The post LTC Halving Triggers Market Turmoil: Price Plunges by 10% in One Week and Mining Profits Take a Hit! appeared first on Coinpedia Fintech News
Litecoin experienced its first halving at block 840,000 on August 25, 2015, which cut the block reward from 50 LTC to 25 LTC.
Then, on August 5, 2019, the crypto underwent its second halving at block 1,680,000, further reducing the block reward to 12.5 LTC.
As Litecoin’s third halving happened as expected on August 2, 2023, the block reward dropped from 12.5 LTC to 6.25 LTC. At the same time, the daily mining output was also halved, going from 7,200 LTC to 3,600 LTC. Although the halving slowed down the influx of new LTC into the market, Litecoin’s annual inflation rate has fallen from 3.64% to 1.75%.
Source: Coingecko
Unfortunately, the halving failed to drive a price surge. According to Coingecko, the LTC price plummeted by over 10% over the past week. This downward trend, compounded by the halved block reward, has dealt a major
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