Litecoin (LTC) has made a big surge, claiming the spot because the second best-performing cryptocurrency within the high 100. Over the previous 7 days, Litecoin’s worth skilled a 24% acquire, rallying previous the $100 degree.
The current surge in Litecoin may be attributed, partially, to a press release by america Commodity Futures Buying and selling Fee (CFTC). In a lawsuit in opposition to crypto trade KuCoin, the CFTC categorized Litecoin as a commodity. This declaration is critical because it locations Litecoin exterior the jurisdiction of the Securities and Alternate Fee (SEC), which topics coin issuers to stricter rules concerning securities.
The grievance filed by the CFTC in opposition to KuCoin states, “KuCoin solicited and accepted orders, accepted property to margin, and operated a facility for the buying and selling of futures, swaps, and leveraged, margined, or financed retail transactions involving digital belongings which are commodities together with Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).”
This designation as a commodity opens doorways for Litecoin, making it extra prone to obtain endorsements and integrations with out concern of potential SEC enforcement actions. At present, Litecoin is buying and selling at $110.25, representing a 31.7% enhance within the final 30 days. This surge marks the second-best performing day for LTC this 12 months, second solely to an 18.7% spike on March 11.
