Litecoin continues to bounce off 13-month high, retreats by more than 1%

Litecoin fell by more than 1% or nearly $2.2 on Wednesday to reflect its bounce for third session in five from its highest since May 15, 2018, at $146, amid market pricing of the decreased mining incentive on the Litecoin by about a half starting from next August, before last week it suffered its first weekly losses in eight weeks.

As of 05:37 GMT, Litecoin fell 1.61% to $133.53 compared to the opening of $135.49, after reaching a low of $132.64 today, while the highest at $137.30, the market value of the fourth largest cryptocurrency is currently about $8.45 billion.

During this week, Litecoin reflects losses of more than 2% in the second weekly loss, following a slight loss last week, showing the end of the longest weekly gains streak in its history on profit-taking after achieving its highest in more than a year. while it's still heading for nearly 17% of monthly gain, its sixth consecutive monthly gain, reflecting its longest monthly rally in two years.

We would like to point out that Litecoin has tripled its market value more than three times since the beginning of this year, showing the best performance amongst its peers of other cryptocurrencies, including the largest cryptocurrencies in terms of market capitalization, Bitcoin, Ethereum and Ripple, while starting from next August 6, it's expected that the mining incentive for Litecoin be cut from 25 units to 12.5, which will in turn reduce supply and thus raise prices.

According to CNN, Tron CEO, Justin Sun, said that he is thrilled to invite his "good friend" Charlie Lee, the creator of Litecoin, to the $4.6 million crypto power lunch by July 25, with billionaire cryptocurrency skeptic Warren Buffett.

Sun hopes his friend will help him change Buffett's view of the cryptocurrency industry at the annual charity lunch in which Tron offered the highest bid at $4.6 million. The charity lunch, which will also highlight a local charity supported by Buffett's wife in San Francisco, a lot of traders in the crypto community expressed about the fact that the creator of Litecoin is a wonderful ambassador of the industry.

On the other hand, we also followed yesterday the head of the Central Bank of Russia, Elvira Nabiullina, saying that the Russian central is studying the possibility of issuing a digital crypto process and is currently assessing the degree of maturity of the technology and the willingness of the public to accept the "not anonymous" means of payment, adding that the Russian central can not issue a digital operation immediately, but she stressed that many central banks, including the Russian Central is studying it.