Litecoin Price Surges 25%
• Litecoin, one of the oldest cryptocurrencies in the ecosystem, has experienced a sudden surge in its price.
• The spike to $105 marks an increase of 24.6% within the last 24 hours with no apparent cause identified yet.
• One potential factor could be EDX Markets officially listing Litecoin as a tradable cryptocurrency and its initial climb from $77 to $91 in the first three days of trading.
Recent Developments Affecting Crypto Industry
Fidelity, VanEck, and more have recently refiled spot Bitcoin ETF applications after reports of SEC rejections. South Korea also recently passed new crypto legislation focusing on investor protections, while recent spot Bitcoin ETF applications have fallen short of the SEC’s expectations on a technicality but are still in contention. BNY Mellon’s crypto custody venture has also been found to be running afoul of SEC rules and Vodafone has confirmed rumors of Cardano NFT plans.
EDX Markets Lists Litecoin
On June 20th, 2023, EDX Markets officially listed Litecoin as a tradable cryptocurrency for users which saw its price climb from $77 to $91 within its first three days of trading before experiencing an eventual dip. However, this dip was followed by today’s surge that saw it jump to $105 with no apparent cause identified yet.
Potential Causes For Surge
Although there is currently no clear indication as to what caused this sudden rise for Litecoin’s valuation, there are some potential factors that may have contributed to it such as investors feeling more confident investing in cryptos after South Korea passed new crypto legislation focusing on investor protection or Fidelity refiling spot Bitcoin ETFs despite reports of SEC rejections. Additionally, BNY Mellon’s crypto custody venture running afoul of SEC rules could have had an effect on investors looking for alternatives outside traditional finance institutions and Vodafone’s confirmation of Cardano NFT plans could have added fuel to today’s surge given how popular non-fungible tokens (NFTs) have become recently among traders and collectors alike.
Conclusion
The recent surge seen in Litecoin’s price is remarkable given that it occurred with no apparent cause identified yet by media or analysts at present time; however there are some possible contributing factors at play such as recent developments affecting the crypto industry or even simply EDX Markets listing it as a tradable currency initially causing its valuation to climb steadily over the past few days before spiking today suddenly and without warning.
