Scott Bessent, President-elect Donald Trump's nominee to be the next Treasury Secretary, has taken steps to get rid of significant assets to avoid potential conflicts of interest.

Before Trump's inauguration, Bessent disclosed assets totaling at least $521 million, but the real value is likely much higher.
On January 11, the U. S. Office of Government Ethics released information about Bessent's assets, indicating the range of value of each. Mr. Bessent, founder of Key Square Capital Management, did not specify the exact value, and some assets were simply listed as over $BTC For example, Mr. Bessent owns residential real estate in the Bahamas worth between $5 million and $25 million.
Mr. Bessent also owns real estate valued between $5 million and $25 million in Cushing, North Carolina, as well as art and antiques valued between $1 million and $5 million.
Mr. Bessent is known for his successful large-scale currency trading on Wall Street and for founding Key Square to capitalize on global macroeconomic trends, but he also seems to be a passive investor.
He is a member of the SPDR S&P 500 #ETF , Invesco S&P 500 Equal Weight ETF and Invesco QQQ, which is tied to the Nasdaq 100 Index.
In addition, he holds more than $50 million in U. S. Treasuries and significant positions in the dollar, euro, Chinese yuan and Japanese yen. He holds significant positions in the dollar, euro, Chinese yuan and Japanese yen. Among his #cryptocurrency investments, Bessent lists the iShares #Bitcoin Trust ETF, which is valued between $2,50001 and $BTC Bessent's decision to divest himself of assets to avoid potential conflicts of interest and to sell certain assets within 90 days of Senate approval This is consistent with federal ethics rules for candidates.
These rules exist to ensure that public officials make decisions based on the public interest, not personal financial gain.
In addition to the asset sale, Mr.
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Litecoin's (LTC) price faces several bearish factors that could lead to a further decline in its value. These include the decreasing likelihood of a spot LTC ETF approval, declining network activity, and a "head and shoulders" pattern suggesting more downside.
Falling Odds of LTC ETF Approval
One of the main reasons for Litecoin's ongoing price drop is the low probability of a spot LTC ETF being approved. According to a survey on the Polymarket platform, the chances of this ETF being approved by July 31 are just 24%, while another survey estimates the likelihood at 42%.
So far, the only company to apply for a spot LTC ETF is Canary Capital. However, the number of applications could increase if the SEC adopts a more crypto-friendly stance. Eric Balchunas, Bloomberg's ETF strategist, suggested that approval of a spot ETF is possible since Litecoin is a Bitcoin fork, which might improve its chances.

Litecoin Network Activity is Declining
On-chain data shows that Litecoin's network activity is decreasing, contributing to negative market sentiment. According to Bit Info Charts, the daily transaction count for Litecoin has dropped to its lowest level since 2023.

Other indicators also point to reduced activity:
Litecoin's hash rate has declined from its all-time high of 1.95 Phash/s to 1.71 Phash/s, indicating lower participation from miners.Average transaction fees on the Litecoin network have also been trending downward, reflecting reduced usage.
Head and Shoulders Pattern Signals Further Decline
Technical analysis reveals a bearish head and shoulders (H&S) pattern for Litecoin. This pattern features a "head" at $117, two "shoulders," and a "neckline" at $96.78. The H&S pattern is one of the most bearish signals in technical analysis.
Litecoin has already fallen below its 50-day moving average and found support at the 100-day EMA. It also dropped below key support at $112.67, which marked its March 2023 peak.
How Low Could Litecoin's Price Go?
If Litecoin breaks below its 100-day moving average, its price could fall to $86.50, the lowest point since December 20. This would represent a 10% drop from its current price. Further support is found at $76.65, which corresponds to its July 26 peak and a 20% decline.

The bearish outlook would only be invalidated if Litecoin's price surpasses the resistance level at $112.67, signaling potential upward momentum.
Conclusion: Litecoin Faces Continued Pressure
Litecoin is under significant bearish pressure due to declining network activity, technical patterns indicating a downtrend, and uncertainty surrounding ETF approval. Without a shift in market sentiment, its price could drop by as much as 20% this week.

#Litecoin , #LTC , #etf , #CryptoNews , #priceprediction

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