debit or credit card making it difficult for those new to crypto, so by working with BitPay they are waving those fees for users so anyone, anywhere has the opportunity to enter into the crypto space and capitalize through this solution.

At the time of writing, Bitcoin (BTC) enjoyed a bullish market price at $48,660.41 with a daily high of 5.26%.

Dogecoin [DOGE] miner revenue scores a new All-Time High at $1B

by

Dogecoin [DOGE] had an incredible start this year, bringing a record number of miners to its network. DOGE’s all-time mining revenue hit a new peak at $1 billion in the month of November, according to the latest stats provided by data analytics platform, Coin Metrics. Earlier on November 13, 2021, the total all-time miner’s profit exceeded the $1 billion mark for the first time. As of December 9, the overall miner’s income currently stands at $1.08 billion.

photo 2021 12 11 11.06.51 1024x606 1
Dogecoin [DOGE] miner revenue scores a new All-Time High at $1B 6

It is worth mentioning that the total revenue of the meme coin mined on January 1st, 2021 touched $108 million. Since then, it has increased tenfold as the asset gained popularity and garnered public attention.

Notably, the growth in miners’ revenue started gaining traction and accelerated during the month of April and May, which coincides with the surge in the price of DOGE in the broader market, as investors began to turn their attention to the asset around this period. As a result, this provided an opportunity for the miners to reap benefits from the coin’s increasing popularity.

The principle behind Dogecoin mining

Dogecoin’s network employs the same principle as Bitcoin [BTC], Litecoin[LTC], and many other assets, by adding new blocks and reaching agreement among its network operators. In particular, DOGE and LTC use a common hashing algorithm called Scrypt enabling both to “merged mined”. This meant that both coins can be minted simultaneously without affecting operational efficiency.

As a matter of fact, the two asset shares a common algorithm because dogecoin’s protocol is based on Luckycoin [LKY], which in turn was designed from Litecoin. Comparing the two, leading crypto blogger Colin Wu observed,

“Dogecoin miners’ income has increased significantly this year. As of December 9th, the total income is $1.08 billion. The mining mechanism of Dogecoin is a bonus for mining Litecoin, but the income this year has exceeded that of Litecoin.”

At press time, Dogecoin is trading at $0.16, rising by 1.4% in the past 24 hours. On the weekly index, the asset declined by 3.87%. The canine token has been on a downward trend since its previously established peak of $0.7004 on May 8, this year.

Litecoin [LTC] preps for the arrival of bulls as bears get ready to depart

by

The entire crypto market was smeared in red. Yet the assets managed to stay afloat without witnessing any major loss. Litecoin [LTC], however, had all the bears in its market. Consequently, the asset noted a significant plummet. Despite this, Litecoin was hoping to make a comeback as the bulls were slowly making an entry into its market.

Market Overview

The overall market sentiment was bullish as most of the assets were losing out on gains amassed throughout the week. Bitcoin [BTC] noted a major fall all the way from a high of $68K to a low of $63K. The Ethereum [ETH] market was reeking of stagnancy. $5K appears to be a dream for the altcoin.

The altcoins were witnessing dainty reductions, while Avalanche [AVAX] was amassing profits. Shiba Inu [SHIB] and Litecoin [LTC] were the only assets that recorded unusual losses.

Litecoin [LTC], during the time of writing, was trading for $248 with a price drop of over 8% in the last 24-hours. Despite surging by over 26% throughout the past week, LTC decided to dip.

Additionally, the market cap of LTC was noted to be at $17.1 billion. Even though LTC was one of the first cryptocurrencies to enter the market, it seemed to have been overshadowed by new coins. Hence, Litecoin dropped to the 14th rank, during press time.

Litecoin [LTC] one-hour price chart on Binance

Litecoin
Litecoin [LTC] preps for the arrival of bulls as bears get ready to depart 8

The one-hour price chart of LTC noted that the coin wouldn’t be suffering for long. The Parabolic SAR indicator had already initiated a trend reversal by laying out dotted lines below the candlesticks. The Awesome Oscillator indicator finally rolled out green closing bars after a series of red ones. With all these signs implying an extremely bullish notion, Litecoin could be in for an uptrend.

The Relative Strength Index [RSI] indicator revealed that LTC was being increasingly sold.

Litecoin [LTC] follows Bitcoin’s steps as it records a 16% daily surge

by

Almost all the assets in the crypto-verse were on an upward trajectory. Litecoin [LTC]. however, seemed to be making a comeback. Just as Bitcoin [BTC] went on to record a new all-time high, the lite version of the king coin, LTC followed suit and witnessed a massive surge. Bitcoin during the time of writing was trading close to $68K. As the coin’s market cap surged to $1.28 trillion, the overall digits moved up close to $3 trillion.

