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Monthly archive

June 2010

Litecoin (LTC) and Bitcoin Cash (BCH) Tumble on Massive Crypto Sell-Off

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Litecoin

Litecoin

As the broader crypto markets are witnessing a big correction, two popular cryptocurrencies Litecoin (LTC) and Bitcoin Cash (BCH) are among the top losers.

Litecoin Cracks

This has been an excellent year for Bitcoin and cryptocurrencies by and large, due to the incredible bull run that has been seen this year so far. Due to the surge in the price of Bitcoin over the past months, altcoins have also gained considerably, but one of the altcoins that has not had a great time as of late is Litecoin. However, that could change next month, if the co-founder of the cryptocurrency is to be believed.

At this point of time, the token is down by as much as 15%; however, a tweak that is going to take place on the blockchain is expected to send the prices soaring in August.

Litecoin has tumbled 30% from its 52-week high of $145 in late June.

According to most reports, which were then confirmed by the co-founder of Litecoin, Charlie Lee, the blockchain is now looking for a definitive way to change how the entire process is going to work from now on. Currently, once a block is successfully mined, 25 Litecoin tokens are produced. A lot of computing power and equipment goes into doing this. At the end of the day, the cost of electricity and maintaining the computing power is considerable, which is why the step taken by the company might not be popular with miners but could be a huge hit with investors.

From now on, the number of Litecoin tokens that will be produced per block will be cut down by 50%, meaning that each mined block will produce 12.5 Litecoin tokens instead. The ensuing scarcity is then going to increase the price of each token from next month. Lee said that it is going to be a problem for miners, and it will take some time before they adjust to the new reality. That being said, many experts believe that this particular tweak has already been priced into the current level of Litecoin.

>> Bitcoin (BTC) Finds the Hurdle Again, Plunges 12% Quickly

Bitcoin Cash Falls 14%

Bitcoin Cash (BCH) is another notable loser in the crypto space and lost as much as 14% to $347, with a session low of $318. It is important to note that BCH has unperformed Bitcoin in the past one month.

Bitcoin Cash has tumbled over 30% from its recent high of $505. Moreover, BCH is down 85% from its all-time high.

Featured image: DepositPhotos © timbrk

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SEC to Decide Later on Three Bitcoin ETF Proposals

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Bitcoin ETF

Bitcoin ETF

Ever since Bitcoin had that incredible rally back in 2017, there has been a lot of talk among big-ticket investors to find a way to bring the cryptocurrency into the world of mainstream investing. It was around that time that the idea of Bitcoin-based exchange-traded funds (ETFs) was first floated. Ultimately, the Securities and Exchange Commission is responsible for allowing Bitcoin ETFs in the markets and on Monday, the agency was supposed to deliver its decision on three Bitcoin ETFs. However, to the disappointment of most in the crypto sphere, the SEC delayed the decision.

Key Details About Bitcoin ETF

Although this is something that had been in discussion among investment circles for some time, the concrete proposals were made to the SEC only earlier this year. Asset managers working with Wilshire Phoenix, Bitwise Asset Management, and VanEck/SolidX had proposed these ETFs. The three entities submitted their filings in February and then again June and from then on the SEC had a 240-day period within which it had to either approve or reject the creation of Bitcoin-based ETFs promoted by these three firms.

>> China to Release Its Own Cryptocurrency Soon: Future Consequences

Although it is true that the whole thing has been delayed, for now, it needs to be remembered that the three ETFs have not yet been killed. It is merely a delay, and in fact, the final verdict with regards to the proposals from Bitwise Asset Management and VanEck/SolidX is expected by October 13 and October 15 respectively. The ETF decision for Wilshire Phoenix is going to be delivered on September 29.

These are highly important dates in the evolution of Bitcoin and the cryptocurrency formally coming into the mainstream investing ecosystem. The ultimate aim of many Bitcoin investors is to see the token attracting institutional investment, and if that happens, then the price of Bitcoin could eventually reach much higher levels.

Featured image: DepositPhotos © EdZbarzhyvetsky

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TRON Partners With Metal Pay to Enable Instant Purchase of TRX

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Over the course of the past few years, TRON (TRX) has emerged as one of the more promising cryptocurrencies in the market and today, there was another landmark announcement regarding the token. According to the announcement today, TRX has partnered with Metal Pay, a cryptocurrency service provider and the agreement is expected to be beneficial for the cryptocurrency.

Major Details

By way of this agreement, users on Metal Pay mobile application will be able to purchase TRX with fiat currency. This is a major development since it opens up TRX to a far bigger pool of investors and could have an effect on its price as well.

In this regard, it should also be pointed out that people who hold TRON can also earn as much as 5% as cash backs in the form of MTLs, which are Metal Pay’s very own tokens. However, that is not all. The Metal Pay platform offers other useful services as well. Users who hold TRX could also use the platform’s exchange to turn it into 20 other cryptocurrencies.

Cryptocurrencies like Ethereum and Bitcoin are included among those. Metal Pay has emerged as one of the more promising platforms in recent times and it remains to be seen if TRX can manage to benefit from this partnership.

However, there are some things that need to be kept in mind by potential users of Metal Pay. A spokesperson for the company stated that identity verification would need to be completed in order to sign up for the service. The basis of that lies in the fact that users need to make a bank account that is insured by the Federal Deposit Insurance Corporation.

However, once that is completed, a user can buy cryptocurrencies worth as much as $3000 per day, $12000 each month or $40000 a year. This is a service that will allow users to buy TRON tokens easily in exchange for fiat.

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