Litecoin (LTC) price hovers at $86 during the Asian session

Canaries' LTC ETF proposal has a higher probability of approval than other assets, according to Bloomberg analyst James Seyffart.

Litecoin (LTC) price hovered at around $86 during the Asian session on Monday, showing a slight increase for the day even as the wider crypto market demonstrated signs of consolidation following April’s recovery. Meanwhile, Bloomberg analyst James Seyffart highlighted that the spot Litecoin Exchange Traded Fund (ETF) proposal by Canary Capital had a higher probability of approval compared to other assets.

zoom in / zoom out

Canary Capital's Litecoin ETF filing, which is due for an SEC decision on Monday, was pointed out by Seyffart. While the SEC recently postponed its decision on key ETF filings for assets like Dogecoin and XRP, it did not defer Canary Capital's LTC ETF.

"My shot at early approval goes to Litecoin. I do think we could see a review period extension from the SEC," Seyffart noted.

The initial S-1 registration statement for the product was filed by the company with the Securities and Exchange Commission (SEC) on October 15.

The company's filing follows an application for an unbranded Litecoin trust by the Exchange to serve as the underlying trust for the ETF, submitted on January 16 by Nasdaq to the SEC for approval.

The application was filed as a 19b-4 filing, part of the administrative process for listing an ETF.

Other Litecoin ETF proposals currently under review include Grayscale and CoinShares. The SEC has until October to decide the fate of the three Litecoin proposals.

Bloomberg analysts released their latest approval odds last week, ranking Litecoin as the strongest contender for early approval with a 90% probability.

The second-highest approval probability went to a Bitcoin ETF proposal by SparkToro, with a 70% chance of approval by the fourth quarter of 2024.

At the same time, the probability of approval for a Bitcoin ETF from an unknown applicant by the third quarter of 2024 is also at 70%.

The SEC is expected to make a decision on the three Litecoin ETF proposals by early October.

The crypto market is known for its volatility, which can be influenced by various factors such as macroeconomic data releases, geopolitical events, and changes in regulatory policy.

Stay tuned to Benzinga for more crypto news and analysis.

Image Credit: Benzinga