Litecoin has experienced a rise in value over the last 24-hours as the SEC began its review for crypto ETF submissions. In fact, the SEC acknowledged CoinShares’ filings for XRP ETFs and Litecoin on Nasdaq. This is just one important step towards the approval and regulation of crypto. LTC was up as much as 10 percent on Wednesday, and is currently trading at more than $135.
Litecoin, or LTC for short, was one of first cryptocurrencies that entered the market. LTC, despite its high growth rates and popularity in the past, has been pushed to the sidelines over the past few years. Altcoins were pushed aside as new assets entered the market. The asset, however, made a successful comeback. LTC has been thrust into the limelight after news broke that an exchange-traded Litecoin fund had gained approval. LTC is now one step closer to being approved, causing positive price movement.
SEC begins LTC ETF review process
Before approving these ETFs, the SEC will allow a public comment period of 21 days. This filing is submitted using the 19b-4, marking the formal phase of evaluation. The regulator requested that firms who submitted ETF applications update them quickly to allow for faster approval. The filers must wait for the SEC to move through the approval process faster with Spot Ethereum ETFs.
According to several price forecasts, this latest climb is the most LTC could go in this month. CoinCodex analysts Project that $137 will be the top price of Litecoin for February. Depending on the SEC’s LTC ETF update, however, this forecast could change quickly. CoinCodex believes that LTC can surpass $200 in April. This would represent a return of 50%.
There’s also a chance that Litecoin, (LTC), will experience a correction over the next couple of weeks. The crypto market as a whole is still in a state of struggle. Bitcoin (BTC), currently trading at $95,000, is still struggling. A market decline could also be caused by macroeconomic factors. Federal Reserve has not yet announced a rate reduction for this year. The crypto market may suffer if the Fed doesn’t announce a rate reduction soon.
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Source: watcher.guru
