[ad_1] <br><div> <p><a target="_blank" href="https://bitcoinist.com/litecoin-ltc-scores-over-12-in-a-day/" rel="noopener">Litecoin</a> was deemed a commodity at this time in a CFTC lawsuit submitting towards Binance.</p> <p>With the altcoin now doubtlessly secure from additional scrutiny from the SEC, a brand new digital silver narrative may take form. Right here’s why.</p> <h2>Litecoin Formally Labeled A Commodity By US CFTC</h2> <p>The crypto market bled greater than $50 billion in market cap at this time, after it was revealed that Binance and CEO Changpeng Zhao will face <a target="_blank" href="https://bitcoinist.com/binance-ceo-accused-of-violating-derivatives-rules/" rel="noopener">legal action</a> from america Commodity Futures Buying and selling Fee “over alleged buying and selling and derivatives guidelines violations.”</p> <p><a target="_blank" href="https://www.lookintolitecoin.com/post/breaking-litecoin-deemed-a-digital-commodity-by-cftc" rel="noopener nofollow">According to the filing</a>, the CFTC has explicitly named Litecoin, together with Bitcoin and Ethereum, to be a commodity underneath their jurisdiction. The CFTC is answerable for regulating commodity futures markets, corresponding to oil, soy, corn, silver, and gold.</p> <p>Previously, the CFTC has been clear that Bitcoin is a commodity and has additionally named <a target="_blank" href="https://bitcoinist.com/ethereum-breaks-out-of-bullish-triangle-as-cme-futures-listing-boosts-price/" rel="noopener">Ether</a> as such, permitting each to be traded on the Chicago Mercantile Change higher generally known as CME.</p> <p>However the SEC has lately <a target="_blank" href="https://twitter.com/iampaulgrewal/status/1640378718102368267?t=6j9G9dMLPgvq21LiERhw8Q&s=19" rel="noopener nofollow">muddied</a> the regulatory readability round ETH. LTC hasn’t been underneath scrutiny by the SEC, nonetheless, making this newest naming of Litecoin to be a commodity particularly notable.</p> <p><amp-img class="size-large wp-image-224046 aligncenter amp-wp-enforced-sizes i-amphtml-layout-intrinsic i-amphtml-layout-size-defined" src="https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-980x465.png" alt="LTCUSD_2023-03-27_17-06-03" width="980" height="465" srcset="https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-980x465.png 980w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-640x303.png 640w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-768x364.png 768w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-1536x728.png 1536w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-2048x971.png 2048w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-750x356.png 750w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-1140x540.png 1140w" sizes="(max-width: 980px) 100vw, 980px" layout="intrinsic" disable-inline-width="" i-amphtml-layout="intrinsic"><i-amphtml-sizer slot="i-amphtml-svc" class="i-amphtml-sizer"><img alt="" aria-hidden="true" class="i-amphtml-intrinsic-sizer" role="presentation" src="data:image/svg+xml;base64,PHN2ZyBoZWlnaHQ9IjQ2NSIgd2lkdGg9Ijk4MCIgeG1sbnM9Imh0dHA6Ly93d3cudzMub3JnLzIwMDAvc3ZnIiB2ZXJzaW9uPSIxLjEiLz4="/></i-amphtml-sizer><noscript><img decoding="async" loading="lazy" src="https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-980x465.png" alt="LTCUSD_2023-03-27_17-06-03" width="980" height="465" srcset="https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-980x465.png 980w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-640x303.png 640w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-768x364.png 768w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-1536x728.png 1536w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-2048x971.png 2048w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-750x356.png 750w, https://bitcoinist.com/wp-content/uploads/2023/03/LTCUSD_2023-03-27_17-06-03-1140x540.png 1140w" sizes="(max-width: 980px) 100vw, 980px"/></noscript></amp-img></p> <pre>Is Litecoin prepared for a serious rally? | <a target="_blank" href="https://www.tradingview.com/symbols/BTCUSD" rel="noopener nofollow">LTCUSD on TradingView.com</a></pre> <h2>Why The Distinction May Drive A New Digital Silver Narrative</h2> <p>The CFTC calling LTC a commodity comes as a time when there are extra skeptics of crypto than ever earlier than, but the safer, commodity-like BTC has been thriving within the midst of a <a target="_blank" href="https://bitcoinist.com/beat-banks-runs-bitcoin-meet-bull-narrative-crypto/" rel="noopener">banking sector crisis</a>.</p> <p>Previously, durations of financial misery, excessive inflation, or struggle, traders flock to the security of treasured metals like <a target="_blank" href="https://bitcoinist.com/bitcoin-following-explosive-1970s-gold-fractal/" rel="noopener">gold</a>. Valuable metallic are commodities with an especially scarce provide. Because of this attribute, silver and gold have been used as cash all through historical past.</p> <p>The fiat system at this time exists as a result of gold and silver have been straightforward to counterfeit, exhausting to move, and since governments needed to preserve minting new cash as a result of people discovered methods to shave down the metals or decrease the precise metallic content material per coin.</p>
<p>As we speak, Bitcoin is taken into account <a target="_blank" href="https://bitcoinist.com/bitcoin-following-explosive-1970s-gold-fractal/" rel="noopener">digital gold</a>, however for no matter motive, the digital silver narrative has been all however lifeless. However with Litecoin now being labeled a commodity, and with traders fleeing from banks to BTC and gold, may we additionally see a flight to Litecoin and silver? And extra importantly, may this reignite the digital silver narrative that propelled LTC to new highs in 2017?</p> <p><a target="_blank" href="https://www.newsbtc.com/wp-admin/post.php?post=524369&action=edit" rel="nofollow noopener">Litecoin technicals</a> have lately begun to teeter into bullish territory, though altcoins have been struggling to maintain up with Bitcoin. LTC being labeled a commodity formally by the CFTC, mixed with a community rising quicker than even Bitcoin’s is, Litecoin may see a dramatic change in sentiment within the close to and long run.</p> <amp-twitter width="auto" height="197" layout="fixed-height" data-tweetid="1640449287065575463" class="twitter-tweet i-amphtml-layout-fixed-height i-amphtml-layout-size-defined" data-width="500" data-dnt="true" style="height:197px" i-amphtml-layout="fixed-height"><button overflow="" type="button">See extra</button><blockquote class="twitter-tweet" data-width="500" data-dnt="true" placeholder=""> <p lang="en" dir="ltr">Bernard Baruch famously stated “Present me the charts, and I’ll let you know the information. </p> <p>I’m watching this unfold with <a target="_blank" href="https://twitter.com/hashtag/Litecoin?src=hash&ref_src=twsrc%5Etfw" rel="nofollow noopener">#Litecoin</a> proper now. The opposite day, I posted a bullish <a target="_blank" href="https://twitter.com/search?q=%24LTC&src=ctag&ref_src=twsrc%5Etfw" rel="nofollow noopener">$LTC</a> chart. I used to be requested what may trigger it. 👉 <a target="_blank" href="https://t.co/ENjGbniu4F" rel="nofollow noopener">https://t.co/ENjGbniu4F</a></p> <p>— Tony "The Bull" (@tonythebullBTC) <a target="_blank" href="https://twitter.com/tonythebullBTC/status/1640449287065575463?ref_src=twsrc%5Etfw" rel="nofollow noopener">March 27, 2023</a></p></blockquote></amp-twitter>
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