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Why Litecoin (LTC) Is on the Verge of a Major Pullback – BeInCrypto

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Litecoins (LTC) price is stuck in a bearish pattern that could halt its ongoing rally and push the altcoin downward.

To make this worse, LTC is currently witnessing no support from its investors, which could extend the losses.

Litecoins price has been in an uptrend for the past two weeks. However, this Silver to Bitcoins Gold path could change soon. Even LTC holders do not seem very bullish at the moment.

The reason behind this is the lack of incentive among investors. As noted on the Network Realized Profit/Loss metric, LTC holders have observed the largest single-day losses since June 2023.

These losses in the last 24 hours are considered a preliminary signal of potential selling. Since investors want to offset their losses, they will likely opt to sell their assets, resulting in a decline in the price.

This sentiment is further substantiated by the downtick in the Mean Coin Age of Litecoin tokens. This metric measures the average age of all circulating coins within a network. It helps gauge the level of hodling or circulating activity among investors.

Instances of uptick align with holding on to supply, while downtick suggests an increase in circulation of supply among investors. Thus, without the support of investors, Litecoins price could witness a correction.

Read More: 7 Best Litecoin (LTC) Wallets for 2024

Litecoins price is currently moving within a rising wedge. This pattern is a bearish formation characterized by converging trendlines slanting upwards, indicating a weakening bullish trend. It typically suggests an impending price reversal with potential downward movement.

Based on the target predicted by the pattern, Litcoin could observe a 30.77% correction over the coming days, bringing its price down to $69. The consistent volume decline further supports the bearish thesis, as Litecoins price is already falling through the pattern.

However, LTC is bound to witness support at $93, which marks the 61.8% Fibonacci Retracement. Bouncing off this support floor, marked at $93, would allow the altcoin to reclaim $100 and potentially invalidate the bearish outlook.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

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Why Litecoin (LTC) Is on the Verge of a Major Pullback - BeInCrypto

Bitcoin Halving: A History of Economics Shift & Financial Independence – Crypto Times

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Bitcoin Halving, a much-anticipated event in the crypto ecosystem, is being monitored closely by crypto enthusiasts across the globe as the price of the super volatile currency Bitcoin (BTC) is expected to set new benchmarks.

A short history of halving has shown us that the price of BTC and other cryptocurrencies have grown exponentially in a short time post the halving event. Trade analysts say that the halving events have the potential to disrupt markets, surge or plunge digital currencies and bring a shift in the economics of the crypto ecosystem.

In this article, we look at the history of halving and how the events unfolded to take BTC to newer heights through bullish sentiments and innovations.

Halving is a programmed event where the reward for mining BTC gets slashed by 50% for every new block created by the miners. As per the algorithm developed by makers of BTC and blockchain technology, a total of 21 million BTCs could ever be generated and the fee for generating BTCs and creating blocks gets reduced by %)% every time a total of 2,10,000 blocks are formed, which usually takes four years. Such a mechanism was introduced to remain intact the scarce value of BTC through controlled demand and supply.

Since its launch in 2009, Bitcoin has experienced three halving events, occurring approximately every four years. The first was in 2012, followed by 2016, 2020, and the upcoming in 2024.

The first Bitcoin halving took place after the network had confirmed 210,000 blocks, resulting in miners rewards being reduced from 50 to 25 BTC per block. At the moment of the halving, Bitcoin was priced at approximately $12 in the market. Following the halving, a bullish trend emerged, propelling Bitcoins price to $1,000 by the subsequent year.

The second Bitcoin halving occurred on July 9, 2016, at block 420,000, reducing the block reward to 12.5 BTC, coinciding with a market price of around $650. Following this event, Bitcoin witnessed another significant surge in value, with its price soaring to almost $20,000 within the subsequent 18 months, marking an extraordinary increase of 3,000%.

Following the third Bitcoin halving on May 11, 2020, occurring at block 630,000 and reducing the block reward to 6.25 BTC, the cryptocurrency demonstrated remarkable resilience amidst global economic uncertainty, with its price experiencing a surge. By April 2021, Bitcoin surpassed $69,000, reflecting an impressive 690% increase from its pre-halving value, which was approximately $9,000.

The upcoming fourth halving of Bitcoin is expected to occur on 19th April 2024, marked by the 840,000th block and a reward reduced to 3.125 BTC. At the current trading price of approximately $70,000, there is anticipation for a substantial surge in value post-halving.

Although the exact price surge is challenging to predict, historical patterns suggest a significant upward momentum, potentially propelling Bitcoin to new highs, with projections ranging from surpassing $100,000 to reaching $200,000 in the subsequent years, fueled by increasing institutional adoption and mainstream acceptance.

