CFTC's recent classification on Litecoin create impact on price rise

[Cryptocrit]

Commodity Futures Trading Commission (CFTC) about Litecoin

https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8QElfgIWI5S-SKPga-ypjquth-Zluz67EvtxqwoMTZf3GTQlH9RTPhvtz_yQMcNESxiPr3LOiy14ZVaDxYyVfXOCEZ89L3yFKTy_Zhxmi6Frh6xOqlCJYG4-UDOtjfE2o4sHafHZys453UtNH3S5_CmS_H0fMPynGxVO0libyM8NkXiNHJZcATg08MbW-/w640-h640/Screenshot_16.jpg

The Commodity Futures Trading Commission (CFTC), which is in charge of regulating markets for futures and derivatives in the United States, took legal action against KuCoin. The reason for this lawsuit, KuCoin was offering its users the option to engage in leveraged trading with several cryptocurrencies, such as Litecoin (LTC), Bitcoin (BTC), and Ether (ETH), without the legal approval to do so. This event is catching a lot of attention because it involves a major player in the crypto exchange world and several popular cryptocurrencies.

One key point in the lawsuit is the CFTC's view on Litecoin. The regulatory body argues that Litecoin should be considered a commodity. This classification is crucial because it brings Litecoin within the CFTC's area of oversight, which mainly covers commodities futures trading. This means that, according to the CFTC, any future or options trading that involves Litecoin is something they can regulate. This is a big deal because it puts Litecoin on a similar footing with traditional commodities like gold or oil, at least in the eyes of this regulatory body.

continue reading...
https://www.cryptocrit.xyz/2024/03/commodity-futures-trading-commission-about-litecoin.html

[btc78]

Due to this news, it is now expected that litecoin might be the next in line to be approved of etf. This explains why many investors took the chance and bought litecoin as seen in its overbought status.

Though there are a lot of speculations around it, I don’t think etf ltc will be approved of any time soon. I still think that ethereum would be the next after bitcoin and any other altcoins would have a hard chance having the spotlight on them if ethereum is still under it.

[electronicash]

looks like they really wanna nail Kucoin for what they have done, first it was about money laundering because the exchange only asked for KYC this 2022, and then this class action from CFTC.

although LTC does work like BTC, there is not much demand for it. ETH is more appropriate for ETFs than LTC for there is more demand for ETH and it's also POS which institutional investors would like. those millionaires just want their money to work for them by just sitting around.

[mindrust]

Litecoin will make your heads spin soon. Just buy and hodl. Remember this coin used to be worth 2.5% of a bitcoin. Now it is 0.14%. Even if it goes back to 1.5%, that's at least x10 returns on btc and I find it very likely to happen. It is because people are actually using ltc unlike the other shitcoins. Below $100 it is a steal. Fill your bags with dem cheap litoshis. It is on fire sale now.

[Sayeds56]

Due to this news, it is now expected that litecoin might be the next in line to be approved of etf. This explains why many investors took the chance and bought litecoin as seen in its overbought status.

Though there are a lot of speculations around it, I don’t think etf ltc will be approved of any time soon. I still think that ethereum would be the next after bitcoin and any other altcoins would have a hard chance having the spotlight on them if ethereum is still under it.

Back ini 2016 ans 2017 Litecoin was known as mini Liteccoin because it was seen as smaller version of Bitcoin and it got recognition for having low fee transactions. It made all time high at $412 in 2021, but after its performance was never great despite it had its halving event (where its mining rewards were reduced 50%) halving event few month ago. If, its ETF is approved by SEC (Securities and Echange Commission), then Litecoin demand will certainly grow, it becomes popular and it could break all previous records of performance. DYOR