Charlie Lee doesn't think August will be a great month for Litecoin

11 Jul, 2019
by Richard Allen
Charlie Lee doesn't think August will be a great month for Litecoin

The crypto markets have been on a rollercoaster for the last couple of days, with Bitcoin crossing $13,800 before quickly pulling back to below $11,500. However, while some altcoins have been benefiting from Bitcoin’s upward momentum, Litecoin has largely been missing out. Now, according to Charlie Lee, August might not be too much better.

According to Lee, Litecoin’s upcoming halving could send the Litecoin market stumbling and fuel its downward momentum. Litecoin miners are currently earning 25 LTC for every block mined. Once the halving takes place this amount will drop to 12.5, meaning significantly less to no profit for those using cheaper mining equipment. As a result, they may be pushed out of mining altogether which will temporarily slow the entire network down.

Additionally, Lee states that many LTC investors are expecting a price increase and have been buying as a result which is “kind of a self-fulfilling prophecy.” As such, some analysts have warned that the subsequent price increases are setting Litecoin up for a dramatic retracement that could see the coin dip below $50. At the time of writing, Litecoin is trading at $103.98, down 3.75% over 24 hours.

LTC/USD chart provided by Tradingview

As Zycrypto reports, if Litecoin closes below $90 it could result in huge sell pressure. However, the effects of Litecoin’s August halving remain speculative.

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