As one of the leading cryptocurrencies, Litecoin ($LTC) is undergoing routine maintenance. It is a standard procedure to ensure the efficiency and overall reliability of its network. The Litecoin team thanks its users for their support and understanding during this period, and further maintenance updates will follow later.
Litecoin Surges 24% in 7 Days, Crosses $100 Mark
Litecoin has increased its value significantly in recent days, becoming the second-best top100 performer, with a 24% increase in seven days. The price of Litecoin has crossed the $100 mark and continues to grow. This recent spike was driven by an announcement by CFTC that Litecoin is officially classified as a commodity, and therefore, the security exchange commission is out of its jurisdiction. Therefore, Litecoin only gets a commodity enforcement case at best.
The United States Commodity Futures Trading Commission made these comments while ruling on a complaint on the crypto trading platform KuCoin. In this particular context, the CFTC recognized Litecoin and several other commodities tarred on the market by KuCoin.
Litecoin Gains Momentum, Trades at $110.25 After CFTC Ruling
This ruling will open many doors for Litecoin endorsements and integrations without any fear of SEC enforcement. Hence Litecoin is trading at $110.25, with a 31.7% increase over the past month today. This is one of the best days for Litecoin this year except for March 11 of this year.
In conclusion, the continuous maintenance of Litecoin affirms its ambition to ensure its players are safe and their networks are reliable. As Litecoin gains more value due to being classified by CFTC as a commodity, the cryptocurrency becomes more viable.