Based on the historical data available, there appears to be a diminishing rate of increase in Bitcoins price following each halving event, with the growth rate reducing by a factor of approximately 3.5 to 3.9 compared to the previous halving cycle.

Applying this observed pattern, one might infer that for the 2024 halving, Bitcoins price could potentially experience an uptick of around 200% from its trough.

However, its essential to recognize that past performance is not indicative of future results, and various factors can influence Bitcoins price dynamics, including market sentiment, adoption trends, regulatory developments, and macroeconomic conditions.

Presently, the circulating supply of Bitcoins exceeds 19 million, leaving less than 2 million BTC to be mined before reaching the maximum cap of 21 million. Nevertheless, due to the mechanism of Bitcoin halving, the process of mining these remaining 2 million Bitcoins will extend over approximately a century.

The final Bitcoin halving is projected to occur in the year 2140, coinciding with the completion of the mining of the entire 21 million BTC supply.

As we near Bitcoins fourth halving, the crypto community is on the edge, eagerly waiting for the changes it will bring. With each halving, Bitcoin solidifies its status as the digital equivalent of gold, its limited supply mirroring that of precious metals.

History shows us that after these events, Bitcoin often experiences dramatic price increases, challenging traditional market rules. But beyond its financial gains, Bitcoin represents something more profound: a decentralized ideal, offering financial freedom in an uncertain world.

As we look ahead to the post-2024 halving landscape, one thing is clear: Bitcoins story is just beginning. Its a testament to human innovation, a revolutionary force capable of reshaping economies, empowering individuals, and transforming our understanding of money itself.

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Bitcoin Halving: A History of Economics Shift & Financial Independence - Crypto Times

Chichester MP criticised by Liberal Democrats over sewage compensation vote – Yahoo News UK

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Swimmers have expressed frustration at the government over sewage spills (Image: Jolly Swimmers)

Liberal Democrats have criticised education secretary and Chichester MP Gillian Keegan for voting against a compensation scheme for swimmers who get sick from sewage.

The amendment to the Victims and Prisoners Bill, tabled by Liberal Democrat MP Tim Farron, would have allowed anyone who gets sick as a result of illegal sewage dumping to claim compensation from water companies.

However, the proposal was voted down after MPs, including Gillian Keegan, voted against it.

Ms Keegan said the Conservatives have been the first to face this problem square on.

But Toby Wilsher from the sea-swimming group The Jolly Swimmers expressed his disappointment at the sewage situation in Sussex.

Toby, from West Wittering, said: It is a sad state of affairs when swimmers are falling seriously sick from sewage while water company bosses trouser millions in bonuses.

Jess Brown-Fuller, Liberal Democrat parliamentary candidate for the Chichester constituency, said: Its shameful that Gillian Keegan and this Conservative government have once again put water companies profits before peoples health.

It is a complete slap in the face to all those in Chichester constituency who expect their MP to stand up and fight for them, instead of for massive companies who have dumped filthy sewage into our harbours, rivers and waterways.

The Liberal Democrats have exposed the sewage scandal and will continue to hold these polluting firms to account even if Gillian Keegan refuses to.

Gillian Keegan said that she has always been clear that sewage spills are completely unacceptable.

She said: I share the concerns of residents, but rather than playing political games like the Liberal Democrats - my Conservative colleagues and I have been the first to face this problem square on.

Locally, I have convened a forum with MPs from across the Solent region as well representatives from Southern Water, Ofwat, Environment Agency, Natural England, RSPB and Chichester Harbour Conservancy to drive improvements in water quality in local harbours and the wider Solent region.

Story continues

I continue to hold the Environment Agency and Southern Water to account and meet senior leaders regularly for progress updates on the key asks for my campaign to stop the spills.

As well as more transparent monitoring, Ive made clear I want to end sewage discharges entirely, but as we work to that goal I am campaigning for UV treatment, which kills bacteria, at every discharge point around the harbour, including at Thornham, and better sealing of the network.

At a national level, the Conservatives are the first government to take steps to address storm overflows, with vastly improved monitoring.

This has increased from approximately seven per cent when we came to power in 2010 to 91 per cent now, with 100 per cent coverage by the end of this year.

We have implemented the Storm Overflows Discharge Reduction Plan and enforced stringent targets to protect people and the environment, backed up by up to 60 billion in capital investment.

The government have also removed the limit of fines for water companies who dump sewage in our waterways.

