Litecoin (LTC) continued its upward momentum, trading above $71 on Wednesday, building on a 6% surge from Tuesday.
Asset manager Canary Capital filed Litecoin ’s first ETF with the US SEC on Tuesday. According to the filings, Canary’s proposed ETF aims to hold spot LTC and closely track the CoinDesk Litecoin Price Index performance. If approved, the ETF will provide consumer and institutional investors with widespread direct exposure to LTC. Litecoin continued its upward momentum, trading above $71 on Wednesday, building on a 6% surge from Tuesday.
ETF fillings by big investment companies are generally positive signs for Litecoin in the long term, as an ETF can make it easier for traditional investors to gain exposure to LTC without needing to purchase and store the cryptocurrency directly. Moreover, approving an ETF could lend more legitimacy to LTC and increase liquidity. Crypto ETF FAQs What is an ETF? An Exchange-Traded Fund is an investment vehicle or an index that tracks the price of an underlying asset.
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