Cryptocurrency A to Z
Following Bitcoin and Ethereum
Excessive Risk of Being the third to Launch
U.S. SEC Begins Evaluation
Litecoin Value Surges
Can’t Commerce in Korea On account of Delisting
Litecoin is being thought-about as a cryptocurrency with a excessive risk of launching a spot exchange-traded fund (ETF) following Bitcoin and Ethereum.
In line with the cryptocurrency business on the 2nd, the U.S. Securities and Trade Fee (SEC) has begun reviewing the itemizing software (19B-4) for a Litecoin spot ETF submitted by Canary Capital. World asset administration corporations Grayscale and CoinShares have additionally submitted 19B-4s for a Litecoin spot ETF.
The market believes that a Litecoin spot ETF is extra prone to be accepted earlier than cryptocurrencies with greater market capitalizations like Ripple and Solana. Not like Ripple and Solana, that are categorised as securities, Litecoin is taken into account a commodity. The truth that it’s a cryptocurrency derived from Bitcoin, which already has a spot ETF, additional will increase the probability of approval. Eric Balchunas, a Bloomberg ETF analyst, predicted, “Litecoin is already considered a commodity and is prone to be the first altcoin ETF to be listed this yr.”
As expectations for spot ETF approval develop, Litecoin’s value has additionally surged. In line with the cryptocurrency alternate Binance, Litecoin rose about 20% over two days, surpassing the $130 mark for the first time in 12 days.
Traders are additionally predicting a long-term value enhance for Litecoin. On-chain information evaluation platform IntoTheBlock reported, “80% of addresses holding Litecoin are long-term traders who’ve held it for over a yr,” including, “In January, the day by day lively addresses reached 1.37 million, surpassing Bitcoin and Ethereum.”
In Korea, buying and selling Litecoin shouldn’t be potential. Beforehand, home cryptocurrency exchanges delisted Litecoin following the enforcement of the Act on Reporting and Utilizing Specified Monetary Transaction Data.
Hwang Doo-hyun, BloomingBit Journalist cow5361@bloomingbit.io
