Category: Cryptocurrency News

Litecoin major update MimbleWimble (MWEB) has been approved by a majority of the nodes and locked in for activation. This process will be completed in the next two weeks, at the height of block 2 million, or May 19th, according to David Burkett, lead MWEB developer. Related Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over? Burkett confirmed that users with the updated version (0.21.2) of the software will be able to start transacting with MWEB capabilities. This version is set to be released today after multiple years of development. Burkett said: Anyone interested in using the MWEB, and especially those who installed one of the earlier release candidates, should upgrade to the official v0.21.2 before MWEB activates. If you wait until after MWEB activation to upgrade, you’ll unfortunately be required to resync the blockchain from scratch. The most highly anticipated upgrade since its inception, MimbleWimble will provide Litecoin users with better performance and privacy capabilities. This could create more demand for the underlying cryptocurrency as it currently trades in tandem with larger cryptocurrencies. The lead developer clarified that the upgraded wallet has been “solid”. However, there have been some changes as a result of fixed issues found during the update’s testing phase. In a previous post, Burkett explained in greater detail some of the issues fixed during MWEB’s testing phase. These included fixing the wallet transaction history, issues with the mining logic, and a change in the spend code to prevent a bug with the subtract fee from amount functionality. The developer successfully reported: (…) the consensus logic has been solid for a while now, the wallet has undergone drastic changes these past few months as we worked to resolve issues found during testing. The major workflows all seem to be working well now, and I expect most people to be able to use MWEB without issue Can The Price Of Litecoin Benefit? At the time of writing, Litecoin (LTC) trades at $96 with a 22% loss over the past month and a 73% loss in one year. There seems to be no reaction from market participants over the upcoming release of MimbleWimble. Despite it being one of the most anticipated updates, LTC’s price seems to be following Bitcoin and larger cryptocurrencies in the short term. Data from material indicators point to two important facts for the future of LTC. First, as seen below, retail and small investors (yellow and green in the chart) have been buying into the recent price action which supports the thesis that MWEB is an expected update. Probably, these investors expect appreciation in the long run as MimbleWimble could open the door to new use cases for Litecoin. Other investors classes have been selling into the price action until very recently. Investors (in purple above) with asks orders of over $100,000 seem skeptical about LTC’s price and have been dumping since April. Related Reading | Bitcoin Tumbles Below $36K, Altcoins In Red Too These investors have been slowing down on their selling pressure, at least, for short timeframes. However, buyers could have a hard time getting above $100 as there are almost $10 million in asks orders around those levels.

“Globally, more than two-thirds of central banks consider that they are likely to or might possibly issue a retail CBDC in either the short- or medium-term,” said the BIS.

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It is expected that in a few months 'Ethereum 2.0', the new version of this cryptocurrency, will definitely arrive, and it will do so with radical changes. Those changes will probably make us start talking much less about 'mining' and much more about 'staking', a reward system that is a kind of 2.0 version of…
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This may be a bit of a late news but just a week ago the US reported their GDP numbers for Q1. The Wall Street was expecting a 1.1% rise in the GDP which was reasonable but also pretty low and definitely under what they would have expected it to be now from a year…
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The Bahamas Prime Minister Philip Davis shared his plans to welcome crypto businesses to the region during SALT’s Crypto Bahamas.

PRESS RELEASE. Klein Finance, a stablecoin liquidity provider and exchange platform built on KCC (Kucoin Community Chain), announced the opening of its funding program. It has already received a multi-million dollars investment from KuCoin Ventures and KCC chain. Klein Finance is an efficient decentralized trading platform for digital assets built on KCC (Kucoin Community Chain), […]

The crypto market recently saw a downturn that caused $120 billion to be taken off the total market cap in the space of a day. This obviously had caused panic across the market, triggering sell-offs from investors who were trying to save themselves from more losses. However, more than 110k traders would record hundreds of millions of dollars in losses as the downtrend had caused a cascading liquidation event. Traders Lose $430 Million The crypto market has recorded one of the largest liquidation events of 2022. On Thursday, the price of bitcoin had fallen below $37,000 hot to the news of interest rates being increased by 50 basis points in the just concluded FOMC meeting. This would be the beginning of a long day for crypto traders who had seen their trades liquidated into the hundreds of millions of dollars. Related Reading | Ethereum Exchange Inflows Decline As Sellers Cool Off, Will Price Follow? Mainly, the liquidations were long liquidations from traders who had placed their bets on the optimistic future price of various cryptocurrencies. The market would continue to tumble and the liquidations would continue to leave ripples in the market. In total, there has been more than $430 million in liquidations in the last 24 hours alone. Crypto liqudaitions surpass $430 million | Source: Coinglass Naturally, bitcoin led the market with its liquidations. The pioneer cryptocurrency which is favored by traders for being the market leader saw traders liquidated to the tune of more than $200 million in the span of a day. Long liquidations made up about 70% although short traders were not left out of the onslaught.  On the altcoin front, Ethereum led the pack with $69 million in liquidations. However, there were some other significant players in the space who had seen traders rekt beyond expectations. GMT and APE, two coins that had been on the rise lately both saw more than $12 million dollars in liquidations respectively. Some might argue that they had seen the liquidations in APE coming due to the hype that had followed billionaire Elon Musk changing his Twitter profile picture to BAYC avatars. Crypto market cap loses $120B | Source: Crypto Total Market Cap on TradingView.com Nevertheless, it remains a sad day for the market. Sentiment has now fallen into the extreme fear territory leading to incredibly low momentum in the market. More notably is the fact that bitcoin now lies dangerously low on the $36,000-$38,000 support level. Related Reading | Bitcoin Broke Above The Multi-Week Resistance; What’s Next This point remains crucial for bulls to hold the digital asset above as a fall below $36,000 will likely set the digital asset on a path below $30,000. If this happens, bitcoin being a market leader will certainly pull the rest of the market down with it, which could see long liquidations of historical proportions rock the market.  Featured image from Physics World, chart from TradingView.com

DOT price could find reason to rally now that cross-chain messaging on Polkadot brings new interoperability, liquid staking and options to mint aUSD stablecoin.