Kategorie: Crypto News

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Litecoin (LTC) bounces strongly as bulls brush off brief retreat

  • Litecoin price bounced strongly to see bulls hit a 14-month high near $110.
  • LTC last traded at these prices in April 2022, and could hit new multi-year highs as the Litecoin halving approaches.
  • Prices fell to $84 earlier in the day after markets reacted negatively to news about spot Bitcoin ETfs.

Litecoin is still poised for more upside action after an enforced breather pushed LTC back to lows of $84 on Friday. 

A strong rebound for LTC in the last few minutes had buyers eyeing $110, even as the cryptocurrency reached its highest level since early April 2022.

Litecoin price on the daily chart. Source: TradingView

What happened to the LTC price today?

Litecoin had surged to highs of $103 earlier in the day as bulls looked to breach a level last reached in mid-February. 

However, the momentum was briefly halted as the broader market reacted to a news report that the US Securities and Exchange Commission (SEC) had provided feedback on recently filed spot Bitcoin ETFs indicating the filings were “inadequate.”

As reported here, Bitcoin briefly fell below $30k as the market reaction injected sell-off pressure. But there has been some kind of swift rebound for BTC as buyers rode on the details of the “quick” feedback from the SEC.

BlackRock, Fidelity and other asset managers that recently submitted applications for a spot Bitcoin ETF will need to refile with the SEC. Specifically, they have to clearly point out which spot crypto exchange provider they have a market surveillance sharing agreement (SSA) with. 

LTC price bullish ahead of halving

Litecoin’s positive outlook is down to a key fundamental factor – the network’s upcoming halving will only be days away now as July begins. The countdown to the halving shows that the highly anticipated event is expected at block 2,520,000 on August 2, 2023.

The network’s third halving, after 2015 and 2019, will see block reward reduced from 12.5 LTC to 6.25 LTC.

Amid the exuberance about potential price growth, hashrate recently rose to its all-time high of 958.36 TH/s. CoinWarz data indicates the milestone was reached on June 28, 2023 at block 2,499,942.

With price near $110 and the halving event around the corner, LTC price could rise to $200 pre-halving. Post-halving, it’s the all-time high of $410 that could be a nice target for bulls.

The post Litecoin (LTC) bounces strongly as bulls brush off brief retreat appeared first on CoinJournal.

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Court allows Celsius to sell altcoins for BTC, ETH starting July 1

Bankruptcy Judge Martin Glenn of the US Southern District Court of New York on Friday ordered that bankrupt crypto lender Celsius can begin to sell or convert altcoins to Bitcoin (BTC) and Ether (ETH).

The price of CEL, the native Celsius Network token, rose sharply on Friday, trading above $0.15 with 33% gains in the past 24 hours.

Celsius can sell altcoins for BTC, ETH from July 1

The liquidating of the said altcoins comes ahead of a planned distribution of assets to creditors and will start on or after July 1, the judge ordered.

“The Debtors, in consultation with the advisors to the Committee, may sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets other than such tokens that are associated with Withhold or Custody accounts (collectively, the “Altcoins”) to BTC or ETH commencing on or after July 1, 2023,” reads part of the ruling.

Celsius is expected to use “commercially reasonable efforts to maximize the value of the Altcoins to be sold or converted to BTC or ETH.” However, with the SEC having recently alleged some of the altcoins held by the crypto lender as securities, the sales are expected to comply with the “applicable exemptions to the US securities laws.”

Among the tokens the US regulator recently highlighted as securities in its cases against Binance and Coinbase include Cardano (ADA), Polygon (MATIC) and Near (NEAR). Celsius holds these and other alts such as Bitcoin Cash (BCH), Litecoin (LTC) and Chainlink (LINK). 

The tokens have recently traded higher alongside the broader crypto market and it remains to be seen what impact, if any, the offloading will have on prices. 

Celsius filed for bankruptcy in July 2022 after pausing customer withdrawals amid crypto contagion from the collapse of Terra and Three Arrows Capital. 

According to court documents, the company has been in dialogue with the SEC and state regulators as it looked to update its restructuring plan to only distribute crypto to creditors in bitcoin and ether.

The post Court allows Celsius to sell altcoins for BTC, ETH starting July 1 appeared first on CoinJournal.

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Bitcoin briefly falls below $30k as SEC says spot Bitcoin ETF filings are inadequate

  • Bitcoin price reacted sharply to news that the SEC had said Bitcoin ETFs filings were inadequate.
  • The SEC had reportedly returned the filed documents to BlackRock, Fidelity.
  • However, BTC recovered above $30k as more details emerged.

