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MainNewsLTC Price Cr...

LTC Price Cracks 6% as SEC Delays Litecoin ETF Approval


by Bhushan Akolkar
for Coinspeaker
LTC Price Cracks 6% as SEC Delays Litecoin ETF Approval

Coinspeaker
LTC Price Cracks 6% as SEC Delays Litecoin ETF Approval

Litecoin LTC $90.41 24h volatility: 7.5% Market cap: $6.86 B Vol. 24h: $432.71 M price has cracked nearly 6% earlier today after the US Securities and Exchange Commission (SEC) announced its plans to delay the Canary Funds Litecoin ETF approval further.

As a result, LTC price has come under strong selling pressure, currently trading 5.97% down at $82.38, with its daily trading volumes surging 50%, to $553 million. Despite today’s price action, investors are still not losing hope, while expecting LTC to find strong support at $81.54 levels, and stage a quick recovery from there onwards.

As shown in the image below, if LTC price reverses its trajectory from this support level, it could stage a recovery to $148.

Popular crypto analyst Crypto Patel stated that LTC is breaking out of its long-standing resistance line, while hinting at a potential upside move.

He believes that currently, Litecoin is flirting in the “Best Accumulation Zone” between ~$65-$85. Interestingly, the analyst has given a short-term price target of $255 and $500.

Litecoin ETF Approval Delayed, What’s Next?

On Monday, May 5, the SEC announced its decision to postpone the Canary Funds Litecoin ETF proposal, which was very much on the expected lines.

The securities regulator is now seeking public input and comments focusing on whether the ETF proposal complies with key regulatory standards, particularly those aimed at preventing fraud and market manipulation.

As per the filing, the public comments are due by May 26, 2025, while rebuttals to the comments shall happen by June 9, 2025. The delay underscores the agency’s cautious approach to cryptocurrency-linked financial products and its commitment to ensuring investor protection.

Furthermore, the US SEC has also delayed its decision on other crypto ETFs, including that for Solana SOL $150.7 24h volatility: 2.6% Market cap: $78.04 B Vol. 24h: $3.80 B , XRP XRP $2.22 24h volatility: 0.8% Market cap: $129.99 B Vol. 24h: $2.17 B , and others. Market experts don’t see this delay as a major concern, but just a sign of further assessment.

“Wouldn’t read too much into SEC delaying decision on Canary’s spot litecoin ETF… New SEC commissioner just sworn in two weeks ago. Has to get feet wet. Still think vast majority of existing crypto ETF filings will be approved before year-end, if not sooner,” ETF Store President Nate Geraci said.

LTC Price Cracks 6% as SEC Delays Litecoin ETF Approval

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LTC Price Cracks 6% as SEC Delays Litecoin ETF Approval


by Bhushan Akolkar
for Coinspeaker
LTC Price Cracks 6% as SEC Delays Litecoin ETF Approval

Coinspeaker
LTC Price Cracks 6% as SEC Delays Litecoin ETF Approval

Litecoin LTC $90.41 24h volatility: 7.5% Market cap: $6.86 B Vol. 24h: $432.71 M price has cracked nearly 6% earlier today after the US Securities and Exchange Commission (SEC) announced its plans to delay the Canary Funds Litecoin ETF approval further.

As a result, LTC price has come under strong selling pressure, currently trading 5.97% down at $82.38, with its daily trading volumes surging 50%, to $553 million. Despite today’s price action, investors are still not losing hope, while expecting LTC to find strong support at $81.54 levels, and stage a quick recovery from there onwards.

As shown in the image below, if LTC price reverses its trajectory from this support level, it could stage a recovery to $148.

Popular crypto analyst Crypto Patel stated that LTC is breaking out of its long-standing resistance line, while hinting at a potential upside move.

He believes that currently, Litecoin is flirting in the “Best Accumulation Zone” between ~$65-$85. Interestingly, the analyst has given a short-term price target of $255 and $500.

Litecoin ETF Approval Delayed, What’s Next?

On Monday, May 5, the SEC announced its decision to postpone the Canary Funds Litecoin ETF proposal, which was very much on the expected lines.

The securities regulator is now seeking public input and comments focusing on whether the ETF proposal complies with key regulatory standards, particularly those aimed at preventing fraud and market manipulation.

As per the filing, the public comments are due by May 26, 2025, while rebuttals to the comments shall happen by June 9, 2025. The delay underscores the agency’s cautious approach to cryptocurrency-linked financial products and its commitment to ensuring investor protection.

Furthermore, the US SEC has also delayed its decision on other crypto ETFs, including that for Solana SOL $150.7 24h volatility: 2.6% Market cap: $78.04 B Vol. 24h: $3.80 B , XRP XRP $2.22 24h volatility: 0.8% Market cap: $129.99 B Vol. 24h: $2.17 B , and others. Market experts don’t see this delay as a major concern, but just a sign of further assessment.

“Wouldn’t read too much into SEC delaying decision on Canary’s spot litecoin ETF… New SEC commissioner just sworn in two weeks ago. Has to get feet wet. Still think vast majority of existing crypto ETF filings will be approved before year-end, if not sooner,” ETF Store President Nate Geraci said.

LTC Price Cracks 6% as SEC Delays Litecoin ETF Approval

Read the article at Coinspeaker

Read More

Is Ethereum Poised to Breakout and Kickstart Altseason? 

Is Ethereum Poised to Breakout and Kickstart Altseason? 

Ethereum is on the move, and its next direction could kickstart the long-awaited altc...
QCP Insights: Market Eyes Bitcoin 2025 Conference as Volatility Remains Elevated

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