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Litecoin Trade Gains Momentum, First Digital Group Announces Stablecoin

Jun 1, 2023
Market Update After stalling yesterday, traditional equity indices have continued their march upwards, with the $SPX (+0.86%) surpassing $4,200 and the $NDQ (+1.01%) pushing past $14,400. Debt ceiling fears have largely been alleviated as a bill suspending the ceiling passed the House late last night and will now move on to a Senate vote. Crypto markets are not sharing the same optimism as $BTC (-1.19%) has dropped back below $27k and $ETH (-0.61%) remains stagnant around $1,850. As mentioned in our recent Crypto Weekly as a trade idea, buying Litecoin ($LTC) leading into its halving events has proved historically profitable. $LTC is today’s top performer among the top 100 coins, rising 7% over the last 24 hours as traders may be positioning accordingly for its upcoming August halvening.First Digital Group, a leading Asian digital custodian, has announced the launch of its own stablecoin, FDUSD. FDUSD will be issued on the Ethereum and Binance Smart Chain (BNB) networks and will be backed 1:1 with US dollars or cash equivalents. It will be issued by First Digital Trust, a trust company registered under Hong Kong's Trust Ordinance. The Trust Ordinance requires the reserves to be kept in segregated accounts to prevent co-mingling of assets. First Digital is currently in discu

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