Litecoin (LTC) Price Surged by Over 15% after the SEC Acknowledged Filing for Canary Spot Litecoin ETF

With the bearish target around $200, the bullish target for the upcoming LTC price rally remains above $500

The price of Litecoin (LTC) surged by over 14% on March 22nd, after the Securities and Exchange Commission (SEC) acknowledged receiving an application for a physical Litecoin exchange-traded fund (ETF) from Canary Spot ETF Trust I.

According to the filing, the ETF will track the performance of the LTC Spot Rate Index, which is determined by the average price of LTC on eligible cryptocurrency exchanges. The ETF will be listed and traded on Cboe BZX Exchange.

This development marks a significant step in the efforts to bring a Litecoin ETF to the market. Several applications have been filed in the past, but none have yet been approved by the SEC.

However, with the increasing interest in digital assets and the recent approval of several Bitcoin ETFs, the chances of a Litecoin ETF being approved appear to be improving.

If approved, the ETF will provide investors with an easy and convenient way to gain exposure to the price movements of Litecoin without having to purchase and store the cryptocurrency themselves.

This could lead to a surge in demand for LTC, which in turn could drive its price even higher.

However, it's important to note that the SEC review process can take several months, and there is no guarantee that the ETF will ultimately be approved.