The Impact of Privacy Protocol Rulings on Litecoin and the Crypto Market

January 22, 2025 04:09 PM PST | By Team Kalkine Media

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The Impact of Privacy Protocol Rulings on Litecoin and the Crypto Market — Image source: shutterstock

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Highlights

Dogecoin rallies as Trump's DOGE department takes shape.

Litecoin slips following the Tornado Cash ruling.

Crypto market sees a 3.5% recovery, with Bitcoin leading.

Cryptocurrency markets experienced notable movements recently, with Dogecoin gaining momentum after Donald Trump signed the DOGE department into law. Meanwhile, Litecoin faced a dip due to a US court ruling on Tornado Cash. Overall, the cryptocurrency market rose by 3.5%, signaling sustained interest in risk assets, with Bitcoin nearing its all-time highs.

Dogecoin Surge Following Trump’s Launch of DOGE Department

Dogecoin’s price surged by 5% on Wednesday, reaching $0.38, after Donald Trump officially signed the DOGE department into law. Media reports that the Dogecoin logo is now linked to the official DOGE website sparked speculation that a rally toward $0.50 could be on the horizon. This development has boosted investor confidence, contributing to the overall market’s recent upward momentum.

Litecoin Faces Setback Amid Legal Developments

On the other hand, Litecoin experienced a slight decline, slipping toward $117 after a US court overturned the federal sanctions on Tornado Cash, a cryptocurrency mixing protocol. This decision raises questions about the regulatory landscape surrounding privacy-preserving technologies. The outcome could have far-reaching implications for the broader crypto market and potentially impact Litecoin’s price trajectory in the near term.

Cryptocurrency Market on the Rise

The cryptocurrency market saw a notable rise of 3.5% in the last 24 hours, recovering to a market cap of $3.63 trillion. This uptick follows a period of strong growth over the last five days. While altcoins remain below recent highs, Bitcoin continues to perform strongly, trading close to its all-time highs. This ongoing growth reflects continued interest in risk assets despite uncertainties within the regulatory environment.

Both Dogecoin and Litecoin are at pivotal moments due to recent developments. Dogecoin’s association with Trump’s DOGE department has fueled bullish momentum, while Litecoin’s price is influenced by changes in regulatory frameworks. The cryptocurrency market’s overall recovery signals continued market engagement, especially with Bitcoin nearing its peak performance.

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