How Litecoin [LTC] is reacting to news of delisting from Korean exchanges

North Korea South Korea Provident litecoin Action LTC delisting

10.06.2022 - 01:31

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ambcrypto.com:

Litecoin (LTC) is on the spotlight once again days after launching its Mimblewimble upgrade and for a related reason. Multiple South Korean crypto exchanges have reportedly announced plans to delist LTC.

According to official Upbit press release, they will be delisting Litecoin from its exchange. According to local Korean news source – Bimeiti, at least 4 other crypto exchanges have also followed suit.

<p lang=«zh» dir=«ltr» xml:lang=«zh»>#LTC #Litecoin #MimbleWimble #ltcdelisting #delisting 萊特幣（LTC）的 MimbleWimble 升級會成為LTC退市末日嗎？ https://t.co/URFl4zDjHO

— 幣媒體新聞 (Bimeiti News) (@Bimeiti) June 9, 2022

The delisting is a reaction to the mimblewimble upgrade which allows Litecoin users to select opt-in privacy. The upgrade goes against South Korea’s anti-money laundering regulations which have an aggressive stance against privacy coins. Exchanges have therefore been forced to delist LTC to avoid going against the regulatory guidelines.

The news of major delistings is bound to place pressure on a cryptocurrency and a similar outcome was expected for LTC. The cryptocurrency’s price action has been bearish since Tuesday. However, it is currently contending with support near the $60 price level and traded at $60.89 at press time.

Source: TradingView

LTC’s downside pressure has so far pushed the RSI lower but it looks like the MFI has achieved a slight uptick. This suggests that there was healthy accumulation as the price dipped lower. It also explains how LTC has so far managed to avoid breaking support.

On-chain metrics reveal that Litecoin’s market cap dropped significantly from 6 June but it is slightly higher than its lowest monthly level. The supply held by whales registered significant outflows during the same period.

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