Litecoin (LTC) recently announced that it has been approved for unlimited trading in Canada from its Twitter account. At the time of the news, the altcoin price is rising over 5%.
Canada approves LTC and 3 altcoins for unlimited trading
According to a hot development, the Canadian government has approved the unlimited trading of Litecoin (LTC) and 3 other altcoins. Prior to this, LTC was performing a strong bull run, where it reached a 14-month high. In an announcement made recently at the Canada Day event on July 1, Litecoin wrote:
Canada has approved LTC and 3 other altcoins for unlimited trading on exchanges. Other cryptos will have an annual limit of $30,000.
Litecoin is back in the top 10
LTC is currently ranked 9th by market cap. The recent rally helped its price reach an important psychological level of $100. This upward move has given the bulls a huge boost. As a result, it allowed the altcoin to post double-digit gains in the last 48 hours.
However, despite this rise, the price of LTC remains in the bearish zone. This indicates that the downward pressure continues. Retrieving $100 was crucial to sustaining the uptrend. LTC is currently trading slightly above this level at $105.
In this successful breakout, crypto analyst Crypto Tony highlights the importance of holding the $102.65 level for Litecoin. Holding this support zone, Litecoin will potentially reach the analyst’s main target of $140, ready for the next bullish move.
Also, another crypto analyst Rekt Capital supports this view. The analyst stated on Twitter that LTC’s pre-halving rally continues. In his analysis, he also shared his expectations for BCH, which has been rallying recently.
Just weeks away from the next Litecoin halving cycle
Adding to the positive outlook for Litecoin is the upcoming halving event scheduled to take place around August 2, 2023. This event will be the third halving event for LTC and will reduce the block reward from 12.5 LTC to 6.25 LTC.
Also, data from IntoTheBlock reveals that the Litecoin network has witnessed a significant milestone, processing more than 500,000 daily transactions for the first time in the past three months. This achievement brings LTC’s trading volume closer to Bitcoin’s daily transactions in May.
cryptocoin.com In this article, we have included the details of the announcement shared by the Litecoin team on June 27.
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