The Litecoin price (LTC/USD) has failed to defend the $100 mark in the wake of the long awaited halving of LTC mining rewards.
The digital coin experienced a sharp price spike after the Litecoin network reached block height of $1,680,000 on Monday morning, which triggered the so called halving of mining rewards. The long-anticipated event reduced the amount of LTC tokens awarded for finding a block on the Litecoin blockchain to 12.5, from 25, previously. The market reaction lifted the coin’s price to as high as $105.59, which was its highest level since July 13. However, during the afternoon portion of the session the coin experienced a sharp pull-back, which erased most of its earlier gains. Eventually, LTC finished the session at $96.83, still well above its opening level of $93.09.
The coin saw further losses today’s trading, falling to as low as $94.40 in the afternoon. At the time of writing, the Litecoin price was hovering around the $95 mark, according to data from digital currency tracker Coinmarketcap. As a result…