{"id":56199,"date":"2019-09-05T22:59:23","date_gmt":"2019-09-05T20:59:23","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=56199"},"modified":"2019-09-05T23:10:24","modified_gmt":"2019-09-05T21:10:24","slug":"litecoin-crash-halving-sets-bad-precedent-bitcoin-trader","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/litecoin-crash-halving-sets-bad-precedent-bitcoin-trader\/","title":{"rendered":"Litecoin Crash After Halving Sets Bad Precedent for Bitcoin: Trader"},"content":{"rendered":"\n

Litecoin Plunges in Wake of Halving<\/strong><\/h2>\n\n\n\n

In August, Litecoin<\/a> (LTC) saw its latest block reward reduction \u2014 dubbed a “halving” or a “halvening”. While countless analysts were expecting for the cryptocurrency to surge in the wake of the inflation reduction, it didn’t.<\/p>\n\n\n\n

In fact, Litecoin plunged, falling from a three-digit price point to a two-digit price point. As of the time of writing this, the cryptocurrency, the fifth largest by market capitalization, is trading for $64, some 40% lower than the date of the halving. Against Bitcoin, LTC has also taken a plunge, falling by 40%.<\/p>\n\n\n\n

Also, the security of the network has collapsed, falling from 480 terahashes per second to 310 terahashes per second as of the time of writing this. <\/p>\n\n\n\n

The price collapse directly contradicted popular sentiment, which stated that a reduction in Litecoin’s inflation would lead to an increase in upward price momentum, simply due to simple supply-demand economics. <\/p>\n\n\n\n

Bad Precedent For Bitcoin?<\/strong><\/h2>\n\n\n\n

According to trader Anondran<\/a>, the LTC price collapse after the halving “is the best leading indicator for what [Bitcoin will do after the halving] next year. Considering the outlook didn’t look good for LTC after the halving, I’d expect the same to happen for Bitcoin”. <\/p>\n\n\n\n

What Anondran is implying that prior to the halving, Bitcoin will rally by hundreds of percent, presumably to establish an all-time high. Then, following the block reward reduction, BTC will sink, as will the security of the network. <\/p>\n\n\n\n

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$LTC<\/a> halving recently is the best leading indicator for what Bitcoin halving is gonna do next year.

Considering the outlook didnt look good for litecoin after the halving I'd expect the same to happen for Bitcoin.<\/p>— Anondran (@AnondranCrypto) September 5, 2019<\/a><\/blockquote>