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.
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…
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.
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