Litecoin's next halving is just 10 hours away, according to the countdown from block explorer OkLink. This and more news is in this handy daily digest so you're always up to date with the latest developments happening within the crypto world.
The upcoming Litecoin halving
📍This Wednesday, August 2, the third Litecoin halving will take place. The Litecoin halving is an event that repeats every 4 years, just like it happens on the Bitcoin network. This event is scheduled to occur at the block height 2.520.000.
In a status update posted on Elon Musk's social media network X (formerly Twitter), Litecoin developers reported that there were only 350 blocks left until the next halving event. At the time of writing, block #2.519.720 has been mined, leaving only 280 blocks left until the halving event occurs.
With the arrival of this new halving, Litecoin's block reward will be reduced to 6,25 LTC per block, which means that the rate of issuance of new LTC will also be reduced. The cryptocurrency is trading above $92 per token, showing a daily gain of 3,8%, according to CoinMarketCap.
The cryptocurrency price monitoring platform also notes that LTC trading volume has seen a 27% increase in the past few hours, surpassing a volume of $753 million on the market, currently.
Source: CoinMarketCap
While the reduction in Litecoin's block reward could impact the profitability of the network's miners, who will receive fewer litecoins for each new block, analyst Matteo Greco told Blockworks that the decrease in mining difficulty will offset miners' costs, counteracting the effects of the halving on this network.
On the other hand, analysts believe that the price of LTC could be repeating behaviors seen in previous cycles prior to the halving, so the 40% increase that the cryptocurrency reflected at the end of June may correspond to the bullish movement that usually accompanies the block reward halving event. Now, it is likely that the price of LTC will correct, said Max Shannon, an analyst at CoinShares, to the financial media.
Managers seek approval for an Ethereum ETF
📍While the SEC has not given the green light to a Bitcoin spot ETF, fund managers are filing applications to launch an Ethereum futures exchange-traded fund. According to Bloomberg senior ETF analyst Eric Balchunas, half a dozen companies and management firms are seeking approval from the U.S. securities regulator, the Securities and Exchange Commission (SEC), to launch an Ethereum futures ETF.
According to the Bloomberg analyst, the companies that are making efforts to launch this exchange-traded fund are Volatility Shares, Bitwise, Roundhill, VanEck, Proshares and Grayscale.
Banks approve cryptocurrency trading
📍Cryptocurrency price tracking and analysis platform CoinGecko noted that banks are becoming crypto-friendly. In her report “Crypto-friendly Banks: Top Banks that Support Crypto Trading”, the platform pointed out that the main banks in the world have begun to support the trading of crypto assets, allowing users to transfer their funds seamlessly between their bank accounts and exchange platforms.
According to CoinGecko, currently, 37 of the 50 global banks in the world, representing 74% of this sector, allow their clients to operate with cryptocurrency exchange platforms.
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