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Asset management company Canary Capital announced on Tuesday that it has filed for S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a Litecoin exchange-traded fund (ETF). If approved, the ETF will give both retail and institutional investors broad direct exposure to Litecoin (LTC), the 21st largest cryptocurrency by market capitalization.
Filing the S-1 registration form is the first step in launching an LTC ETF, but Canary will have to wait until the SEC analyzes the document.
The move comes less than a week after Canary Capital filed to launch an XRP-based ETF, following asset manager Bitwise, which filed its own XRP ETF application on October 1. Ta.
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Litecoin, one of the longest-running blockchains, recently celebrated its 13th anniversary and has achieved milestones such as 77 million transactions by 2024, 100% uptime and improved privacy with MWEB and is optimistic about the thriving community and the future in the cryptocurrency space.
Litecoin rises 7%
Litecoin is up about 7.5% in the past 24 hours, trading at 71.94 in yesterday’s trading, as traders flooded the market following the hype surrounding Canary Capital’s recent addition to the Spotlightcoin Exchange Traded Fund (ETF). Reached more than a dollar. In today’s trading session, Litecoin hit $74.06, its highest price since July 2024.
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At the time of writing, LTC had risen 8.43% in the past 24 hours to $71.64. Litecoin has been rising since October 14th. Prices skyrocketed on October 15th, when Canary Capital announced the filing of a Spotlight Coin ETF in the crypto industry. LTC price soared on the daily candlestick and continued to rise in line with the rise in Bitcoin and crypto markets.
Bitcoin’s volatility returned and it topped $68,000 for the first time in two months. Litecoin’s next resistance and support levels are the daily moving averages of 50 and 200, $65.27 and $74.06, respectively.
