Litecoin Financial News

Bitcoin continues to frustrate traders who have been predicting a breakout on either side, but investors should keep a close watch because the longer the time spent inside the range, the stronger the eventual breakout from it.

Fitch Ratings downgraded the US long-term debt rating on fiscal concerns. Fitch Ratings has downgraded the United States' sovereign credit grade by one level from AAA to AA+ on the basis of 'ballooning fiscal deficits and erosion of governance' that have caused repeated debt limit emergencies over the past two decades. Bitcoin (BTC) surged 2.61% to $29,657, meanwhile, its largest peer, Ethereum, was also trading higher and climbed above the $1,850 level.

The price of Litecoin (LTC) has dived by 5% in the past 24 hours, falling to $86.21 after the altcoin successfully completed its halving yesterday.

«Bitcoin surged to US$30,000 yesterday after the positive developments from Fitch downgrade of U.S Treasurys and Microstrategy plan to purchase more bitcoin. However, soon after a news website wrote about Binance could face US fraud charges, BTC immediately started to drop,» Edul Patel, Co-founder and CEO at Mudrex, said. «Currently, it is trading above the US$29,100 level. On the other hand, institutional investors await the US SEC's decision on the approval of a Bitcoin Spot ETF. Despite the excitement surrounding Litecoin's halving event, the coin's value plummeted by more than 5% in the last 24 hours. In the same timeframe, Uniswap's token also experienced a significant decline of over 7.8%,» he added. Bitcoin (BTC) fell 2% to $29,030, meanwhile, its largest peer, Ethereum, was also trading lower and declined below the $1,850 level.

Crypto was a completely different world back in 2017.

Ratings agency Fitch downgraded the United States’ long-term credit rating from AAA to AA+ on Aug. 1, and this move dented the risk-on sentiment. The U.S. equities markets witnessed profit-booking on Aug. 2, and the cryptocurrency market’s recovery stalled in its tracks.

The Litecoin halving event has been completed with block rewards now halved at 6.25 Litecoin (LTC) per block. 

The Litecoin price has barely moved in the past 24 hours, sticking to the $90 level as the cryptocurrency awaits its latest halving event today.

cryptocurrency markets were trading lower in Wednesday's trade. Bitcoin (BTC) declined 1.72% to $28,895, whereas Ethereum (ETH) was below the $1,850 level. Meanwhile, the global cryptocurrency market cap was trading lower, around $1.16 trillion, falling 1.74% in the last 24 hours.

The S&P 500 Index continued its march toward its all-time high with a 3% gain in July. Signs of receding inflationary pressures and expectations of an end to the Federal Reserve’s tightening cycle are the factors that boosted risk-on sentiment.

The 25 basis point rate hike by the Federal Reserve on July 26 and the subsequent commentary by Fed Chair Jerome Powell failed to catapult Bitcoin (BTC) out of its range. This suggests that the event did not have any surprises and the outcome was already priced in by the markets.

cryptocurrency markets were majorly trading higher on Wednesday. Bitcoin (BTC) rose 0.22% to $29,212, whereas Ethereum (ETH) was just above the 1,850 level. BTC volume stood at approximately $10.78 billion, falling 26.09% in the last 24 hours. «Bitcoin's value remained below the US$29,500 threshold as investors eagerly awaited the U.S. Federal Reserve's decision, scheduled for later today. Although BTC experienced a dip to a one-month low at the beginning of the week, it has been gradually rebounding,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top crypto tokens, XRP, BNB, Dogecoin, and Solana were also trading higher. Meanwhile, the global cryptocurrency market cap was trading higher, around $1.18 trillion, rising 0.40% in the last 24 hours.

Bitcoin broke below the support of its narrow range on July 24, but the bears have not been able to capitalize on it and start a sharp downward move. This is a positive sign, as it shows a lack of aggressive selling at lower levels. The bulls will have to push and sustain the price back above $31,000 to trap the aggressive bears.

Disclaimer: The text below is a press release that is not part of  Cryptonews.com  editorial content.

The price of Litecoin (LTC) has recovered a little after falling as low as $88 this morning, with its current level at $89.26 representing a 2% drop in the last seven days.

cryptocurrency markets were trading in the red on Monday as the FOMC interest rate decision looms over crypto markets this week. Bitcoin (BTC) declined 0.42% to $29,793, whereas Ethereum (ETH) was below the 1,900 level. BTC volume stood at approximately $10 billion, rising 22.28% in the last 24 hours. «Bitcoin continues to trade below the $30000 mark at around $29780. The price of Bitcoin did not rise about $30000 over the weekend. This recent price decline could be because of the US SEC chair expressing disappointment with the defeat over XRP’s case and increasing selling pressure,» Edul Patel, Co-founder and CEO at Mudrex, said. «There could be little volatility this week as FOMC’s decision on interest-rate policy is due on Wednesday,» Edul added.

With less than two weeks until Litecoin’s halving, when the miner’s block subsidy will be cut in half, traders are questioning whether the additional scarcity effect will be enough to sustain the LTC price above $90. 

Bitcoin continues to test investors’ patience, as it remains stuck inside a tight range. Although the near term is boring, traders need to be on their toes because narrow ranges are generally followed by a sharp increase in volatility. The only problem is that it is difficult to predict the direction of the breakout with certainty.

The Litecoin price has dropped by 2.5% in the past 24 hours, with its fall to $92.11 also marking an 8.5% fall in the last seven days.

The US Federal Reserve announced on Thursday that its long-awaited FedNow Service has gone live.

cryptocurrency markets were trading mixed in Thursday's trade. XRP, Cardano, Tron, and Polygon were trading with gains, while Bitcoin, Ethereum, BNB, and Litecoin were trading with cuts. Bitcoin (BTC) fell 0.07% to $30,077, whereas Ethereum (ETH) was above the 1,900 level. BTC volume stood at approximately $11.45 billion, falling 16.25% in the last 24 hours. «BTC continues to perform within a narrow range of less than 2%, around $30k. In the last 24 hours, XRP continued to be amongst the top performers in terms of volumes and price change. Interestingly, XRP has surpassed the trading volumes of BTC on a majority of exchanges ever since the court ruling against SEC fell in its favor,» Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, said. The total volume in DeFi is currently $1.97 billion, 6.5% of the total crypto market 24-hour volume. The volume of all stablecoins is now $27.21 billion, which is 89.66% of the total crypto market 24-hour volume.