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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.

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Monochrome Asset Management, an Australian investment firm, is set to launch the country's first spot Bitcoin exchange-traded fund (ETF) on May 4, 2024. The Monochrome Bitcoin ETF (IBTC) will be the first fund in Australia to directly hold BTC and is expected to be listed on the Cboe Australia exchange on June 4. The firm will implement a strictly passive buy-and-hold investment strategy for Bitcoin, without using derivatives, leverage, or short selling. Monochrome applied to launch IBTC in April, amid the growing popularity of the U.S. spot Bitcoin ETF market. The firm had previously received approval to launch a spot Bitcoin ETF in August 2022, which was intended to give investors direct exposure to BTC, ether, and other cryptocurrencies. The launch of IBTC is significant as it offers Australian investors a regulated way to tap into the potential of the Bitcoin market. Monochrome's CEO, Jeff Yew, emphasized that unlike other Bitcoin ETFs, IBTC benefits from the investor protection rules under the directly held crypto Australian Financial Services (AFS) licensing regime. This development is part of a global trend, with several other countries approving the listings of spot Bitcoin ETFs, offering investors direct exposure to the cryptocurrency. The success of the first wave of ETFs launched in the United States earlier this year has triggered a wave that is spreading across regions like Hong Kong. This positive trend is expected to continue, with more countries likely to approve similar products in the coming months.
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Matter Labs, the team behind ZkSync Ethereum Layer 2 network, has withdrawn its attempt to trademark the term "ZK". The decision comes after a week-long dispute with Polyhedra Network, which accused Matter Labs of undermining Web3 principles. The move was also criticized by industry figures who argued it would privatize a public resource. Matter Labs acknowledged the global diversity of perspectives and interests, stating that what works within the Ethereum ecosystem may not be globally applicable. The company expressed gratitude for the support received from the zksync community, emphasizing the importance of community in the blockchain industry.
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Frax Finance, the decentralized stablecoin protocol behind FRAX USD, suffered a security breach on June 1, losing access to its X account. Founder Sam Kazemian believes the hack to be an inside job, not a result of security flaws or phishing attacks. Kazemian has identified the alleged perpetrator, a "serial scammer" known to blockchain investigator ZachXBT, and is working towards bringing the individual to justice. The breach did not result from compromised passwords or internal security issues within Frax Finance. Instead, Kazemian suggests potential social engineering and insider involvement at X. The X account of Frax Finance remains active, but no new posts have been visible since the hack. This incident is the latest in a series of hacks targeting crypto projects, allegedly linked to insider actions at X. Crypto trader GCR reported a similar compromise of his X account in May, attributing the breach to bribery. The attackers allegedly used his account to promote a pump-and-dump scheme involving ORDI and LUNA2. Investigations are ongoing to determine if the same group is behind the attack on Frax Finance.
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Social Capital CEO, Chamath Palihapitiya, predicts Bitcoin will reach $500,000 per coin by the end of 2025, outpacing predictions from analysts at Standard Chartered and Bernstein. This prediction is based on Bitcoin's performance following its previous halving cycles. The 'halving' is a Bitcoin software function that halves its supply inflation rate every 210,000 blocks, creating a supply shock that drives up the asset's price. Palihapitiya's projection uses Bitcoin's performance after its third halving as a model. He also points to an "increasing body of countries" that may adopt a dual currency standard, like El Salvador, to drive demand. If Bitcoin reaches over $500,000 per coin, Palihapitiya believes it will "completely replace" gold and begin to have transactional utility for hard assets. The CEO also acknowledges the significance of newly launched Bitcoin ETFs, which have "commercialized Bitcoin," allowing it to "cross the chasm." Based on their powerful inflows this year, analysts at Standard Chartered predict Bitcoin to reach $200,000 by the end of 2025.
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Bitcoin remains steady at around $69,000, primarily due to a robust demand zone between $66,900 and $68,900, according to data analysis by IntoTheBlock. This range includes over two million addresses that have collectively accumulated 1.1 million BTC, indicating a high level of trader interest and engagement. This demand zone acts as a critical buffer, demonstrating trader confidence and investment at these price levels. Renowned crypto trader Peter Brandt predicts that Bitcoin's current bull run could peak between $130,000 and $150,000 by late August to early September 2025, based on historical patterns following BTC’s previous halving events. This bullish sentiment is further fueled by significant developments in the Bitcoin ecosystem. US Senator Ted Cruz, a crypto supporter, has initiated mining operations in Iraan, Texas, by purchasing three Bitcoin miners. Additionally, the Republic of Tatarstan aims to establish Russia's largest Bitcoin mining company, valued at approximately $100 million. These developments underscore the growing acceptance and integration of Bitcoin in various sectors, reinforcing the optimistic outlook for the market.
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