Bitcoin briefly crashed to below $30k within minutes on Friday as the US Securities and Exchnage Commission (SEC) reportedly told Nasdaq and the Cboe that recently filed spot Bicoin ETFs by BlackRock, Fidelity and other Wall Street giants were “not clear and comprehensive.”

The regulator has reportedly returned the spot ETF documents.

The markets reaction to the initial news by the Wall Street Journal was swift, with Bitcoin falling to $29,790 and Ethereum below $1,840.

 “Affected by the news, the market crashed within 30 minutes. BTC once fell by more than 5% to below $30,000, ETH fell by more than 4%, and BCH and COMP, which had a large increase today, fell by more than 10%.  Coinglass data shows that in the past 1 hour, the liquidation of the entire network exceeded 84 million US dollars,” Blockchain news reporter Colin Wu tweeted.

However, as it was reported that BlackRock and other asset managers only had to refile their applications correctly, Bitcoin moved back above $30k. Crypto analyst Will Clemente noted:

The post Bitcoin briefly falls below $30k as SEC says spot Bitcoin ETF filings are inadequate appeared first on CoinJournal.

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Bitcoin Cash jumps to 14-month high amid South Korea volume spike

  • Bitcoin Cash has skyrocketed to a 14-month high above $320, hitting highs of $326 on Coinbase.
  • BCH upside momentum has increased since Wall Street-backed EDX listed the coin alongside BTC, ETH and LTC.
  • A spike in volume on South Korea exchange Upbit helped push CBH price higher on Friday.

Bitcoin Cash rallied to its highest price in 14 months on Friday morning, trading at highs of $326 on US-based crypto exchange Coinbase.

Why is BCH price rallying today?

Bitcoin Cash had stagnated below $165 since dipping below the level in June last year. However, with Bitcoin rallying to above $31k amid bullish sentiment buoyed by BlackRock’s spot ETF filing, BCH roared to a one-year high.

The bulls have been relentless since, with price crossing the psychological $300 mark today with more than 30% gains in 24 hours. The cryptocurrency has rallied nearly 200% over the past two weeks, and is now in the green by 110% over the past year.

It is notable that the price of BCH had raced to a new year high last week after EDX Markets, a new crypto exchange backed by major Wall Street companies including Fidelity and Charles Schwab, listed Bitcoin Cash. EDX only lists three other coins – BTC, ETH and LTC.

Enthusiasm across the BCH community from this listing has added to the upside momentum. On Friday, the positive outlook on the cryptocurrency’s potential saw volume spike on a leading South Korea-based crypto platform.

As crypto markets bid to hold onto the positive sentiment, Bitcoin Cash appears to be getting some extra leg from South Korea. Over the past 24 hours, the BCH/KRW pair on crypto exchange Upbit rose to $557 million, more than thrice the volume of BTC/KRW and nearly 6x greater than BCH/USD.

Data from CoinGecko shows daily trading volume across all exchanges has increased 165% in the past 24 hours to over $2.4 billion. As IntoTheBlock points out, BCH volume rose to above $750 million on Thursday, a one-year high.

The post Bitcoin Cash jumps to 14-month high amid South Korea volume spike appeared first on CoinJournal.

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Solana technical analysis update – can it jump to $40?

  • Solana rallied in 2023 but failed to break above the horizontal resistance
  • A bullish case remains valid unless the price moves below the 2022 lows
  • If it breaks above horizontal resistance, Solana may trade above $40

Cryptocurrency investors must be thrilled with the 2023 price action. After all, Bitcoin bounced from last year’s lows, triggering a similar move in other major cryptocurrencies.

Solana followed suit.

The price more than doubled this year, rising from $10 to over $25 in what appeared to be a clear bullish breakout.

However, after trading above $26 in January, the market failed to build on the bullish trend. Instead, a consolidation started, bringing doubts to bullish traders.

The best way to clear such doubts is to look at the bigger picture. As the chart below shows, it is difficult to build a bullish case while the market holds below horizontal resistance.

However, the 2022 lows remain in place, so one can build a bullish scenario as long as the market does not dip below those lows.

Solana chart by TradingView

A break above horizontal resistance should trigger more gains

Solana’s price remains bearish while below horizontal resistance. However, a break above it implies more strength ahead.

That is especially true if the US dollar’s weakness resumes. So far in 2023, the dollar traded with a mixed tone.

But as the Fed is on pause, renewed weakness will bode well for cryptocurrencies and for Solana.

A daily close above horizontal resistance opens the gates for a move above $40. If the Fed believes that the US inflation data follows the right path, the dollar should weaken in the year’s second half.

The post Solana technical analysis update – can it jump to $40? appeared first on CoinJournal.