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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

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

Reynaldo Marquez
Reynaldo Marquez
3 years ago
3 mins read
Litecoin LTC LTCUSD

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Litecoin major update MimbleWimble (MWEB) has been approved by a majority of the nodes and locked in for activation. This process will be completed in the next two weeks, at the height of block 2 million, or May 19th, according to David Burkett, lead MWEB developer.

Related Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over?

Burkett confirmed that users with the updated version (0.21.2) of the software will be able to start transacting with MWEB capabilities. This version is set to be released today after multiple years of development. Burkett said:

Anyone interested in using the MWEB, and especially those who installed one of the earlier release candidates, should upgrade to the official v0.21.2 before MWEB activates. If you wait until after MWEB activation to upgrade, you’ll unfortunately be required to resync the blockchain from scratch.

The most highly anticipated upgrade since its inception, MimbleWimble will provide Litecoin users with better performance and privacy capabilities. This could create more demand for the underlying cryptocurrency as it currently trades in tandem with larger cryptocurrencies.

The lead developer clarified that the upgraded wallet has been “solid”. However, there have been some changes as a result of fixed issues found during the update’s testing phase.

In a previous post, Burkett explained in greater detail some of the issues fixed during MWEB’s testing phase. These included fixing the wallet transaction history, issues with the mining logic, and a change in the spend code to prevent a bug with the subtract fee from amount functionality.

The developer successfully reported:

(…) the consensus logic has been solid for a while now, the wallet has undergone drastic changes these past few months as we worked to resolve issues found during testing. The major workflows all seem to be working well now, and I expect most people to be able to use MWEB without issue

Can The Price Of Litecoin Benefit?

At the time of writing, Litecoin (LTC) trades at $96 with a 22% loss over the past month and a 73% loss in one year. There seems to be no reaction from market participants over the upcoming release of MimbleWimble.

Litecoin LTC LTCUSD
LTC’s price on a downtrend on the 4-hour chart. Source: LTCUSD Tradingview

Despite it being one of the most anticipated updates, LTC’s price seems to be following Bitcoin and larger cryptocurrencies in the short term. Data from material indicators point to two important facts for the future of LTC.

First, as seen below, retail and small investors (yellow and green in the chart) have been buying into the recent price action which supports the thesis that MWEB is an expected update. Probably, these investors expect appreciation in the long run as MimbleWimble could open the door to new use cases for Litecoin.

Litecoin LTC LTCUSD
Retail investors (in green and yellow in the chart) buy LTC, as large investors sell (In purple and red) since April 2022, in a 1-week timeframe. Source: Material Indicators

Other investors classes have been selling into the price action until very recently. Investors (in purple above) with asks orders of over $100,000 seem skeptical about LTC’s price and have been dumping since April.

Related Reading | Bitcoin Tumbles Below $36K, Altcoins In Red Too

These investors have been slowing down on their selling pressure, at least, for short timeframes. However, buyers could have a hard time getting above $100 as there are almost $10 million in asks orders around those levels.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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