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Homeweb3.0Litecoin (LTC) Price Pumps 12.5% This Week as Canary Capital Files for Spot Litecoin ETF

Litecoin is enjoying a nice pump as its price hits nearly $75, a level last seen in late July this year. With that, LTC/USD is now up 46% from its early August low of $49.50.

Litecoin (LTC) Price Pumps 12.5% This Week as Canary Capital Files for Spot Litecoin ETF

Litecoin price is experiencing a pleasant rise as it approaches the last seen $75. Thanks to this, LTC/USD has risen from its low of $49.50 in early August. Litecoin is currently trading at $73.26, registering a positive performance of .5 this week.

Litecoin's latest gains came after asset manager Canary Capital filed for a spot Litecoin exchange-traded fund (ETF). Currently, Bitcoin and Ethereum are the only two cryptocurrencies with a spot ETF, and a possible Litecoin ETF has created some expectations and speculation about the crypto asset.

Canary Capital this week filed an S-1 with the U.S. Securities and Exchange Commission (SEC) and is seeking approval for a spot Litecoin ETF that will directly hold LTC.

The S-1 document is a requirement for those who wish to issue new securities and be listed on a public exchange. It is one of the two applications required to launch an ETF.

The S-1 application is meaningless unless the application is followed by a 19b-4 application, which signals a rule change on the exchange on which the fund will be traded upon approval.

For now, this is a first-of-its-kind filing in the US and no other asset managers have entered this asset. This year we have seen many non-domestic ETF issuers launch their own crypto funds; This is the first fund linked to Litecoin.

"If approved, the ETF will provide both consumer and institutional investors with broad direct exposure to #Litecoin."

– Litecoin Foundation shared on X (formerly Twitter)

Canary Capital's goals are not limited to Litecoin. The new crypto-focused investment firm founded by Valkyrie Funds co-founder Steven McClurg has also filed for a spot XRP ETF.

Canary's S-1 filing for a proposed spot XRP ETF, dated October 9, comes just days after Bitwise attempted to register a similar ETF with the SEC. XRP from Ripple was launched in 2012, and a lawsuit filed by the SEC in 2020 alleged that the token launch was an unregistered securities offering.

This was just one of over a hundred regulatory actions the SEC has taken against the crypto industry. Under current President Joe Biden, the agency is taking aggressive action against crypto.

US Vice President and Democratic presidential candidate Kamala Harris is warmer towards crypto than Biden, but the Republican presidential candidate is not as pro-industry as former President Donald Trump, according to the latest report from Galaxy Research. Trump vowed to “fire” current SEC Chairman Gary Gensler in July. Harris has also begun to show support for crypto in recent months, listing blockchain technology among sectors she wants the US to "continue to dominate."

Canary filed for XRP and Litecoin ETFs in the same month. However, there are a total of two ETFs that the asset manager plans to launch but no symbol or management fee has yet been announced for these potential funds.

If the ETF is approved, the launch of a spot Litecoin ETF could see an increase in institutional capital in LTC, potentially pushing the Litecoin price up. But for now, this seems a long way off because it's unclear whether it will be approved or not. Even if the green light is on, it does not guarantee a nice rise for LTC. It's all speculation right now.

One reason for this is that Canary Capital is completely new to the ETF space. The one-month-old firm does not have a track record in managing large-scale investment products. Another important reason is the underperformance of Ethereum ETFs.

Bitcoin and Ethereum ETF Performance

In January, SEC opened Bitcoin Spot ETFs

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