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Chichester MP criticised by Liberal Democrats over sewage compensation vote - Yahoo News UK

Latin America & The Caribbean Weekly Situation Update (As of 4 December 2023) – World – ReliefWeb

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Attachments

REGIONAL: FOOD SECURITY

KEY FIGURES

247.8 million PEOPLE AFFECTED BY MODERATE-TO-SEVERE FOOD INSECURITY IN THE REGION

The 2023 Regional Overview of Food Security and Nutrition report by FAO, IFAD, PAHO/WHO, UNICEF, and WFP reveals progress in combating hunger and food insecurity in Latin America and the Caribbean, especially in South America, despite indications that 247.8 million people are affected by moderate-to-severe food insecurity across the whole region. While South America saw a decline in hunger and food insecurity between 2021 and 2022, hunger rates in Mesoamerica (Mexico and Central America) remained unchanged, and the Caribbean experienced an increase. Overall, 6.5 per cent of the region's population (43.2 million people) faced hunger in 2022.

Moderate or severe food insecurity affected 37.5 per cent of the population, higher than the global average of 29.6 per cent. This marked a decrease from the previous year, with 247.8 million people affected, including 159 million in South America, 61.9 million in Mesoamerica, and 26.9 million in the Caribbean. Severe food insecurity affected 12.6 per cent of the population (83.4 million people) in the region. In South America, the prevalence was 12.7 per cent (55.4 million people), in Mesoamerica it was 8.6 percent (15.4 million), and in the Caribbean 28.2 per cent (12.5 million). Persistent inequalities and climate patterns, particularly affecting women and rural communities, continue to challenge food security. The gender gap in food insecurity slightly narrowed but remained at 9.1 percentage points, while rural areas experienced 8.3 percentage points higher food insecurity than urban areas. In Central America and Haiti, erratic rainfall due to El Nio conditions has led to increasing agricultural production costs and a reduction in crop yields. According to the Famine Early Warning Systems Network (FEWS NET), crisis levels (IPC Stage 3) of acute food insecurity are expected to spread between February and May 2024 as poor households face depleting stocks from below-average harvests and limited purchasing power as food prices increase.

SOUTH AMERICA: HEAVY RAINFALL

KEY FIGURES

2.8 million PEOPLE COULD BE AFFECTED BY EL NIO-INDUCED WEATHER IN PERU

Bolivia and Peru issued warnings as both countries face heavy rainfall. On 27 November, heavy rain and strong wind hit the Huancayo Province in Junn Department, central Peru, resulting in displacement and damage. According to Peru's National Institute of Civil Defence (INDECI), the rainfall has affected 451 people, displaced 58 people and destroyed or damaged at least 215 houses. Perus National Hydrology and Meteorology Service warns that between 2-5 December intense rains are set to continue in 17 regions across the country, particularly mountain and jungle areas. More than 2.8 million people could be affected by El Nio-induced rains and landslides across Peru, according to INDECI estimates.

In Bolivia, heavy rains are forecast to hit the country this week following an intense season of wildfires in the La Paz, Beni, Santa Cruz and Cochabamba departments, which destroyed an estimated 3.4 million hectares of forests and pastures and killed 13 people according to official Government data. A report from the National Meteorology and Hydrology Service triggered official alarms as rivers are expected to overflow. An orange alert was issued on 29 November for rains and thunderstorms in La Paz and will remain in effect until 7 December.

REGIONAL: POVERTY

KEY FIGURES

29% OF THE REGIONS POPULATION LIVING IN POVERTY

According to the UN Economic Commission for Latin America and the Caribbean (ECLAC) 2023 report, poverty in Latin America returned to pre-pandemic levels in 2022. Some 181 million people (nearly one third of the regions population) live in poverty, slightly less than before COVID-19, while extreme poverty affects 11.2 per cent of the population (70 million people), similar to 2019 levels. Moreover, ECLAC warns of a 1.7 per cent GDP growth rate forecast for 2023, which is significantly lower than the 3.8 per cent seen in 2022 and could even slow to 1.5 per cent in 2024 potentially stalling further poverty reduction.

Poverty affects children, adolescents, women, indigenous people, and rural residents in higher rates. Income inequality remains high despite falling in 2022 to levels below those recorded in 2019. The richest decile earns 21 times more than the poorest, ECLAC highlights. Last year the 105 wealthiest individuals alone held wealth equal to nearly 9 per cent of the regional GDP. Gender disparities persist in the labour market as well, with a 22.6 percentage point gap in participation rates between men and women, and higher unemployment rates for women.

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Latin America & The Caribbean Weekly Situation Update (As of 4 December 2023) - World - ReliefWeb