Canada Approves Unlimited Litecoin Trading, LTC Price To Reach $140?
In a significant development for the Canadian cryptocurrency market, the Canadian government has granted approval for unlimited trading of Litecoin (LTC) and three other cryptocurrencies on exchanges. Yesterday, CoinGape reported that Litecoin witnessed a remarkable performance, reaching a 14-month high and surpassing the $100 mark.
Litecoin Approval In Canada
In an announcement just few minutes ago, on the event of Canada Day dated July 01, Litecoin posted:
Canada has approved $LTC and 3 other cryptos for unlimited trading on exchanges. Other cryptos will have a $30,000 annual limit.
Recently, House of Commons Standing Committee on Industry and Technology called for the government to set up a national blockchain strategy that clarifies the country’s regulatory approach and “demonstrates support for the industry.
Adding to the positive outlook for Litecoin is the upcoming halving event, set to occur around August 2, 2023. This will mark the third halving event for LTC, reducing the block reward from 12.5 LTC to 6.25 LTC.
Read CoinGape’s Story on LTC Hashrate…
LTC Price To Reach $140?
Litecoin (LTC) experienced a significant milestone as it surged past the $100 mark, climb in price saw it reach a 14-month high. Additionally, data from IntoTheBlock reveals that Litecoin’s network has witnessed a significant milestone, processing over 500,000 daily transactions for the first time in a quarter. This achievement brings LTC’s transaction volume close to that of Bitcoin’s daily transactions in May.
On this successful breakout, crypto analyst Crypto Tony emphasizes the importance of maintaining support at the $102.65 level, as it will determine Litecoin’s ability to sustain its upward momentum. By holding this support zone, Litecoin would be poised for its next move upward, potentially reaching Crypto Tony’s main target of $140.
The price of Litecoin during this breakout moment stands at $106.42, during the press time, signifying a 5.74% increase compared to the previous day. The surge in price was accompanied by a notable surge in trading volume, reaching $3,223,598,436 over the course of 24 hours, marking a remarkable 106.56% increase.
Also Read: Shiba Inu (SHIB) Burns 89% Less in June..
- Fed’s Schmid Signals Opposition to Further Rate Cuts With Inflation ‘Too High’
- IBIT Bitcoin ETF Becomes BlackRock’s Most Profitable Fund, Nears $100B Milestone
- Bitcoin Tops $126,000 as Market Prices In Three-Week U.S. Government Shutdown
- Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally
- Robinhood Outage Reported by Users, HOOD Stock Drops
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
