The Canadian government has approved unlimited trading of Litecoin (LTC) and three other cryptocurrencies. In addition, a crypto analyst has predicted that the price of LTC could reach $140.
In a major breakthrough for the Canadian cryptocurrency market, the government has given the green light for unrestricted trading of Litecoin (LTC) and three other cryptocurrencies on exchanges.
Canada grants approval for Litecoin trading:
In a recent announcement on Canada Day, July 1st, Litecoin revealed that Canada has granted approval for unlimited trading of $LTC and three other cryptocurrencies on exchanges. However, the remaining cryptocurrencies will have an annual trading limit of $30,000. This development comes as a significant milestone for Litecoin.
The House of Commons Standing Committee on Industry and Technology has urged the government to establish a comprehensive national blockchain strategy that provides clarity on the country’s regulatory framework and exhibits strong support for the industry.
Adding to Litecoin’s positive outlook is the highly anticipated halving event scheduled to take place around August 2, 2023. This will be the third halving event for LTC, resulting in a reduction of the block reward from 12.5 LTC to 6.25 LTC.
Will LTC price hit $140?
Litecoin (LTC) achieved a notable milestone by surpassing the $100 threshold, reaching a 14-month high. Furthermore, according to data from IntoTheBlock, Litecoin’s network recently achieved a significant feat by processing over 500,000 daily transactions, a quarterly record. This accomplishment brings LTC’s transaction volume in close proximity to that of Bitcoin’s daily transactions observed in May.
Following Litecoin’s successful breakout, crypto analyst Crypto Tony highlights the criticality of maintaining support at the $102.65 level as it will determine the sustainability of Litecoin’s upward momentum. By holding this support zone, Litecoin would position itself for further upward movement, potentially reaching Crypto Tony’s primary target of $140.
At the time of the breakout, Litecoin’s price stands at $106.42, reflecting a notable 5.74% increase from the previous day. This surge in price is accompanied by a significant rise in trading volume, reaching $3,223,598,436 within a 24-hour period, indicating a remarkable 106.56% increase.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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