The halving of Litecoin, one of the oldest cryptocurrencies on the digital market, took place on Wednesday, August 2. The event halved the reward for online mining and reduced the supply of new, mined LTC by LTC miners.
On the eve of the halving, Litecoin founder Charlie Lee said that if demand for LTC continues, its price will rise as the pressure on the market from miners is halved. However, in 2023, the value of LTC after halving repeated the results of the previous two events in 2015 and 2019, when the value of the asset fell and remained in a downtrend for several months.
According to Nick Ruck, chief operating officer of Singapore-based blockchain infrastructure platform ContentFi, the decline in the value of LTC in 2023 could be the result of lower investment activity amid a string of negative news related to cryptocurrency regulatory uncertainty, US Securities and Exchange Commission (SEC) lawsuits against major market players and hacks of decentralized financial platforms.
Earlier, Bits.media released
a detailed review of the likely causal events surrounding the Litecoin halving.