The US Commodity Futures Trading Commission (CFTC) has exploded an altcoin project, which it describes as a ‘commodity’, in its metrics.
Following the CFTC’s definition of a commodity, this altcoin has reached the ATH level
In a recent development with the Litecoin (LTC) framework, the CFTC officially described the altcoin project as a digital commodity. The news came as the Litecoin hash rate set an all-time high on March 27.
Litecoin’s hashrate has been on a consistent uptrend since June 2021, despite turmoil in the crypto industry involving the Terra LUNA-UST collapse in 2022 and fraudulent charges against its founder. Measuring the computing power devoted to Litecoin mining, the hashrate is a key metric for evaluating network security and strength.
Litecoin is now covered by the CFTC
The recent recognition by the CFTC provides greater clarity for investors looking to join the crypto market. Litecoin’s classification as a digital commodity means that it falls within the regulatory scope of the CFTC, which is tasked with preventing fraud, manipulation and malicious practices in the commodity market.
The next halving cycle for altcoin is approaching
Another factor that may have contributed to the increase in Litecoin’s hashrate could be the upcoming halving event. In August 2023, Litecoin will go through its third halving, which will reduce the amount of newly minted Litecoin by 50%. This feature is built into Litecoin’s code and ensures a consistent and transparent monetary policy.
The halving is expected to make Litecoin harder to obtain and potentially increase its value. This presents investors with a potential opportunity to capitalize on the discrepancy between prices and Litecoin’s hashrate.
With the CFTC recognizing Litecoin as a digital commodity and the upcoming halving event, the future looks bright for the cryptocurrency. Its highly resilient code ensures consistency and transparency in its monetary policy, making it a promising investment for those wishing to join the crypto market.
In other developments surrounding Litecoin, a new core software version is released, while LTC price supports the news with upward momentum.
Litecoin Core V0.21.2.2 released with critical security update
Litecoin released a new version of its core software in mid-March. The Litecoin development team announced the release of version v0.21.2.2, which includes an important security update.
The latest version of Litecoin Core aims to improve the security of the network by fixing bugs and vulnerabilities. The development team also improved the performance and reliability of the software, providing users with a more efficient and seamless experience.
Meanwhile, Litecoin appears to be leading the market momentum as the cryptocurrency market enters a systemic bearish correction. Litecoin’s recent rise and divergence from Bitcoin can be attributed to the upcoming halving event that investors are already pricing in.
According to analyst Rekt Capital, the forward Litecoin price action has been uncertain for some time. Rekt Capital tweeted that LTC is showing strength and most of the market is struggling in this market-wide drop. He also highlighted the importance of not forgetting the LTC Halving, which will take place in August 2023.
cryptocoin.com We have included the latest LTC price analysis of Altcoin Sherpa in this article.
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