Category: Cryptocurrency News

Litecoin (LTC) has been one of the most bullish coins for the year 2023 with anticipation around its forthcoming halving event. This has propelled the digital asset toward price increases higher than the market average. And now, once again, the bull case for the digital asset is even stronger as its hashrate has risen rapidly to a new peak. Litecoin Hashrate Touches New All-Time High As the halving event draws closer, more attention is being paid to the Litecoin network. This has led to an increase in the hashrate of the network as more miners are joining the network. Most of the month of June has seen large spikes in hashrate following the rise in the mining difficulty. Related Reading: The Blessing Of July: Can Bitcoin Climb To $36,000 In The Coming Month? The rise in mining difficulty means that it is harder to find a block and as such, miners have to bring more machines online to increase their chances, leading to a spike in the hashrate. And as more miners are brought online, the Litecoin hashrate has touched its highest level yet. According to data from CoinWarz, the Litecoin hashrate reached 958.36 terahashes per second (TH/s), on Wednesday, June 28, 2023. This is a new all-time high for the network whose previous all-time high had data just above 800 TH/s. Litecoin hashrate reaches new all-time high | Source: CoinWarz The hashrate has seen a decline and is now sitting at 735.71 TH/s for the global hashrate. However, the spike points toward a more positive development for its network and its native token LTC. LTC Could Surge Upon Halving Event The Litecoin halving which will cut block rewards down from 12.5 LTC per mined block to 6.25 LTC per mined block is now less than two months away. As halving events have been known to impose a level of scarcity on a digital asset, a surge in the price of LTC is expected as the event draws closer. LTC price sitting above $85 support | Source: LTCUSD on TradingView.com This scarcity would see supply reduce and if demand continues to rise, then LTC is poised to break $100 by the time the halving is done. If this happens, it could also trigger a reasonable rally in the crypto market as positive sentiment and profits from LTC spills over into the rest of the crypto market. Related Reading: Bitcoin Investor Sentiment Suggests BTC Rally Is Far From Over Litecoin’s rise in hashrate already shows that miners are preparing for the halving, indicating renewed fate in the digital asset. As the next few weeks leading up to the event roll by, investors can expect LTC to trade in the green despite market bearishness. At the time of writing, LTC is trading at a price of $85.40 per coin, down 3.08% in the past week. Featured image from Unsplash, chart from TradingView.com

Extremely long, but in-depth post. TLDR at the bottom of the post INTRO A topic of discussion I want to bring up is ETH burning, as an economic model, and how a base layer fee sharing model, could be more ideal once Eigen Layer begins to gain traction. A few topics I want to bring…
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I wanted to share a recent Substack article we've just published: An in-depth analysis of Blur Marketplace, a significant player in the Ethereum NFT secondary marketplace. The report examines the transaction volume, significant participants, and provides factual insights into the market's functioning. Blur, known for its innovative features and trader-centric approach, has shown impressive growth.…
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Chris Maurice, founder and CEO of crypto exchange Yellow Card said in Africa, crypto isn’t the “casino” that it can sometimes feel like in the West.

Still recording some green on small timeframes, the price of Bitcoin has remained above $30,400. Despite the recent selling pressure across the sector, the support around this level held, providing bulls a chance to fight back. Related Reading: Bitcoin Bulls Battle Against Miners’ $128 Million Move: Is The Bull Run In Danger? As of this writing, Bitcoin trades at $30,458 with sideways movement in the last 24 hours. The previous week, the number one crypto by market cap recorded similar price action while other cryptocurrencies experienced losses. Bitcoin About To Explode? Data from crypto options platform Deribit, shared by analyst Tom Dunleavy, shows that over $7 billion in these contracts will expire today, Friday 29th. In other words, today, option holders can exercise their right or obligation to buy/sell BTC and other assets at a specific price, depending on their contract. Over $5 billion of the options contracts are based on Bitcoin, while the rest are based on Ethereum, as seen in the chart below. However, option holders could choose to “roll over” their contracts to a later date. As a result, according to Dunleavy, spot prices could see a spike in buying pressure as major option players hedge their positions. This increased buying pressure could see BTC soaring above the $31,000 mark. Via Twitter, the analyst stated: Big options expiration date for both ETH and BTC tomorrow ETH: ~$2B notional BTC: ~$5B notional If these are rolled into more calls we should see spot buying from dealers to hedge their books; puts opposite story. Either way expect some vol (volatility). As Dunleavy claims, the crypto market is poised for volatility, whichever direction. The chart above shows the Max Pain price for BTC options, which is $26,500. Max Pain is the price Bitcoin must trade to deny most options traders from booking profits. In that sense, the BTC price will likely turn to the downside with a spike in volatility. Beyond $31,000, What’s Next For BTC? Analysis and crypto education firm Blofin recently posted a report on BTC’s short- and long-term risks and scenarios. The firm claims the recent rally was driven by a “hunger for positive news” and a “rebalancing” of internal liquidity. In other words, crypto investors got bullish and took money from altcoins into BTC. However, there is still a liquidity issue within the sector that could limit any rally, but there is a silver lining in this scenario. Related Reading: Cardano Shows Signs of Recovery: When Will it Reach $0.30? Blofin stated: The decline in the price of BTC will be more limited, with a relatively small probability of falling below $28k, while the upward space is relatively large, and there is even hope for a rebound to $35k and above. Cover image from Unsplash, chart from Tradingview