LTC News: Litecoin Struggles to Recover from Market Downturn, ETF Approval Odds High

Litecoin, along with other cryptocurrencies, is facing challenges in recovering from the recent market downturn. Despite the bearish market sentiment, Litecoin stands out with a 90% approval rating for a potential ETF, indicating a bright spot in the otherwise gloomy crypto market.

Multiple Cryptocurrencies Struggle to Recover

Various cryptocurrencies, including Ethereum, Litecoin, and others, have been struggling to recover from the recent market downturn. The sentiment index dynamics confirm a downward trend similar to what was observed between March and September of last year. Investors are cautious, and the market remains bearish.

XRP ETFs face lowest approval chances, while Litecoin leads with 90% approval odds

ETF analysts have expressed doubts about the approval of XRP ETFs, citing the upcoming SEC decision deadline, legal uncertainties, and unclear commodity or security classification. In contrast, Litecoin stands out with a high chance of approval at 90%, followed by Dogecoin at 75% and Solana at 70%. The SEC's recent reshuffle and scaling back of its crypto enforcement unit could further impact XRP ETF hopes.

Grayscale Files for First-Ever Cardano ETF in the US

Asset manager and crypto ETF issuer, Grayscale, has officially submitted a proposal to the US Securities and Exchange Commission (SEC) to launch a spot Cardano ETF. This marks the first formal application for a Cardano ETF and follows an increasing number of crypto ETF filings by prominent asset managers. The proposal arrives at a time when several other cryptocurrencies, including Litecoin (LTC), Solana (SOL), XRP, and Dogecoin (DOGE), have garnered attention from the SEC through similar applications. However, experts caution that the Cardano ETF could face delays despite ADA’s status as one of the largest cryptocurrencies by market capitalization.