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Summary:

While the cryptocurrency market cap ended up nearly flat for the week, it briefly increased over 8% as BTC and altcoins pumped off recent trend lows. Just after their block reward halving, news in Litecoin sent shockwaves through the crypto developer community, leading many to wonder just how secure their crypto business model is.

Prices this week appear ready to decline and retest support from last week, suggesting a continuing negative price trend in the crypto market. After this next selloff, prices may be opportune for a buying opportunity.

Crypto Market Cap: +0.8% ($253.1B to $255.1B)

Crypto Market Volume: -1.5% (60.97B to 60.05B)

TOTAL Market Cap expected to decline 20% to $200B over the next month.

There is a large volume void after the next support price of $240B

Should price decline below $240B, price is to rapidly decline to $200B support

Place BUY orders for crypto at the high volume zone of support between $190B and $210B

Tradecipher Take 34:

“No One is Interested Working on Litecoin”

Charlie Lee, the founder of Litecoin, recently made his position in LTC protocol development very clear:

Sorry, but I don’t very much care if people are disappointed if they expect a lot of progress. People need to stop looking to me to make everything happen.

Having been the founder since the 2011 mainnet launch, Lee was notorious for selling his entire stake in Litecoin at the peak of the 2017 crypto bull run. With no monetary incentive to grow the value of the Litecoin network, many were quick to question if he would continue building the core values for Litecoin.

It seems the money has gotten to him and he is too occupied with the Litecoin Development Foundations “work”:

Mammoth Film Festival, Glory Kickboxing, Feel the Kpop concert, Flexa SPEDN support, the Miami Dolphins, and more!

[Lack of] Recent Activity on Github

Github commits on Litecoin protocol are at near zero, for 8 months. Neither Charlie Lee, nor his team, nor the open-source community have implemented updates on the network. Given that the Litecoin Protocol is in its most simple essence, just a piece of software, the least that should be done for the future of Litecoin, is updating the software.

Troubling Donations

TheBlock research team recently found that Charlie was responsible for over 80% of the Litecoin Foundations donations, with a further 10% coming from a mining pool. Employees of the foundation have volunteered lower pay through these troubling times. As funds have depleted over 75% since their all time highs, investors are questioning what’s next?

A Potential Turnaround?

A board director for the foundation claims within the second Quarter this year, the team has secured several hundreds of thousands of dollars and significant partnerships for the young foundation they are. Should this be true, and concerns be nothing more than perceived, it may soon be a good opportunity to dollar cost average into the weakness. With the past block reward halving, and mining power still relatively strong, the blockchain is actively transacting and miners find the economic incentive to be relatively fair.

The Real Concern

Litecoin is a speculative asset, and news of this nature can affect the speculators sentiment negatively, seeking them to pay less. This could also be the tip of a larger problem in the cryptocurrency space, where the Coin is still actively trading, but there are no developers maintaining and securing the network. If this type of underfunded lack of activity is occurring on a top 10 coin, imagine what it must be like for Number 200+ coin?

That’s it for the Special Industry report from August 14 - August 21, 2019. Make sure to stay tuned to get Thursdays BTC report.