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Cryptocurrency News Articles
Litecoin Founder Charlie Lee Is Bullish on the Prospects of a Spot Litecoin ETF Getting SEC Approval
Oct 22, 2024 at 03:02 am
Litecoin received a major boost last week when asset management platform Canary Capital filed for the listing of a spot Litecoin exchange-traded fund.
Litecoin price soared last week after asset management platform Canary Capital filed for the listing of a spot Litecoin exchange-traded fund. Now Litecoin founder Charlie Lee believes the US Securities and Exchange Commission will approve the spot Litecoin ETF.
Lee shared his latest optimistic view of the LTC cryptocurrency in comments to Fox Business.
“I’m excited to see the Litecoin ETF filing by Canary Capital. We are definitely seeing a lot of institutional demand for Litecoin.
This is clear from the daily growth of the Grayscale Litecoin Trust with a price that is over twice the NAV. Given that Litecoin is a commodity that is very similar to Bitcoin, I hope to see the Litecoin ETF approved very soon,” the Litecoin founder said.
Fox Business journalist Eleanor Terrett shared Lee’s remarks via a post on X on Oct. 21.
Canary Capital Litecoin ETF
Charlie Lee's comments follow Canary Capital Group, founded by former Valkyrie co-founder Steven McClurg, submitting its Form S-1 for the Canary Litecoin ETF on Oct. 15. It marks the first-ever filing for an LTC ETF.
Earlier, Canary filed for an ETF that will be pegged on XRP. This means there are several filings targeting approval for three major coins’ spot ETFs.
SEC has only approved spot crypto ETFs for Bitcoin and Ethereum.
However, there are applications for XRP and Solana, with Canary Capital’s LTC application being the latest for a different cryptocurrency.
Before the approvals in January that saw 11 spot BTC ETFs go live in the US, the regulator had stalled the process and rejected several applications.
Nevertheless, the approvals paved the way for spot Ethereum ETFs that went live on markets in July following a SEC nod in May.
But while the community is optimistic about a potential greenlight for more ETFs, experts noted that this is unlikely to happen anytime soon considering SEC’s handling of such applications.
A change in administration come November’s US election – if Donald Trump wins – will likely present a different regulatory approach and increase the chances of swift approvals.
Litecoin price outlook
The price of Litecoin perked up last week as news of the ETF filing hit the market. Having been trading at around $66, LTC pushed to above $72. The bullish momentum continued as Bitcoin price led the market higher over the weekend, with Litecoin hitting highs of $76 on Oct. 20.
Here's what else drove Litecoin's price last week, according to Santiment: on-chain transactions and retail interest.
📈 Litecoin is enjoying a mini run, rallying above $73 for the first time since July. This is its first mid-sized breakout from Bitcoin and altcoins since the spring. Two major factors are: ⚡️ LTC’s continued rise of on-chain transaction volume, which has nearly crossed $4B…
A recent retreat in the market saw the altcoin trading at around $71, down 4.7% in the past 24 hours at the time of writing.
Lee famously shocked the crypto world when he revealed that he had sold all of his Litecoin holdings in December 2017.
At the time, the price of Litecoin had soared to highs above $360 during the bull market. The coin’s current value is about 82% off the all-time high above $410 set in May 2021.
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