On Wednesday, August 2, 2023, the 12-year-old cryptocurrency Litecoin underwent its third halving. The block reward for miners has thus been reduced by 50%, from 12.5 LTC to 6.25 LTC. The blockchain of Litecoin has a programmed event that causes halvings every four years. The halving event is intended to reduce the creation of new LTC, which helps maintain the currency's value.
The halving is a big deal for Litecoin, and it's probably going to have a lot of effects on the cryptocurrency. According to some observers, the price of LTC may briefly rise as a result of the halving when miners sell their freshly created currencies. Others think that the halving might have a longer-term effect because it makes Litecoin more valuable and scarce.
On August 3, 2023, the crypto market continued to rise, with Bitcoin (BTC) surging past US$29,600. Polygon (MATIC) and Binance Coin (BNB), two more popular crypto tokens, both saw their prices rise by up to 3%. The market capitalization of all cryptocurrencies was up, trading at roughly US$1.21 trillion, up 2.1% from the previous day.
By the end of 2025, Shanghai, China's financial and commercial center, wants to create a blockchain infrastructure and connect to Singapore and Hong Kong. The Shanghai Municipal Commission of Economy and Informatization has unveiled a plan that seeks to establish Shanghai as a global leader in the advancement of blockchain technology. The city intends to make significant infrastructure investments, which will include setting up a dedicated blockchain network and power clusters. The strategy is a big move for Shanghai in its quest to dominate the blockchain technology market worldwide. With the establishment of the Shanghai Free Trade Zone (FTZ) in 2013, the city has already made considerable strides in this direction.
Binance has made a comeback in Japan following a temporary break, and the exchange has now introduced 34 cryptocurrencies that Japanese traders can invest in. The US-based crypto exchange has shifted its attention to Japan, where the government is embracing a pro-Web3 stance. Prime Minister Fumio Kishida aims to increase revenue in the country and has extended invitations to crypto and Web3 companies to establish a presence in Japan.
Kenya's interior ministry has suspended the local activities of the cryptocurrency project Worldcoin, citing concerns over the safety and legality of the project. Worldcoin, which is backed by OpenAI CEO Sam Altman, requires users to give their iris scans in exchange for a digital ID and a small amount of cryptocurrency. The Kenyan government is concerned that the project could be used for identity theft or other malicious purposes. The suspension comes as Worldcoin is facing scrutiny from regulators around the world.
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