- Litecoin’s price has rebounded sharply and the bull market has reached a 14-month high near $110.
- LTC last traded at these prices in April 2022 and could hit new multi-year highs as Litecoin halving approaches.
- The price fell to $84 earlier in the day as the market reacted negatively to the news about the spot Bitcoin ETF.
Litecoin is still gearing up for further upside after a forced pause on Friday pushed LTC back to the $84 lows.
Buyers had their eyes on $110 as LTC rebounded sharply in the past few minutes, even though it hit its highest level since early April 2022.
Litecoin price on daily chart. sauce: TradingView
What happened to the LTC price today?
Litecoin had surged to a high of $103 earlier in the day as the bulls looked likely to break out of the levels last reached in mid-February.
However, the momentum temporarily faded as the market reacted to news reports that the U.S. Securities and Exchange Commission (SEC) had given feedback on the recently filed spot bitcoin ETF, saying it was “insufficiently” filed. Stopped.
As reported here, Bitcoin briefly dipped below $30,000 as the market reaction added selling pressure. However, BTC has seen some kind of quick rebound as buyers got on the details of the “rapid” feedback from the SEC.
BlackRock, Fidelity and other asset managers who have recently submitted spot Bitcoin ETF applications will need to reapply with the SEC. Specifically, you should clearly point out which spot crypto exchange providers you have a Market Surveillance Sharing Agreement (SSA) with.
LTC Price Bullish Ahead of Halving
Litecoin’s positive outlook is due to important fundamental factors. The network’s next halving is just days away, now that July begins.of countdown Halving shows that we can expect the highly anticipated event at 2,520,000 blocks on August 2, 2023.
The network’s third halving, following 2015 and 2019, will reduce the block reward from 12.5 LTC to 6.25 LTC.
Amidst the frenzy over potential price increases, the hashrate recently climbed to an all-time high of 958.36 TH/s. CoinWarz data indicates This milestone was reached on June 28, 2023 with Block 2,499,942.
With the price near $110 and the halving event imminent, LTC price could rise to $200 before the halving. After the halving, the all-time high of $410 could be a good target for the bulls.
