• Recently, a new bill was passed in Montana State that could have a positive effect on Litecoin [LTC] and its miners.
• Following the passing of the bill, the hashrate of LTC increased significantly.
• Despite this optimistic development, Litecoin’s price action remained dormant due to bearish market trends.
Montana Bill Could Positively Impact Litecoin
Recently, a new bill was passed in Montana State that could have a positive effect on Litecoin [LTC] and its miners. The bill will ensure a level playing field for all miners by prohibiting energy companies from charging various rates for digital asset mining operations. Moreover, it will prohibit taxation on cryptocurrency payments, including those made with Litecoin.
Hashrate Increase Follows Passing of Bill
Following the passing of the bill, Litecoin’s hashrate registered an uptick shortly after, indicating an influx of new miners into the network. CoinWarz reported that at press time, LTC’s hashrate stood at 722.42 TH/s with a mining difficulty of 23.72 million; however, LTC’s price action remained dormant due to bearish market trends.
Positive Metrics Despite Price Action
Despite this lacklustre price action, there were some positive metrics associated with the network such as an increase in daily active addresses and demand in derivatives markets such as BitMEX funding rate consistently up as well as an uptick in velocity after declining previously. However, LTC’s MVRV Ratio has decreased significantly indicating a bearish outlook in the near future.
Waiting for Next Bull Run
Investors might have to wait a little longer for LTC’s next bull run; however real-time data reveals that the market is somewhat neutral suggesting some consolidation before any major move can be expected from either direction.
The recent developments regarding bills being passed related to cryptocurrencies show that more governments are accepting these kinds of technologies and recognizing their potential benefits for society at large – which is good news for investors who are looking to diversify their portfolios by investing in digital assets such as Litecoin (LTC). While we wait for further clarity on how this new legislation will affect crypto mining operations in Montana specifically and around the world generally it is important to remain vigilant and stay up-to-date with any further news or developments related to this matter so that you can make informed decisions when trading or investing in cryptocurrency markets like Litecoin (LTC).