In a significant development for the Canadian crypto sector, the Canadian government has granted approval for the unrestricted trading of Litecoin (LTC) and three other cryptocurrencies on exchanges. This breakthrough marks a major milestone and provides a boost to the country’s crypto industry. Litecoin’s price has been on the rise, recently hitting a 14-month high and surpassing the $100 threshold.
The House of Commons Standing Committee on Industry and Technology has played a crucial role in this advancement by urging the government to establish a national blockchain policy. Such a policy would clarify Canada’s regulatory stance on cryptocurrencies and demonstrate support for the sector.
Optimistic Outlook with Bulls in Control
Litecoin’s future looks promising, especially with the upcoming halving event expected around August 2, 2023. This event will be the third time that the LTC block reward is halved, reducing it from 12.5 LTC to 6.25 LTC.
The recent surge in Litecoin’s price, surpassing $100, has been accompanied by a significant milestone in the network’s transaction volume. According to IntoTheBlock’s data, Litecoin’s network is now processing over 500,000 transactions per day. This daily transaction volume is rapidly approaching the level observed for Bitcoin in May.
Industry experts are closely monitoring this successful breakthrough and emphasizing that the sustainability of Litecoin’s upward momentum will depend on its ability to maintain support at the $102.65 level. As long as this support remains intact, Litecoin has the potential to continue its ascent and reach its major objective of $140.
June 30th marked a historic high for Litecoin, with the coin valued at $110. Additionally, the network handled nearly a million Litecoin transactions in the preceding week. The forthcoming Litecoin halving event, scheduled in less than a month, further contributes to the positive sentiment surrounding the coin.
Compiled by Coinbold