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Cryptocurrency News Articles

Litecoin (LTC) Rallies 19% as SEC Evaluates Canary Litecoin ETF Proposal

Jan 30, 2025 at 10:02 pm

Litecoin (LTC), a cryptocurrency created based on the Bitcoin protocol, recorded substantial gains in anticipation of the approval of an exchange-traded fund based on the cryptocurrency gains momentum.

Litecoin (LTC) Rallies 19% as SEC Evaluates Canary Litecoin ETF Proposal

Cryptocurrency Litecoin (LTC) recorded substantial gains Monday as anticipation builds for the approval of an exchange-traded fund based on the cryptocurrency.

CoinMarketCap price data showed LTC soared nearly 19% in the past day. The U.S. Securities and Exchange Commission is currently evaluating Canary Litecoin ETF, inviting public comments on the filing.

As the first altcoin ETF to reach this stage, market participants expect it to set a precedent for future cryptocurrency investment products beyond Bitcoin (BTC) and Ethereum (ETH). This development has fueled optimism in the crypto market, with Litecoin prices surging in response.

The SEC, in a filing dated Jan. 29, 2025, initiated a 21-day public comment period following the ETF proposal’s publication in the Federal Register. This step followed Nasdaq’s submission of a 19b-4 filing on Jan. 16, a necessary requirement in the approval process for exchange-traded products.

First alt coin 19b-4 to be acknowledged, rest were told to withdraw by Genz SEC. Throw in the comments from SEC on the S-1 and this filing is by far the furthest along checking all the boxes. Q now is will this SEC wait the full 240 days or approve more rapidly. Unknown.

Canary Capital’s Litecoin ETF is part of a broader push to introduce alternative cryptocurrency ETFs into the U.S. market. Just a week before this filing, Canary also applied for an XRP-based ETF, demonstrating increased interest in expanding institutional crypto investment options. Nasdaq’s involvement further strengthens the case for Litecoin’s ETF approval.

If granted, Nasdaq will act as the listing exchange for the investment product, positioning Litecoin as the first altcoin beyond BTC and ETH to gain regulatory recognition in the ETF space.

Following the SEC’s acknowledgment of the ETF application, Litecoin’s price has experienced an upward momentum. CoinMarketCap data showed LTC soared 18% and 17% in the past day and week, respectively, to trade at $133.

The technical price indicators also suggest that the digital asset has more potential for upside.

TradingView data showed the price has been consolidating above $108 since Dec. 1 and is now approaching the $135 price resistance, which has been tested twice since Dec. 8.

LTC’s price is currently trading above the 50 and 200 moving averages, and the Relative Strength Index is currently at 61. The SEC’s engagement with the Litecoin ETF comes at a time when the regulatory outlook on cryptocurrencies appears to be shifting. Under Acting Chair Mark Uyeda’s leadership, the agency has shown a willingness to explore a broader range of crypto investment products.

A key move in this direction was the recent appointment of Republican Commissioner Hester Peirce to lead a newly established crypto task force. Peirce, known for her pro-crypto stance, has been speaking out on the need for regulatory clarity.

The SEC previously approved spot Bitcoin ETFs in January 2024, followed by Ethereum ETFs later that year. These approvals set a foundation for Litecoin’s current bid to enter the ETF market. The SEC has the option to use the full 240-day review period before announcing a final ruling.

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Other articles published on Jan 31, 2025