Major cryptocurrency exchanges in South Korea have taken over Litecoin (LTC), having activated new privacy features through the Mimblewimble privacy protocol.
This withdrawal is a reaction to the Mimblewimble upgrade, which allows Litecoin users to choose the privacy of their choice. As stated in this article a few days ago, this upgrade goes against South Korea’s anti – money laundering regulations, which take an aggressive stance on coin tokens. Such exchanges were forced to remove LTC from the list in order to circumvent regulatory guidelines.
According to an official Upbit press release, the exchange is to remove Litecoin from its site. In addition, local Korean news sources confirm that at least 4 other cryptocurrency exchanges have also followed suit.
” The digital asset will end transaction support at 2022-06-20 11:00.
When trade support expires, orders (buy / sell) placed before the end of market trading support will be canceled.
Following this announcement, services such as airdrops, wallet upgrades, and hard forks for digital assets scheduled to terminate transaction support will not be supported. can we read on the Upbit website.
Find out about Mimblewimble’s secret protocol update in our dedicated article.
Litecoin support is firm despite the announcement
Crypto-currencies are a very fragile ecosystem, and signal delisting sends a strong message to the market and to investors who can be easily scared.
When cryptocurrencies are considered money, because they are bitcoin, Litecoin has fallen far behind the benchmark currency in recent years. LTC is now the twentieth largest crypto with a market capitalization of $ 4.4 billion.
The bearish pressure from LTC so far has pushed the RSI lower, but the IFM seems to have made a small rally. This suggests that there was a healthy accumulation when the price took a dive. This also explains how LTC has so far managed to avoid a support break.
Metrics on a chain reveal that the Litecoin market cap has fallen significantly since June 6, but is slightly above its monthly low. The supply held by the whales recorded significant outflows during the same period.
Ships with between 100,000 and 1 million LTC coins fell from 34.26% to 34.42%. In contrast, addresses with between 1 million and 10 million coins fell from 13.96% to 13.84%. The biggest drop in the latter category occurred between June 8 and June 9.
So Litecoin changes direction and will accept ultra-secret tokens, like Monero, by offering this new possibility. However, it is difficult to know whether this delist will cause a wave among other exchanges or if it is a remote situation in South Korea. In fact, the trend for secret signs no longer exists in western countries.
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Passionate about geopolitics, economy, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trader for 4 years.