A new milestone for the Litecoin ETF has emerged as Canary Capital lists it on the DTCC system under the ticker LTCC. What prospects does this step open?
Events Surrounding ETF Listing
Canary Capital's Litecoin ETF has been listed on the Depository Trust and Clearing Corporation (DTCC) system under the ticker LTCC. While the listing does not guarantee regulatory approval, it indicates that necessary infrastructure for trading is being implemented. DTCC processes securities transactions worth billions of dollars daily, acting as a key player in U.S. securities clearing and settlement. However, trading of the ETF requires the U.S. Securities and Exchange Commission’s (SEC) approval.
Current Litecoin Market Outlook
Litecoin (LTC) has seen a 2.46% increase in the past 24 hours, reflecting investor optimism over potential ETF approval. The price touched a low of $126.31 before bullish investors drove it to a high of $139.09. At the time of writing, LTC traded at $135.05 with daily trading volume rising by 2% to $1.65 billion. According to Coinglass data, there has been a liquidation of $3.57 million worth of Litecoin.
Potential Market Impact
Should it gain approval, the ETF would be the first U.S. spot ETF for cryptocurrencies other than Bitcoin and Ethereum, possibly paving the way for other altcoin-backed ETFs, providing access to digital currency markets through regulated financial instruments. ETF experts like Eric Balchunas and James Seyffart are optimistic about the approval prospects, highlighting Litecoin's designation as a commodity by CFTC as a significant factor.
The listing of the Litecoin ETF on the DTCC platform is a significant step that may change the landscape for cryptocurrency ETFs. However, it requires SEC approval for a real launch. Investors are closely watching developments, anticipating that ETF approval could become a pivotal event influencing the entire crypto market.
