In a surprising turn of events, the bankrupt cryptocurrency lending platform, Celsius, has announced that it will convert all its altcoins into Bitcoin (BTC) and Ethereum (ETH) starting tomorrow. This move has sent shockwaves through the altcoin market, raising questions about the future of Litecoin (LTC) and Bitcoin Cash (BCH), which recently experienced a price surge.
Altcoin Market May Face A Turmoil
Judge Martin Glenn of the Southern District of New York has approved Celsius’s proposal to convert non-BTC and non-ETH cryptocurrencies into BTC or ETH starting July 1, 2023. The decision, backed by the Securities and Exchange Commission (SEC), comes as the SEC has recently classified several lesser-used crypto tokens as securities requiring regulatory approval.
Celsius’s holdings, including $70.5M in CEL, $51.8M in MATIC, $26.2M in ADA, $17.3M in LINK, $14.4M in LTC, and more, could exert selling pressure on the altcoin market, potentially destabilizing Litecoin and Bitcoin Cash prices.
Litecoin (LTC) Price Analysis
On Friday, Litecoin (LTC) surpassed the significant $100 mark for the first time since mid-April. The week leading up to this price surge saw a notable increase in on-chain activity and social dominance within the altcoin’s network.
As of writing, LTC price trades at $96.43, surging over 14.12% in the last 24 hours. After witnessing a skyrocketing surge toward $100, LTC price has stabilized and declined below multiple Fib channels. LTC price made a low near $89; however, bulls quickly gained control and pushed the price above $95.
If bulls fail to hold the LTC price above $89, it may decline heavily and eliminate its recent gains by touching the bottom level at $71. However, on the bullish side, a surge beyond $103 will strengthen bullish confidence, and LTC price may again witness a skyrocketing surge.
Bitcoin Cash (BCH) Price Analysis
BCH price has experienced a much-awaited bullish rally today after South Korean trading volume surged. As of now, Bitcoin Cash trades at $296, surging over 22% from yesterday’s rate.
However, SEC’s recent decline on the spot BTF applications has sparked a bearish rally for BCH’s price, plunging the altcoin to a low of $272. Currently, bears are attempting to push the price below EMA20; if successful, the BCH price may trigger a solid bearish rally to a low below $150.
However, a surge above the crucial resistance of $324 will intensify bullish domination. As the RSI level still hovers around the positive region at 73, bulls will induce a surge in buying pressure, and the BCH price might quickly climb above $350.
