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Game-changing Move: Celsius Turns Altcoins into BTC and ETH, Raises Questions on LTC and BCH Future

In a surprising turn of events, Celsius has announced that it will convert all its altcoins into Bitcoin (BTC) and Ethereum (ETH) starting tomorrow. This decision has raised questions about the future of Litecoin (LTC) and Bitcoin Cash (BCH), which recently experienced a price surge.

  • Judge Martin Glenn has approved Celsius’s proposal to convert non-BTC and non-ETH cryptocurrencies into BTC or ETH starting July 1, 2023.
  • Celsius’s holdings could exert selling pressure on the altcoin market, potentially destabilizing Litecoin and Bitcoin Cash prices.
  • Litecoin (LTC) recently surpassed the $100 mark for the first time since mid-April.
  • If bulls fail to hold the LTC price above $89, it may decline heavily and eliminate its recent gains.
  • Bitcoin Cash (BCH) experienced a bullish rally after South Korean trading volume surged.

Hot Take: The decision by Celsius to convert its altcoins into Bitcoin and Ethereum could have significant implications for the altcoin market. Litecoin and Bitcoin Cash, in particular, may face destabilization as a result. Investors should closely monitor the price movements of these cryptocurrencies in the coming days.

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Game-changing Move: Celsius Turns Altcoins into BTC and ETH, Raises Questions on LTC and BCH Future