Cryptosquawk – The latest news from the blockchain world

Litecoin becomes less rewarding for its miners

A rule embedded within litecoin’s code reduces the premium for its miners who ensure transaction processing on the world’s fourth-largest crypto by market value.

It has been reported by the company that, starting from August 5, the digital currency will undergo a scheduled reward halving – with the goal to preserve cryptocurrency’s purchasing power. The mining reward will be reduced from current 25 litecoins (around $2,500) per block to 12.5 litecoins (around $1,200).

Thanks to this move, the protocol will be adding significantly fewer litecoins to the market after that date.

Bitcoin: could be a reserve currency?

Given the growing questions over the need for a fiat-based, single-issuer global reserve currency, many analysts started to think about the alternative of digital currencies, because they could be a sovereign-free, algorithm-based alternative, more stable and trustworthy.

But some experts believe it is not the case of Bitcoin. Why? Coindesk tried to provide a possible explanation.

“First, a global currency needs to have a flexible supply. The limits on the amount of gold banks could hold was one of the main reasons the gold standard didn’t work – economic growth outstripped the supply of gold-backed money, and the inevitable scramble to overcome this limitation led to destabilization.

Second, bitcoin will not become a universal settlement token for trading contracts. It’s too volatile. While this should soften in line with greater liquidity, it’s unlikely that businesses and sovereign powers will give up their preference for fiat, which they have some control over.”

The question is whether another digital currency could take that role instead of Bitcoin.

Bitcoin may surpass $11K this week

Bitcoin has almost hit $11,000 at the end of the week and is ready to test key resistance at $11,120 this week, with the daily chart indicators which are all oriented to the bull side.
The outlook as per the daily chart would turn bullish if BTC prints a UTC close above $11,120 on the back of high volumes.
Prices may retrace to key supports at $10,318 and $10,172 first, as the hourly chart is reporting bearish divergence of key indicators. is ready to launch its own Exchange has announced it will launch, a crypto exchange which should help the company to diversify its business beyond news service.

It is not the first attempt by the company, which has already introduced a crypto casino, a wallet, and a P2P bitcoin cash exchange, aimed at furthering the utility of the forked alternative to bitcoin.

“While our company thinks the bitcoin cash network will be adopted by the masses worldwide, we also think it’s important to promote free markets and choice,” the company wrote in a statement.