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- Canary Capital has filed for a spot Litecoin ETF.
- LTC price saw a massive upswing of over 7% in the last 24 hours.
Canary Capital is a Nashville-based investment firm. The company has submitted an S-1 registration for a Litecoin ETF product with the U.S. Securities and Exchange Commission (SEC). This recent filing comes just days after the company filed for a spot XRP ETF registration.
The latest filing indicated that the firm has big development strategies in the field of digital asset investment. These strategies are mainly focused on institutional investors.
Litecoin’s price surged over 7% following the news, surpassing the 200-day EMA mark. That signaled a massive upswing ahead.
Canary Capital Commends Litecoin For Its Influence In the Crypto World
Litecoin (LTC) was chosen based on the analysis given by Canary Capital. The analysis claimed that altcoin is the main component of the crypto market.
“As one of the longest-running blockchains with 100% uptime since its inception, Litecoin has demonstrated a proven track record of security and reliability with significant enterprise-grade use cases,” the asset management firm wrote in its filing.
This impressive security, reliability, and massive enterprising applications have made Litecoin desirable for investors. Therefore, Canary Capital decided to apply for a Litecoin ETF. The admittance of this currency is unique. It has proved its stability over a long period of existence.
SEC’s Decision On Litecoin ETF: What’s The Price Forecast?
James Seyffart is a senior Bloomberg ETF analyst. He pointed out that LTC crypto might have the same status as Bitcoin in classifying cryptocurrencies.
This is because Litecoin was an altcoin derived from Bitcoin. It has some of the properties of Bitcoin, namely decentralized, rare like a commodity. The approval of Bitcoin ETFs earlier this year may also speak in favor of Litecoin.
In the case of Litecoin, “to get an ETF approved under the current administration, there needs to be a sizeable and liquid futures market that is federally regulated in the U.S. LiU.Scoin doesn’t fit that requirement right now,” Seyffart opined.
Per the price action, Litecoin price saw a massive speculative move following the Litecoin ETF news trigger. LTC crypto was trading at $68.29 at press time. It experienced an intraday surge of over 7.20%.
It climbed above the significant key EMAs. Additionally, the crypto was set for an upswing toward the $80 mark in the upcoming sessions.
Litecoin Enters The ETF Battle
Following the Bitwise company filing the first spot XRP ETF application a few days ago, Canary Capital has also done the same. This tendency indicates that institutional investors’ desire to go beyond Bitcoin and Ethereum is constantly growing.
Spot Bitcoin ETFs first came to market at the start of this year. At that time, several commentators anticipated that other Crypto ETFs would be next. Until now, only VanEck and 21Shares have filed their Solana ETF applications.
The 19b-4 filings have been taken down from Cboe’s website. In this case, the act is still encouraging.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
