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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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Ethereum co-founder Vitalik Buterin has donated 30 ETH (worth approximately $113,000) to the legal defense fund of Tornado Cash developers Alexey Pertsev and Roman Storm. The donation was made through Juicebox, a decentralized fundraising platform. The fund, named "Free Alexey & Roman," has raised nearly 596 ETH, equivalent to about $2.2 million. Buterin's support for privacy tools in the crypto space is well-known, and this move aligns with his previous actions. He has consistently advocated for privacy in crypto transactions and has published numerous papers on enhancing Ethereum’s privacy. This donation is not his first to a similar cause; in 2022, he donated 10 ETH to a legal fund supporting Julian Assange, the founder of WikiLeaks. Tornado Cash, a privacy-focused tool enabling anonymous crypto transactions, has been under scrutiny due to its misuse by criminals for money laundering and other illicit activities. This led to sanctions by the US Treasury’s Office of Foreign Assets Control (OFAC) in August 2022. Pertsev and Storm, developers of Tornado Cash, are facing legal challenges for allegedly facilitating these illegal activities. Buterin's donation is a clear sign of support for the beleaguered developers and the larger cause of privacy in the crypto industry.
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ConsenSys-backed Layer 2 network, Linea, has joined StarkWare in condemning Matter Labs' attempt to trademark the term "zero-knowledge" (ZK) in nine countries. Matter Labs, the company behind zkSync, is seeking exclusive control over this foundational cryptographic concept, causing industry-wide outrage. StarkWare, a software company that develops ZK-proof technology, has called for community action against Matter Labs' "oppressive behavior". Linea supports this stance, stating that using a legal framework to monopolize a branch of cryptography integral to building permissionless and decentralized L2 execution environments contradicts Ethereum’s ethos. They further highlighted the collaborative nature of Ethereum’s development and how the attempt to claim ownership over ZK technology hinders progress towards a more inclusive and censorship-resistant network. In response, Matter Labs clarified that their move aims to ensure the term "ZK" can be used freely in the context of their projects like "ZK Sync" and "ZK Stack," using trademarks as the only available legal tool for such protection. They also addressed the misconception that trademarks grant exclusive ownership over a word or phrase, adding that rights only extend to specific goods or services.
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Despite a recent dip in Dogecoin (DOGE) value, whale investors have snapped up over 700 million DOGE in the past 72 hours, equivalent to around $112 million. This accumulation trend coincides with a bearish trend reversal since May 29, suggesting a potential recovery for the meme coin. In addition, other meme tokens such as Shiba Inu (SHIBA) and Pepe (PEPE) have also seen increased investor interest. Over 4 trillion SHIB tokens, valued at approximately $103 million, have been transferred to crypto exchanges in the past two weeks, indicating heightened trading activity. Meanwhile, PEPE has gained almost 130% over the past month, with a whale investor making nearly $5 million in profit from the PEPE token within a month. This investor deposited all 660.7 billion PEPE tokens, worth $9.52 million, into a Binance wallet. These trends suggest a renewed interest in meme coins, with traders shifting their focus to these tokens. This could potentially lead to a surge in their value, making them a worthwhile investment.
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In a recent development, American TV personality Caitlyn Jenner has reportedly made a profit of $405,000 by launching 12 meme coins on the Solana blockchain within just four days. According to Lookonchain, Jenner's strategy involved launching tokens, buying large quantities, and quickly selling them for substantial profits. Despite initial skepticism, the former Olympian confirmed her endorsement, dismissing fears of a potential hack. However, this trend of celebrity-backed tokens has raised concerns among experts, who warn about the pitfalls inherent in such tokens, which often attract unsuspecting traders and leave them financially depleted. Even seasoned traders have reportedly suffered losses, overshadowing the genuine innovations pursued by legitimate projects. A market player under the pseudonym 'Cold Blooded Shiller' advised followers to view celebrity endorsements of meme coins as opportunistic "cash grabs," similar to previous trends like simply mentioning "crypto" during past market cycles or "NFTs" in more recent times. He warned that celebrities capitalize on these buzzwords to prompt a snowball effect where more people rush to invest in these projects without fully understanding the risks involved.
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European Bitcoin exchange-traded products (ETPs) have seen over $500 million in net outflows this year, despite the rising demand for Bitcoin, according to data from Morningstar. This comes as competition intensifies from US-based counterparts. However, ETPs for other cryptocurrencies like Ether have absorbed $42 million within the same period. The launch of US Bitcoin ETFs in January has increased interest in European crypto ETPs but also brought unprecedented competition, forcing European issuers to lower their fees. Asset managers BlackRock and Fidelity, for instance, now offer 0.25% annual management fees, prompting European Bitcoin ETP providers like Invesco, WisdomTree, and CoinShares to drop their previous fees from rates above 0.9% to below 0.4%. Funds that failed to lower their management fee, such as Grayscale Bitcoin Trust and Canada's Purpose Bitcoin ETF, have suffered significant asset losses. Despite the competition, VanEck's CEO in Europe, Martijn Rozemuller, remains optimistic, stating that European crypto ETPs are still relatively larger than the spot Bitcoin ETFs in the US.
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