Will Litecoin MimbleWimble Upgrade Become Its Doom?

    Will Litecoin MimbleWimble Upgrade Become Its Doom? #Litecoin #MimbleWimble #Upgrade #Doom Welcome to TmZ Blog, here is the new story we have for you today:

    Five major South Korean exchanges announced their intentions to delist Litecoin (LTC). The cryptocurrency recently implemented an update to improve its privacy and scalability features.

    Related Reading | Litecoin Reveals Rollout Date For MimbleWimble, Will LTC See Relief?

    As a result, Upbit, Bithumb, Korbit, Gopax, and Coinone will stop offering to their customers. The update has made Litecoin incompatible with South Korean regulations.

    In the official delisting announcement posted by Upbit, the platform claims the following trading pairs will be unavailable as soon as today, June 8th: LTC/KRW, LTC/BTC, and LTC/USDT. The core reason behind this decision, the exchange said, is:

    (…) it is believed that the upgrade has been carried out with a selection function that does not expose transaction information.

    The decision is guided, the post continued, by South Korea’s Specific Financial Information Act. This regulation demands exchange platforms to check a blockchain’s transaction for “transparency”.

    In that way, Upbit and other South Korean exchanges can verify that the user or the transaction doesn’t violate the country’s anti-money laundering regulations. The rule is also aimed at preventing bad actors to obtain funds via illegal activities.

    The South Korean exchanges claim the MimbleWimble update will provide the Litecoin network with these capabilities:

    (LTC) has room to see the addition of technology that makes these transfer records unidentifiable, so we decided to designate it as a significant issue. So far, there have been no deposits made using the Mimblewimble function with Upbit, and we do not plan to reflect deposits in the future.

    ALSO READ  WR Justin Jefferson Sounds Off on Vikings’ New Offense, Head Coach

    The MimbleWimble and Litecoin’s new privacy features seem to affect South Korean exchanges. However, privacy coins have been outcasted from major trading platforms over the past two years.

    Monero (XMR), Zcash (ZEC), and others suffered from a similar decision taken by many exchanges across the world. The MimbleWimble could unleash this possibility for LTC.

    Litecoin Unaffected By South Korean Exchanges’ Decision

    At the time of writing, LTC’s price seems unaffected by recent developments. The cryptocurrency continues to move sideways and trades at $62.

    LTC moving sideways on the 4-hour chart. Source: LTCUSD Tradingview

    Larger cryptocurrencies, such as Bitcoin and Ethereum, continue on the same path as they remain rangebound and unable to break above local resistance. Only Cardano (ADA), due to a surge in network activity, and Chainlink (LINK), due to its roadmap on staking, seem to be decoupling from the overall market.

    Research firm Santiment noted:

    Crypto prices chopped wildly in the opening week of June, but the result has been mainly no movement for Bitcoin and Ethereum. Altcoins, on the other hand, have shown major decouplings from one another, with ADA, LINK and HNT performing well.

    Related Reading | Litecoin Drops 87% Trading Volume In Q1 2022

    Additional data from material indicators, for low timeframes, records an increase in buying orders from retail investors. Larger investors seem to be selling into the current price action, but it is too early to tell if this trend will sustain for the coming days.

    Litecoin LTC LTCUSD MI1Retail (in yellow on the chart) buys as other investors sell (red, purple, and green on the chart). Source: Material Indicators

    ALSO READ  Reduce the “tempor” of Your Prayers -Blessing Nkechi Urges Women to Pray Less For Their Husbands

    Click Here To Continue Reading from Source

    Post Disclaimer

    The information contained in this post is for general information purposes only. The information with the Will Litecoin MimbleWimble Upgrade Become Its Doom? was provided by one of our contributing author, and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

    Recent Articles

    Related Stories

    Leave A Reply

    Please enter your comment!
    Please enter your name here

    Stay on op - Ge the daily news in your inbox