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Video compression is a combination of spatial image compression and temporal motion compensation, which is mainly done for reducing the volume of data required to represent digital video images. Numerous video compression algorithms were proposed to reduce the data quantity and produced acceptable quality as possible as they can. In this research work, initially wavelet decomposition is applied to the I-frame and the resulting coefficients are quantized by means of a Listless SPECK (LSK) algorithm. Here, different wavelets namely, Daubechies, Coiflets, Biorthogonal, and Reverse Biorthogonal are utilized in the compression algorithm LSK. When different wavelets are used, the compression ratio is effectively changed according to the type of the wavelet. A new block motion estimation algorithm is employed to measure the motion between the blocks in the video. The performance analysis is done for evaluating the performance of proposed system with different wavelets. Moreover, the performance measures such as Compression Ratio (CR) and Peak Signal to Noise Ratio (PSNR) are calculated.