Litecoin Halving Proved to Be a "Sell the News" Event
Litecoin ( LTC ) underwent its third halving event yesterday. The halving took place on block 2,520,000. LTC rewards are now halved, down from 12.5 LTC to 6.25 LTC . Although price gains usually follow halving events, LTC did not witness any such developments. Instead, the popular crypto asset is down by 5.9% in the last 24 hours, and by 20% in the last 30 days. There is no clear reason why Litecoin did not see a price rally post-halving. It is possible that because the larger crypto market is in a slump, the event did not garner enough interest from investors. Several macroeconomic developments, such as interest rate hikes and job data, might have kept the crypto markets at bay. Also Read: Litecoin Halving Countdown: LTC Sees Last-Minute Slump in Value Moreover, the halving event seems like another “sell the news” event. This is similar to what happened during Ethereum’s transition to a Proof-of-Stake consensus method, which did not lead to any significa...