 appealing due to its salient features. As a result, purchasing Litecoin provides a unique opportunity to invest){kind=link}
- The US SEC has now received Litecoin’s ETF application.
- The protocol’s creator, Charlie Lee, believes this will benefit the more significant financial market.
- Many speculate about the long-term implications for the LTC price if approved.
The creator of Litecoin (LTC), Charlie Lee, has voiced hope that an exchange-traded fund (ETF) for Litecoin will be approved. In a post on X, Lee finally spoke about Canary Capital’s Litecoin ETF application.
His comments coincide with industry experts’ continued optimism that regulatory bodies will approve more Crypto ETF products.
Litecoin Founders’ Comment on LTC ETF
In Lee’s opinion, an LTC ETF would encourage people to consider Litecoin (LTC) a viable alternative in the cryptocurrency market. Despite the emergence of more recent alternative altcoins, LTC has remained relevant.
Institutional investors and conventional market participants could invest in Litecoin through an ETF. They won’t have to do the hassle of purchasing or managing the cryptocurrency. Due to this simpler access, more capital could enter Litecoin, raising its value and fostering long-term growth.
Canary Capital has applied to the Securities and Exchange Commission (SEC) for an LTC ETF. This application is one of many cryptocurrency ETF filings that have recently drawn interest from investors. Exposure to the LTC price held by the Trust is the primary goal of the filing in the interim.
Many institutional investors find Litecoin (LTC) appealing due to its salient features. As a result, purchasing Litecoin provides a unique opportunity to invest in a dependable and established cryptocurrency.
In addition to the asset management company’s relocation, CoinShares runs an exchange-traded product in Switzerland based on Litecoin. Four years ago, the Financial Industry Regulatory Authority (FINRA) authorized Grayscale Investments to provide a Litecoin Trust.
In Charlie Lee’s opinion, the ETF application is encouraging for the cryptocurrency sector. He believes that more people will embrace cryptocurrencies. Also, the market volatility will be lessened by financial products connected to digital assets.
Also, the capital influx will fuel a Litecoin (LTC) price rally in the long term. With institutional support, it might be able to move closer to catching up to its main competitors. It includes Ethereum (ETH) in terms of market capitalization.
Market data indicates that Litecoin’s market capitalization exceeds $5.3 Billion. There are more than 84 million LTCs in circulation. The coin was trading at $71.19 at the time of writing.
Crypto ETF Extending SOL, XRP, and Now Litecoin
Canary Capital has filed an ETF as Bitwise filed XRP RTF before. The pattern of these cryptocurrency ETFs highlights the increasing institutional interest in digital assets other than Bitcoin and Ethereum. According to analysts, other crypto ETFs were expected to follow when Spot Bitcoin ETFs launched in early 2024.
The Solana ETF filings for VanEck and 21Shares have been made thus far. The gesture is encouraging even though the 19b-4 filings were later removed from the Cboe website. The CEO of Ripple, Brad Garlinghouse, anticipates that the SEC will soon see more XRP ETF filings.
Asset managers may also consider other cryptocurrencies besides Litecoin, Solana, and XRP. Approval of ETF products associated with Litecoin, Solana, and XRP could be a conduit for additional institutions to participate. This will contribute to recognizing cryptocurrencies as an essential component of contemporary financial markets.
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.
