The hype surrounding ETF approval has been a hot topic for discussion in the crypto market. After the approval of the Bitcoin spot ETF in 2024, companies have been filing applications for the approval of other such ETFs.
Most recently, it has been reported that the Securities and Exchange Commission of the United States has delayed its decision on whether to approve Canary Capital’s Litecoin spot ETF.
It is worth noting that the SEC requires more time for the approval and has now sought public opinion about whether this ETF can safeguard investors from market manipulation and fraud.
The delay is not the first of its kind; earlier, the commission had delayed its takeover of the ETF of Hedera, XRP, and Dogecoin, yet despite these approvals, there are odds of approval for the ETF under the current leadership.
With Trump returning to power, the SEC has shown its softer stance over crypto and has also dismissed high-profile lawsuits against companies, institutions, and entities.
Litecoin price updates
According to the data from CoinMarketCap, Litecoin is currently trading at $82.21 with a loss of 6.52% in the past 24 and in the same frame, its market cap is down 6.49%, reaching $6.23 billion.
With this intraday decline prices of Litecoin have fallen below the 20-day exponential moving average, and the moving volatility in LTC prices has dragged it below all its crucial EMAs.
TradingView data underlines that Litecoin prices have fallen by 3.78% in a week, more than 18.45% in a month, and around 21% in year to date time frame. In the daily time frame, if the LTC price continues to fall, it is expected to meet the initial support of $68.65, followed by $62.64 and $52.90.
On the other hand, its nearest resistance is $88.12, followed by $94.13 and $103.86, and at the same time, its relative strength index was 44, indicating neutrality.
Polymarket poll favors Litecoin spot ETF approval!
Since the last presidential elections in the United States, Polymarket, the decentralized prediction market, has gained huge traction, and nowadays it has polls for almost all major issues of the United States and a few other countries.
Source: Polymarket
A poll on Polymarket asking, “Will Litecoin ETF get approval in 2025?” has a volume of $42,348, with 78% of the total volume inclining towards YES. An approval chance surge of 28% has been seen. On the other hand, the poll asking about its approval in July has a volume of $327,071, from which 27% are in favor of its approval chances.
