Bankrupt Celsius will convert altcoins to BTC, ETH starting tomorrow! Will LTC and BCH prices decline after the recent surge? – CryptoSaurus | CPT PPP Coverage
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Bankrupt Celsius will convert altcoins to BTC, ETH starting tomorrow! Will LTC and BCH prices decline after the recent surge? – CryptoSaurus appeared on cryptosaurus.tech by CryptoSaurus.
In a surprising turn of events, bankrupt cryptocurrency lending platform Celsius has announced that it will convert all of its altcoins into Bitcoin (BTC) and Ethereum (ETH) starting tomorrow. This move has caused uproar in the altcoin market, raising questions about the future of Litecoin (LTC) and Bitcoin Cash (BCH), which recently saw their prices rise.
Altcoin Market May Face Upheaval
Judge Martin Glenn of the Southern District of New York has approved Celsius proposal to convert cryptocurrencies other than BTC and ETH to BTC or ETH starting July 1, 2023. The decision, backed by the Securities and Exchange Commission (SEC), comes as the SEC recently classified several lesser-used crypto tokens as securities that require regulatory approval.
Celsius holdings, including $70.5 million in CEL, $51.8 million in MATIC, $26.2 million in ADA, $17.3 million in LINK, $14.4 million in LTC and more, could put selling pressure on the market. altcoin market, which could destabilize the prices of Litecoin and Bitcoin Cash.
Litecoin (LTC) Price Analysis
On Friday, Litecoin (LTC) broke above the significant $100 mark for the first time since mid-April. The week leading up to this price increase saw a notable increase in on-chain activity and social dominance within the altcoin network.
At the time of writing, LTC price is trading at $96.43, rising more than 14.12% in the last 24 hours. After witnessing a skyrocketing rise towards $100, LTC price leveled off and declined below multiple Fib channels. LTC price hit a low near $89; however, the bulls quickly took control and pushed the price above $95.
If the bulls fail to hold LTC price above $89, it may fall sharply and wipe out its recent gains by touching the lower level at $71. However, on the bullish side, a rise above $103 will strengthen bullish sentiment, and LTC price may once again witness a skyrocketing surge.
Bitcoin Cash (BCH) Price Analysis
The BCH price has experienced a long-awaited bullish rally today after trading volume from South Korea increased. As of now, Bitcoin Cash is trading at $296, up more than 22% from yesterday’s rate.
However, the recent SEC crash on BTF spot applications has caused a bearish rally in BCH price, sinking the altcoin to a low of $272. Currently, the bears are trying to push the price below the EMA20; if successful, the BCH price may trigger a solid bearish rally to a low below $150.
However, a rally above the crucial resistance of $324 will intensify the bullish dominance. As the RSI level is still hovering around the positive region at 73, the bulls will induce an increase in buying pressure and the BCH price could quickly rally above $350.
source: coinpedia.org
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