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Litecoin: Mimblewimble activated – price continues to fall

 


Litecoin activated the MWEB upgrade last week, giving users some privacy back. With MWEB it is possible to hide transaction details from prying eyes and thus declare your account balance to be a private matter.


However, the upgrade is optional in every respect and that is exactly where opinions differ. Because if only a small part of all transactions is protected with MWEB, then it is not particularly difficult to unmask the few protected transactions with appropriate tools. There is therefore no absolute protection of privacy.


Nevertheless, MWEB is very welcome, because sensible data protection does not necessarily have to mean pulling out all the stops and going under completely, as is possible with Monero (XMR), for example.


Korean stock exchanges are sensitive

When it comes to cryptocurrencies, the issue of data protection is quickly associated with money laundering and cybercrime. No wonder, because criminals do indeed try to cover their tracks.


The MWEB upgrade has prompted both Korean exchanges, Upbit and Bithumb, to issue investor warnings. In line with regulations in force in South Korea, the two trading venues will not support MWEB transactions for Litecoin and are closely monitoring the situation. In the worst case, they could stop trading Litecoin.


Elliptic wants to take a close look

In the area of ​​blockchain analysis, people are following suit and it is to be expected that the service providers will all position themselves in such a way that they are able to assign transactions despite MWEB. In this context, the company Elliptic has already announced that there would be no problem for exchanges and other crypto service providers.


Anti-money laundering compliance can still be maintained and tracking is readily available, a company spokesman said.


Litcoin price with neutral reaction

So far, Litecoin has been trailing behind Bitcoin, trading at $63 at press time. Accordingly, the activation of MWEB as a fundamental event could not prove to be a price driver.


If market conditions continue to deteriorate, a price target of $40 is definitely up for debate. Most recently, LTC found support at $55 on May 12. The next FOMC meeting is scheduled for mid-June, when it will have to decide whether the cycle will be broken or whether the market will continue to be impressed by the Fed's rate hikes. This should also be decisive for Litecoin.

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