Painted in green, the crypto market was riding the bullish wave. While some altcoins were amassing massive gains, a few others like Solana [SOL], as well as XRP, were taking it rather slowly. Cardano [ADA] and Litecoin [LTC] were the stars of the show as they recorded a double-digit soar.

As new coins emerged strongly into the crypto-verse, Litecoin [LTC] took a back seat. The asset finally made some noise after it recorded a 17.86% surge in the last 24-hours. At the time of writing, LTC was trading for $246.

The market cap of the altcoin witnessed a significant fall as it dropped below the top 10. While new coins rose into the top 10, LTC slipped down to the 14th spot. The market cap of Litecoin, at press time, was at $17 billion.

Litecoin [LTC] one-hour price chart on Binance

Litecoin
Litecoin [LTC] follows Bitcoin's steps as it records a 16% daily surge 10

The one-hour price chart of LTC on Binance noted a major bullish notion. The Parabolic SAR indicator formulated dotted lines below the candlesticks acting as prominent support against any possible downtrends. The Chaikin Money Flow [CMF] indicator was flying high in the bullish arena. The CMF marker was long above the zero median.

LTC was constantly being overbought by buyers in the market. The Relative Strenght Index [RSI] indicator noted that the buyers were in the LTC market. The RSI marker was close to hitting the 80 median.

Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club

by

On Tuesday, the cryptocurrency market decided to swerve into the bull’s path taking the price along with it. Altcoins ruled the roost after a much-needed break from the bear that affected the entire ecosystem’s market cap. Charlie Lee founded-Litecoin [LTC] became one of the biggest gainers of the week after a new round of investments from users.

At the time of writing, the Bitcoin Silver aka LTC was growing by 4.2 percent on the back of a strong week. LTC was trading for $188.4 on Tuesday while holding a market cap of $13.004 billion. The daily trading volume spiked to $2.8 billion as other altcoins tried to emulate its performance. When LTC hit its all-time high this May, the community was confident of upcoming developments.

Litecoin 1 hour:

Litecoin
Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club 13

As Litecoin’s immediate support remained near the $160 mark, the green candles continued their strong push. The graph showed signs of recovery after a low bearing September.

Relative Strength Index: Litecoin’s RSI climbed closer to the overbought zone, showing an increase in the number of HODLers.

Chaikin Money Flow: The capital coming into the LTC market shot up as prices settled. Litecoin investors reveled in the latest hike as capitulation was left in the dust.

MACD indicator: Litecoin’s bearish momentum at the start of October caused the signal line to touch the MACD line. The resurgence was enough to push the cryptocurrency over to the bullish side.

Litecoin 1 day:

ltc 1 d 1
Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club 14

Litecoin’s long-term performance was indicative of the market’s fluctuations, showing multiple crests and troughs. The long-term support has fallen to $106.4, a far cry from its earlier holds.

Relative Strength Index: Just like in the hourly timeframe, LTC’s graph sporadically moved in the upward direction.

Chaikin Money Flow: Getting capital intensive was a struggle for LTC but the latest marker was a step in the right direction.

MACD: The signal line and the MACD line moved upwards after converging during the past week. Even the MACD histogram ticked green for a sustained period of time.

Litecoin activity stands higher than Cardano, Bitcoin Cash, Dogecoin

by

The number of active addresses on the Litecoin [LTC] network has surpassed that of Bitcoin Cash [BCH] and Dogecoin [DOGE]. According to Jay Milla, the director of the Litecoin Foundation tweet, the growth of wallet activity on the Litecoin network has risen to 450k, outpacing other large-cap cryptocurrencies. And after LTC, Cardano’s [ADA] active address count stood at 214k, followed by Bitcoin Cash [BCH] with 101k and Dogecoin [DOGE] with just 60.89k.

b
Litecoin activity stands higher than Cardano, Bitcoin Cash, Dogecoin 17

Dogecoin [DOGE] and Cardano [ADA] have seen a surge in transaction volume in recent times. Elon Musk fueled the DOGE rally in the first few months of 2021, exacerbating it to reach an all-time high of $0.73. However, as the hype faded, so did the price and network activity.

On the other hand, Cardano’s Alonzo update significantly boosted its price in August this year but its address count remained low.

So what does this imply? The active address is a metric measured in terms of an increase in the network activity on-chain. Analysts can utilize these data to predict the behavior of the crypto asset in the market and the possible price changes.

