Litecoin News Today: LTC Jumps 2% to Hold Steady Above $90 After SEC Mining Clarification
Breaking news for Litecoin, Bitcoin, and other proof of mining networks as SEC clarifies they are not commodities. The news spurred 2% gains for Litecoin, helping it firmly defend the $90 Support level.
Litecoin defied the general market bearishness by jumping by more than 3% over the last 24 hours. It rallied from the intraday lows of $90.24 to hit an intraday high of $93.68.
The slight value gain makes it one of the best-performing digital assets among the 20 most valuable coins for the day.
Though marginal, the positive gain was in contrast to the large crypto market that shed 2% of its market, dropping to $2.74 Trillion.
Bitcoin and other top altcoins like Ethereum also slipped by similar margins in the last 24 hours with BTC and ETH crashing below $83K and $1.9K, respectively.
Why are Litecoin Prices Rising Today?
Much of Litecoin’s value gains were driven by a clarification by the SEC that proof of work operations does not constitute securities dealings.
This effectively removes the regulatory uncertainty that rocked the likes of Bitcoin, Litecoin, Dogecoin, and other networks that operate on the PoW consensus mechanism.
The clarification aligns with President Trump’s pro-crypto stance, which has regulatory clarity a core subject of this policy. It also marks a shift from the previous SEC administration’s opaqueness when it comes to crypto regulation.
Join eToro today and receive $10 in free crypto on your first deposit. Trade crypto, stocks, and ETFs with powerful tools and social investing features like CopyTrader™
Donʼt invest unless youʼre prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at https://etoro.tw/44JRWLY
But Litecoin shot higher than the rest of the PoW coins because the move boots LTC investors and market confidence that the regulator will approve the Litecoin ETF.
The betting community has also reacted positively to the SEC clarification. On Polymarkets, bettors raised the odds of the Litecoin ETF getting approved by year-end by 1% over the last 24 hours to 74%.
Litecoin Price Prediction
Over the short term, Litecoin will continue trading sideways under the weight of the bearish-leaning crypto market.
Over the longer term, however, Litecoin will eventually rebound alongside a recovering market and the fiery hype of an approved spot Litecoin ETF. This should be enough to help it reach $191 before year end.
That translates to a more than 100% upside over the next 9 months. However, it still won’t mark a new all-time high for Litecoin. The digital asset has traded comfortably above $400 in May of 2021.
