Litecoin price predictions remain downbeat amidst broader cryptocurrency market pressure

Litecoin's price has been affected by the broader cryptocurrency market's recent downturn, with the cryptocurrency down over 10% this month and about 25% from its earlier annual highs. However, it is still up around 20% from its mid-March lows. Despite its recent dip below its 200-Day Moving Average, Litecoin's 2023 bull run remains intact and healthy. The upcoming halving event of 2023 and Litecoin's recent partnership with Mastercard are expected to boost adoption and suggest a strong outlook for the upcoming crypto bull market.

Litecoin $88.96

-0.7%

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1.Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX
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According to the monitoring of on-chain analyst Yu Jin, Jump Trading may be selling ETH: they are currently redeeming a wstETH (120,000 pieces) worth $410 million in batches into ETH and then transferring it to exchanges such as Binance/OKX. So far, they have unpacked and redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH (191.4 million US dollars) have entered the exchange.At present, there are still 37,600 wstETH in their wstETH storage address that have not been transferred out; 11,500 stETH in the redemption ETH address is being redeemed into ETH; and 20,000 ETH in the ETH transfer address to the exchange are waiting to enter the exchange in batches.