The post Why is Litecoin Price Up 70% As Crypto Market Liquidation Hits $350M appeared on BitcoinEthereumNews.com.

Litecoin price is doing well even as Bitcoin and other altcoins retreat. LTC has risen in the last two consecutive days and is hovering at its highest swing since January 18. It has surged by over 70% from its lowest level this month. Let’s explore why Litecoin is soaring as crypto market liquidations jump to $350 million. Litecoin Price Defying Gravity as Crypto Market Liquidations Jump Litecoin price has largely defied gravity as most cryptocurrencies and the altcoin season index drop. It is up by over 70% from its January lows, while Bitcoin has moved into a technical correction after falling by about 10% from its highest level this year.  CoinGlass data shows that crypto market liquidations jumped to $350 million in the last 24 hours as most tokens slipped. The most affected were coins like Bitcoin, Ethereum, Solana, Dogecoin, and XRP. Over 110,000 customers were liquidated, with the biggest victim losing $7.58 million. Crypto Liquidations LTC ETF Approval Odds are Rising The main reason why the LTC price is doing well is that many crypto investors anticipate the Securities and Exchange Commission will approve a spot LTC ETF.  Polymarket data places these odds at 84%, up from 42% in January. That is a sign that the agency will approve funds by Canary Capital, Grayscale, and Coinshares.  Litecoin ETF Odds The main reason why the SEC may approve the LTC ETFs is that it has already approved spot Bitcoin ETFs. As Eric Balchunas, the senior ETF analyst at Bloomberg noted, as a Bitcoin fork, the SEC views it as a commodity. He said: “We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the BTC + ETH combo ETFs, then prob Litecoin (because it’s fork of BTC = commodity).” LTC Price Technical…

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Filed under: News - @ February 19, 2025 6:23 pm