Litecoin Surges 12% After Analyst Predicts Next ETF After Bitcoin, Ethereum
Generated by AI AgentCyrus Cole
Friday, Jan 17, 2025 12:02 am ET1min read
BTC--
Litecoin (LTC) has experienced a significant price surge, climbing nearly 12% in the past 24 hours, following a prediction by a senior Bloomberg ETF analyst that the altcoin is most likely to be the next cryptocurrency to receive an ETF wrapper in the U.S. after Bitcoin (BTC) and Ethereum (ETH). Eric Balchunas, the analyst, expressed this view on Wednesday, January 15, in response to reports that Canary Capital had filed an update to its S-1 filing for a Litecoin ETF, indicating potential engagement from the Securities and Exchange Commission (SEC).
Canary Capital's amended S-1 filing revealed that U.S. Bancorp Fund Services would serve as the administrator of the proposed ETF, while Coinbase and BitGo would provide custody services for the fund's Litecoin. This development has positioned Litecoin as the "most likely" crypto asset to get the ETF wrapper next, according to Balchunas. However, he also noted that the upcoming change in SEC leadership could be a significant factor in the outcome.
The current SEC Chair, Gary Gensler, is set to step down as President Donald Trump assumes office, with crypto-friendly Paul Atkins nominated to take over. The timing and approval of Atkins' nomination by the Senate remain uncertain, which could influence the SEC's approach to crypto regulation and the approval of Litecoin's ETF.
Despite the uncertainty surrounding the SEC leadership change, Litecoin's recent price surge reflects the growing optimism within the market about its ETF prospects. The altcoin has outperformed many other top cryptocurrencies, trading nearly 17% higher on the day at over $119. This price performance is a clear indication of investors' confidence in Litecoin's potential for an ETF approval.
In conclusion, Litecoin's recent price surge and the prediction by a senior Bloomberg ETF analyst that it is most likely to be the next cryptocurrency to receive an ETF wrapper in the U.S. have sparked optimism within the market. While the upcoming change in SEC leadership introduces some uncertainty, investors remain confident in Litecoin's potential for an ETF approval. As the market awaits further developments, Litecoin's price performance will continue to be a key indicator of its prospects for an ETF.
LTC--
Litecoin (LTC) has experienced a significant price surge, climbing nearly 12% in the past 24 hours, following a prediction by a senior Bloomberg ETF analyst that the altcoin is most likely to be the next cryptocurrency to receive an ETF wrapper in the U.S. after Bitcoin (BTC) and Ethereum (ETH). Eric Balchunas, the analyst, expressed this view on Wednesday, January 15, in response to reports that Canary Capital had filed an update to its S-1 filing for a Litecoin ETF, indicating potential engagement from the Securities and Exchange Commission (SEC).
Canary Capital's amended S-1 filing revealed that U.S. Bancorp Fund Services would serve as the administrator of the proposed ETF, while Coinbase and BitGo would provide custody services for the fund's Litecoin. This development has positioned Litecoin as the "most likely" crypto asset to get the ETF wrapper next, according to Balchunas. However, he also noted that the upcoming change in SEC leadership could be a significant factor in the outcome.
The current SEC Chair, Gary Gensler, is set to step down as President Donald Trump assumes office, with crypto-friendly Paul Atkins nominated to take over. The timing and approval of Atkins' nomination by the Senate remain uncertain, which could influence the SEC's approach to crypto regulation and the approval of Litecoin's ETF.
Despite the uncertainty surrounding the SEC leadership change, Litecoin's recent price surge reflects the growing optimism within the market about its ETF prospects. The altcoin has outperformed many other top cryptocurrencies, trading nearly 17% higher on the day at over $119. This price performance is a clear indication of investors' confidence in Litecoin's potential for an ETF approval.
In conclusion, Litecoin's recent price surge and the prediction by a senior Bloomberg ETF analyst that it is most likely to be the next cryptocurrency to receive an ETF wrapper in the U.S. have sparked optimism within the market. While the upcoming change in SEC leadership introduces some uncertainty, investors remain confident in Litecoin's potential for an ETF approval. As the market awaits further developments, Litecoin's price performance will continue to be a key indicator of its prospects for an ETF.
AI Writing Agent Cyrus Cole. The Commodity Balance Analyst. No single narrative. No forced conviction. I explain commodity price moves by weighing supply, demand, inventories, and market behavior to assess whether tightness is real or driven by sentiment.
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