Altcoin
Litecoin Founder Comments On ETF Approval Following Canary Capital Filing
Litecoin founder Charlie Lee recently spoke about enthusiasm for the ETF application, especially regarding rising institutional interest in Litecoin and possible approval.
He also pointed out the importance of the demand, reflected by the more than daily 2% growth of the Grayscale Litecoin Trust, which is currently trading at more than double its NAV.
He added comparisons with Litecoin’s peer-to-peer transactional similarities with Bitcoin, saying the likelihood of the Litecoin ETF approval anytime soon is extreme.
Litecoin Founder Charlie Lee Says ETF Approval Coming Soon
Litecoin founder Charlie Lee recently expressed delight over Canary Capital’s recent filing for a Litecoin ETF because this indicated that the cryptocurrency was finding interest among both institutional and retail investors.
🚨NEW: Litecoin founder @SatoshiLite gave this statement to @FoxBusiness regarding @CanaryFunds recent filing for a $LTC ETF:
“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… https://t.co/CS7kg2Cn2g
— Eleanor Terrett (@EleanorTerrett) October 21, 2024
Sounding confident, he projected that permission for the LTC ETF would not take much time because crypto ETF products were gathering pace in the market. If this happens, some market experts predict the Litecoin price will jump to $400 and more than $1,100 by 2026.
At the same time, market sentiment reflects the rising demand for Litecoin, which may also serve to justify the approval of this ETF. This interest follows a wider trend of institutional adoption of cryptocurrencies, underlining the changing dynamics across the digital asset landscape.
With the recent approval of Bitcoin and Ethereum ETFs by the SEC, the door is finally open for spot ETF applications to be approved for other cryptocurrencies, including Solana’s SOL, XRP, and Litecoin LTC.
Of course, one of the big surprises last week was Canary Capital’s application for a Litecoin ETF alongside its XRP request. Litecoin is up 6% weekly at the time of writing, trading at $70.88.
Rollercoaster Ride: ETF Filing Fuels Volatility
The Litecoin founder pointed to the growing interest in Litecoin, using the increasing value of Grayscale’s Litecoin Trust as proof that this institutional demand is on the rise. He said the trust was trading at more than double its net asset value, NAV, which was a sign of excellent market interest in the cryptocurrency.
He finally added that Litecoin shares much in common with Bitcoin in many aspects since both are commodities. This optimism aligns with the broader trend of increasing institutional involvement in cryptocurrency.
In the wake of the latest filing, the LTC price increased significantly, reaching a monthly high of $75.88 and recovering from a low of $62.12. However, the uncertainty associated with the approval, along with general volatility in the market, has placed the Litecoin price at $71.44, a drop of 5.04%.
Canary Capital Files for Litecoin ETF, Following XRP Filing
At the time, James Seyffart, an ETF analyst at Bloomberg Intelligence, only confirmed that Canary, who previously filed for an XRP ETF, has now applied for a Litecoin ETF.
Seyffart agrees with the Litecoin founder but also said that Litecoin is already a member of Europe through listing exchange-traded products. “Some ETPs already hold Litecoin, such as $LITE in Switzerland from CoinShares and $ELTC in Germany from ETC Group,” Seyffart said. He further explained that in the US, the Grayscale Litecoin Trust traded under the symbol LTCN.
This latest ETF filing is very different because it’s a single ETF focusing on Litecoin, whereas previous filings have focused on major cryptocurrencies. Even Eric Balchunas, the senior ETF analyst at Bloomberg, added his voice to this regarding the importance of this filing. He explained that it’s not just the first Litecoin ETF in the U.S. but potentially the first one globally.
“Even 21Shares does not have one at this point,” he stated.
This move comes hardly a week after Canary Capital filed for an XRP ETF on October 8, gathering massive crypto community attention. Filing for XRP came after similar filings by Bitwise, a leading crypto asset manager. If approved, Litecoin founder Lee hopes that both the Litecoin and XRP ETFs will offer new ways for traditional investors to get exposure to the assets.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.
Expert Reveals Time For XRP Price To Hit $27
In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.
Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.
In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.
In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.
Decision Time For The Altcoin
In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”
The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.
The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.
CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.
For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A recent Binance update has triggered massive liquidations while sending Solana memecoin ACT into a steep correction. At first, pundits blamed market maker Wintermute for the jarring declines but Binance’s update to leverage and margin tiers appears to be the culprit.
Several Altcoins on Binance Suffer Massive Corrections
According to an X post, several altcoins listed on Binance took a major hit, dropping by double-digit percentages. The hardest hit of the lot was Solana memecoin ACT, experiencing a sudden drop of over 50% in 30 minutes.
Other altcoins including DEXE and DF equally recorded steep declines of 23% and 16% respectively in the same window. The price slump left traders scratching their heads but a consensus formed that sizable sell orders were behind the declines.
“The sudden dips were triggered by large sell orders executed in a short time frame, leading to a significant surge in spot trading volume,” said one pundit.
Others turned to market maker Wintermute as the trigger for the selloff. However, Wintermute CEO Evgeny Gaevoy denied responsibility while noting that the market maker reacted “post move.”
The decline comes amid a broader market recovery with several cryptocurrencies including Compound (COMP) gaining 70%.
What Triggered The 50% Decline For Solana Meme Coin
A Binance update on leverage and margin tiers on specific tokens like ACT triggered the massive declines. According to an April 1 announcement, the top exchange has updated the margin tiers of several perpetual contracts, noting that existing positions will be affected.
Following the move, one ACT whale got liquidated for $3.79 million at $0.1877, triggering a broad selloff. Former FTX community manager Benson Sun noted that traders had less than 3 hours to respond to the change, criticizing Binance for the move.
“Before changing the rules, Binance should have evaluated how many positions would be closed,” said Sun. “If there are market makers with large positions, they should have notified them in advance.”
Within hours of MUBARAK’s listing, the memecoin tumbled by 40% with Binance CEO Changpeng Zhao downplaying the impact of a listing on prices. Binance has drawn criticism in recent days following its exclusion of Pi Network from its Vote To List initiative.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A crypto market crash looks imminent, with Bitcoin, Ethereum, XRP, and Dogecoin witnessing notable declines. This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.
Crypto Market Crash: BTC, ETH, XRP, & DOGE Decline
CoinMarketCap data shows that a crypto market crash could be on the horizon, with the Bitcoin price sharply dropping below $83,000 from a daily high of around $84,400. Altcoins such as Ethereum, XRP, and DOGE also witnessed sharp declines.
This market crash occurred following the release of weak ISM manufacturing PMI and JOLTS data. The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February.
The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January. These data add to several macro fundamentals that paint a bearish outlook for the market.
This crypto market crash could persist, with China, Japan, and South Korea agreeing to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs tomorrow, which could significantly harm the market as it sets off a trade war between the US and other nations.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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