- The Canadian government has given the green light for unlimited trading of Litecoin on cryptocurrency exchanges.
- Litecoin is set to undergo a halving event next month, reducing block rewards from 12.5 LTC to 6.25 LTC.
- Following the approval in Canada, Litecoin’s value tested $106, with analysts predicting further growth.
The Canadian government has approved unlimited trading of Litecoin on cryptocurrency exchanges, sparking excitement in the crypto community. This development, coupled with an upcoming halving event, has led to a surge in Litecoin’s value and bullish predictions from analysts.
Litecoin Gets Green Light for Unlimited Trading in Canada
Litecoin, a long-standing player in the cryptocurrency market, has received a significant boost with the Canadian government’s approval for unlimited trading of the digital currency on exchanges. This news, announced via Litecoin’s official Twitter account, has stirred excitement among crypto enthusiasts. The approval puts Litecoin among a select few cryptocurrencies that have been granted this privilege, while other digital currencies face an annual trading limit of $30,000.
🇨🇦 🍁 Canada Day 🍁🇨🇦
Canada has approved $LTC and 3 other cryptos for unlimited trading on exchanges. Other cryptos will have a $30,000 annual limit. pic.twitter.com/6mKya8q6GD
— Litecoin (@litecoin) July 1, 2023
Litecoin’s Upcoming Halving Event
In addition to the approval, Litecoin is also gearing up for a significant event next month – a halving. This event, which will be Litecoin’s third, will see the block reward for miners reduced from 12.5 LTC to 6.25 LTC. This halving event, coupled with the recent approval in Canada, has led to a surge in Litecoin’s value, with the digital currency testing the $106 mark.
Analysts Bullish on Litecoin’s Future
With the Canadian approval news and the upcoming halving, analysts are painting a bullish picture for Litecoin’s future. Renowned analyst Peter Brandt pointed out a significant breakout in Litecoin’s chart analysis, indicating a potential rise to the $110 level. Similarly, crypto analyst Crypto Tony shared a similar sentiment, stating that Litecoin is likely to continue its upward trajectory, with the $102 support level playing a crucial role. As Litecoin prepares for its halving event in August, the expectation is for a bullish trend.
