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DeFiDynamo
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Litecoin (LTC), currently ranked 19th in market cap, is showing bullish signs amidst a volatile crypto market. This is partly due to its recent classification as a commodity by the Commodity Futures Trading Commission (CFTC). According to IntoTheBlock, 75% of LTC holders are now in profit, with the crypto asset trading at $101, up nearly 15% over the past month. A key on-chain resistance is seen around the $150 mark, a level marked by the acquisition of 8.16 million LTC held by 590,000 addresses. The CFTC's classification of Litecoin as a commodity has exempted it from the SEC's stricter regulations on coin issuers. This move has been a significant factor in Litecoin's recent performance, with the crypto asset even outpacing other altcoins in terms of market rebound. On-chain transaction volume has spiked, and dormant whale wallets are moving coins back into circulation, suggesting a justified price bounce. The market remains optimistic about Litecoin's potential for further growth.

Litecoin (LTC), currently ranked 19th in market cap, is showing bullish signs amidst a volatile crypto market. This is partly due to its recent classification as a commodity by the Commodity Futures Trading Commission (CFTC).

According to IntoTheBlock, 75% of LTC holders are now in profit, with the crypto asset trading at $101, up nearly 15% over the past month. A key on-chain resistance is seen around the $150 mark, a level marked by the acquisition of 8.16 million LTC held by 590,000 addresses.

The CFTC's classification of Litecoin as a commodity has exempted it from the SEC's stricter regulations on coin issuers. This move has been a significant factor in Litecoin's recent performance, with the crypto asset even outpacing other altcoins in terms of market rebound.

On-chain transaction volume has spiked, and dormant whale wallets are moving coins back into circulation, suggesting a justified price bounce. The market remains optimistic about Litecoin's potential for further growth.

Avertissement : comprend des opinions de tiers. Il ne s’agit pas d’un conseil financier. Peut inclure du contenu sponsorisé. Consultez les CG.
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Ripple's XRP has been experiencing a prolonged period of sideways trading and market uncertainty, with prices oscillating between a key resistance at $0.55 and a major support level at $0.47. Despite a recent increase in demand and bullish momentum pushing the price towards the upper boundary of this range, XRP is facing a significant resistance zone. This zone includes the range's upper limit, the 200-day moving average, and a multi-month ascending trendline. If buyers can break through this critical area, a sustained bullish trend could emerge. However, ongoing uncertainty suggests that Ripple might continue to trade sideways until a breakout occurs. On the 4-hour chart, a bullish bounce near the lower boundary of an ascending wedge around the $0.50 mark is pushing the price towards a critical resistance area. If buyers surpass this resistance, a fresh bullish rally could aim for the wedge's upper boundary at $0.58. Conversely, a bearish rejection might trigger a decline towards the wedge's lower boundary. If this key threshold is broken, a prolonged bearish trend targeting the $0.48 level in the short term could be triggered. Despite a minor uptick in Ripple's price, significant resistance levels could dictate its next move. Traders should watch for either a breakout or continued consolidation within the current range.
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Today marks the 14th anniversary of Bitcoin Pizza Day, a significant event in cryptocurrency history. In 2010, early Bitcoin adopter, Laszlo Hanyecz, made the first documented purchase using Bitcoin, trading 10,000 BTC for two pizzas. At that time, 1 BTC was worth $0.0041, making the purchase amount $41. Bitcoin's value has since soared, currently exceeding $70,000. Hanyecz's transaction, while seemingly extravagant in retrospect, holds a special place in Bitcoin history as it demonstrated the cryptocurrency's practical use as a medium of exchange. This act underscored the importance of active participation and real-world applications for the success and adoption of the network. Bitcoin's growth has been remarkable, particularly in light of significant events this year, including the approval of spot Bitcoin ETFs in the US and the halving event, both of which have solidified Bitcoin's position as a widely adopted asset. However, the past year has also seen malicious entities exploiting the hype around meme coins to defraud investors. Despite this, the current year has been relatively calm on the scammer front.
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In a significant development for the DeFi sector, five potential Ethereum ETF issuers, including Fidelity, VanEck, Invesco Galaxy, Ark 21Shares, and Franklin, have submitted their amended 19b-4s to the Securities and Exchange Commission (SEC), according to Bloomberg ETF analyst James Seyffart. The flurry of activity follows an SEC advisory to submit revised 19b-4 forms, a requirement for introducing new products such as spot Ethereum ETPs. However, Seyffart cautioned that SEC approval and subsequent ETF launches could take weeks or even months. The major amendments involved removing any references to Ethereum staking from the ETF filings, which the SEC has vetoed. Despite this, Seyffart maintains a 75% approval odds, reflecting an optimistic outlook on the market. Meanwhile, Ethereum prices have surged, topping $3,800 as anticipation for the ETFs heats up. This development underscores the growing acceptance and integration of DeFi and BRC 20 tokens in mainstream financial markets.
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New York Attorney General Letitia James has secured a record $2 billion settlement with bankrupt cryptocurrency firm Genesis Global, following allegations of investor fraud. This landmark settlement, the largest against a crypto company in New York history, aims to compensate investors who were allegedly misled by Genesis. The settlement includes the creation of a Victims’ Fund to aid investors who were defrauded. The fund will benefit the 29,000 New Yorkers who invested over $1.1 billion through the Gemini Earn investment program. If the creditors are not fully compensated based on the current values of digital assets, the fund will receive up to $2 billion from Genesis’ remaining assets. This settlement continues Attorney General James’ efforts to increase oversight and regulation in the cryptocurrency industry. In October 2023, James sued Gemini, GenesisTrading, and DCGco, accusing them of defrauding 230,000 investors of over $1 billion. This action underscores the need for increased regulation and oversight in the crypto industry to protect investors and maintain market integrity.
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Alex Thorn, Head of Research at Galaxy Research, has suggested that the U.S. Securities and Exchange Commission (SEC) may differentiate between Ethereum (ETH) and staked Ether, potentially classifying the latter as a security. This distinction could pave the way for regulatory approval of spot Ethereum ETFs. Thorn believes that the SEC might prohibit ETFs from staking their held ETH, maintaining a strict regulatory framework around staked assets and other altcoins. Bloomberg Intelligence ETF analysts Eric Balchunas and James Seyffart have increased their predicted likelihood of a spot Ether ETF approval from 25% to 75%. This follows discussions implying that the SEC might adopt a more favorable stance towards these applications. The SEC's decision on the VanEck spot Ether ETF is expected on May 23. The potential SEC approval has positively impacted Ethereum's value, which has surged by over 20% following the news. This optimistic market response contradicts the earlier consensus that approval was unlikely, indicating a positive shift in market sentiment.
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