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- Litecoin mega whale addresses holding highest level of available supply since June 2017 have started mass accumulation.\u00a0<\/strong><\/li>\n
- In the past five weeks, 2.95 million Litecoin tokens were accumulated by addresses with 1 million or more LTC in their wallet.\u00a0<\/strong><\/li>\n
- The US Federal Reserve, the European and British central banks will usher in decisions on interest rates, ensuring a volatility-filled week.<\/strong><\/li>\n<\/ul>\n
Litecoin accumulation by large wallet investors has picked up pace prior\u00a0to central bank decisions on interest rates this week. LTC whales scooped up 2.95 million Litecoin tokens worth nearly $220 million since the first week of November 2022.\u00a0<\/p>\n
Also read: <\/strong>Bitcoin continues trading sideways, will BTC break out of limbo with US PPI data release?<\/a><\/p>\n
Litecoin whales accumulate $220 million worth of LTC in five weeks<\/h2>\n
Litecoin network\u2019s large wallet investors<\/a>, mega whales holding 1 million or more LTC tokens, have been consistently accumulating the altcoin for the last five weeks. After scooping up nearly $220 million worth of the altcoin since the first week of November 2022, mega whale holdings have hit their highest point since June 2017.\u00a0<\/p>\n
Based on data from crypto intelligence platform Santiment, whales are now holding the highest percentage of the available Litecoin<\/a> supply for the first time since June 2017. Whale accumulation by large wallet investors is considered bullish for the asset.\u00a0<\/p>\n
![\"Litecoin](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/FjwP6jmVUAIJDK9-638064236718980705.jpeg\")
<\/p>\nLitecoin mega whale address holdings<\/small><\/p>\n
Central bank interest rate decisions could usher in volatility in crypto prices\u00a0<\/h2>\n
The US Federal Reserve, European Central Bank (ECB) and Bank of England (BoE) are all set\u00a0to announce their decisions on interest rates this week. Colin Wu, a Chinese journalist labeled the week starting December 12, the \u201cSuper Central Bank Week.\u201d\u00a0<\/p>\n
On Wednesday, December 14, the US Federal Open Market Committee (FOMC) will announce its decision to raise interest rates, with a 75% probability by 50 bps. The ECB and BoE will\u00a0announce their interest rate decisions the day after.<\/p>\n
Caleb Tucker, director of portfolio strategy at Merit Financial Advisors argues,<\/p>\n
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Crypto assets had been seen as an inflation hedge, but recently they have acted more like other risk assets such as stocks. Higher rates will be a headwind for crypto assets going forward.<\/p>\n<\/blockquote>\n
Cryptocurrencies like Bitcoin, Ethereum<\/a> and altcoins like Litecoin that enjoy a relatively high correlation with BTC (based on data from Cryptowatch LTC correlation is: 0.49 with BTC, 0.77 with ETH) have responded to reduced liquidity with price declines.\u00a0<\/p>\n
The US Federal Reserve first announced its intention to raise interest rates in November 2021, since then the central bank has aggressively followed through. The high-profile fallout and collapse of Terra\u2019s sister tokens LUNA and UST, FTX exchange\u2019s<\/a> bankruptcy, and dozens of other\u00a0DeFi hacks and exploits, have combined to erode\u00a0traders\u2019 confidence in cryptocurrencies.\u00a0<\/p>\n
Litecoin price risks decline to $74.50\u00a0<\/h2>\n
- In the past five weeks, 2.95 million Litecoin tokens were accumulated by addresses with 1 million or more LTC in their wallet.\u00a0<\/strong><\/li>\n
![\"LTC\/USDT](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/LTCUSDT_2022-12-12_11-52-21-638064239831080482.png\")
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