Litecoin has seen a spike in such active wallets adoption due to its high speed and cost-effective transaction. Recently a new upgrade was introduced called, ‘OmniLite’, a protocol designed to implement smart contracts, non-fungible tokens [NFTs], and other decentralized assets. Another interesting feature is the crucial implementation of privacy transactions on an experimental basis via the MimbleWimble [MW] protocol.

Litecoin’s Rising hash rate

LTC hash rate has been on the rise since July this year. At 325 TH/s, LTC hash rate climbed to a three-month high.

hash rate
Litecoin activity stands higher than Cardano, Bitcoin Cash, Dogecoin 18

Looking at the bigger picture, the Litecoin hash rate had surged to an ATH of 523.8 TH/s days before the second halving. Right after the event, the hash rate figure fell below 140 TH/s, a decline of over 73% in just 6 months. Since then, it has kept low. The crypto’s hash rate came close to 400 TH/s during the 2021 rally. Shortly after which, it fell significantly again.

After Bitcoin, movie theater chain AMC to add ETH, LTC, and BCH

by

Bitcoin [BTC] and other cryptocurrencies have been gaining the attention of the globe. The demand for these assets grew at a significant rate which further urged major platforms to accommodate crypto assets. Prominent financial firms, educational institutions, even governments have started to incorporate crypto into its system. With celebrities accepting payments in crypto, it was about time that crypto went to the cinema.

Back in August, the world’s largest movie theater chain, AMC Entertainment went on to reveal that it would soon start accepting Bitcoin [BTC] for payments. Now, further elevating its presence in the crypto-verse the American cinema operator announced the integration of a few other prominent assets like Ethereum [ETH], Litecoin [LTC] as well as Bitcoin Cash [BCH].

Payments in crypto have become quite popular these days. With digitalization taking over the world, almost every platform has been incorporating crypto particularly BTC as a method of payment.

Bitcoin Cash, Ethereum and Litecoin joins AMC

In a recent tweet, the CEO and Chairman of AMC, Adam Aron noted that along with Bitcoin, customers would be able to use other currencies for payments by the end of the year. The tweet read,

“Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin, and Bitcoin Cash.”

Previously, in August 2021 the CEO, during a conference call put forth his interest in crypto. During the call, Aron noted that the American cinema operator was formulating an infrastructure specifically to accommodate BTC.

The entire world was disrupted by the emergence of the COVID-19 pandemic. While things have slowly started to fall into place, cinemas have started to fill up. The inclusion of crypto into the system could pose beneficial for AMC as well as the crypto industry. Additionally, the world’s largest cinema chain had also hinted that it would soon expand across the United States, Middle East, and Europe as well.

Apart from AMC, the largest cinema chain in Thailand had also added BTC as its payment method.

Litecoin’s Charlie Lee admits “screw up” over phoney Walmart partnership announcement

by

Litecoin briefly soared above $230 after a now-deleted press release from news distributor GlobeNewswire made rounds. Numerous platforms picked up the illegitimate report that announced a partnership between Litecoin and e-commerce giant Walmart.

According to the announcement, the supposed deal would allow online shoppers to pay for purchases using cryptocurrency. Even the handle of Litecoin Foundation, the non-profit organization that aims to foster the development of LTC, posted the fake announcement. Soon after the Walmart spokesperson confirmed CNBC about the phoney press release, LTC retraced significantly. The crypto-asset price saw an abrupt fall, reversing gains by more than 22% to the press time price near $177.

LTC 7D graph coinmarketcap
Litecoin's Charlie Lee admits "screw up" over phoney Walmart partnership announcement 20

Litecoin Creator talks about the false announcement

Litecoin creator and the Managing Director of Litecoin Foundation, Charlie Lee, admitted that the organization had a role to play in the latest “screw up.” While appearing on the “Bloomberg Technology” television program, Lee also said that there is very little the foundation can do.

“We try our best to not tweet fake news and this time we really screwed up. I deny that it has anything to do with us and we’ll try our best to figure out who did it, and we will stop fake news from spreading.”

He still maintained that anyone can start accepting LTC, and there is no such requirement of formal talks with the organization first. Talking about the entire incident, the exec also stated,

“This morning I woke up and found out that Walmart is accepting Litecoin, and I was like, ‘Wow that’s awesome,’ and it turned out to be fake. We didn’t have a partnership.”

Meanwhile, Walmart Inc. and the press-release distributor GlobeNewswire have revealed investigating the hoax announcement. Fabricated press releases are not new to the equities market. But this is the first time a false document was published on a popular news distributing site that involved two major entities. Walmart’s shares slipped by less than 1%, while Litecoin saw double-digit losses in a matter of hours.