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. This move comes as Canada continues to explore and support the blockchain industry. Alongside this approval, Litecoin recently achieved a 14-month high, surpassing the $100 mark. With the upcoming halving event and the increased transaction volume, experts predict further upward momentum for LTC, potentially reaching the $140 mark.
Canada Embraces Cryptocurrency Trading with Unlimited Litecoin Approval
The Canadian government has taken a positive step toward embracing cryptocurrency trading by granting approval for unlimited trading of Litecoin (LTC) and three other cryptocurrencies. This move is a significant boost to the Canadian cryptocurrency market, providing traders with increased opportunities to engage in LTC transactions. The approval also demonstrates the government’s support for the growing blockchain industry.
The House of Commons Standing Committee on Industry and Technology has been instrumental in advocating for a national blockchain strategy, urging the government to establish clear regulatory guidelines. By doing so, Canada aims to demonstrate its commitment to fostering innovation and growth within the industry.
Litecoin Achieves Impressive Milestones and Surpasses $100 Mark
Litecoin has recently experienced a remarkable surge in price, reaching a 14-month high and surpassing the $100 mark. This achievement is attributed to several factors, including the upcoming halving event and increased transaction volume.
The halving event, set to occur around August 2, 2023, will mark the third halving for LTC. During this event, the block reward for Litecoin will be reduced from 12.5 LTC to 6.25 LTC. Such events typically create a sense of scarcity and have historically led to price increases.
Furthermore, Litecoin’s network has witnessed a significant milestone, processing over 500,000 daily transactions for the first time in a quarter. This surge in transaction volume brings LTC’s daily transaction count closer to that of Bitcoin in May. The growing popularity and increased usage of Litecoin highlight its potential as a viable cryptocurrency.
Analysts Predict LTC Price to Reach $140 with Strong Support
As Litecoin’s price surged past the $100 mark, cryptocurrency analysts have begun projecting further upward momentum for LTC. Notably, Crypto Tony, a prominent analyst, emphasizes the importance of maintaining support at the $102.65 level to sustain Litecoin’s upward trajectory.
By holding this crucial support zone, Litecoin would be poised for its next move upward, potentially reaching Crypto Tony’s main target of $140. Such an increase would mark a significant milestone for LTC and further validate its growth potential in the cryptocurrency market.
The recent breakout moment saw the price of Litecoin standing at $106.42, representing a 5.74% increase compared to the previous day. This surge in price was accompanied by a notable increase in trading volume, reaching $3,223,598,436 over 24 hours, signifying growing investor interest and confidence in Litecoin.
Conclusion
The Canadian government’s approval for unlimited trading of Litecoin and other cryptocurrencies reflects the country’s growing support for the blockchain industry. With Litecoin surpassing the $100 mark and achieving notable milestones in transaction volume, the cryptocurrency is poised for further growth. Analysts predict LTC’s price to reach $140, highlighting its potential as an attractive investment option. As the cryptocurrency market continues to evolve, Canada’s progressive approach toward cryptocurrencies positions it as a significant player in the global blockchain landscape.
