Bitcoin has bounced back, adding nearly 3% in the past 24 hours after the Federal Open Market Committee (FOMC) decided to hold interest rates steady at 4.25-4.50%. Bitcoin traded around $105,000 in Thursday’s European morning hours, reversing losses from a brutal Monday selloff. Jerome Powell, chair of the FOMC, said the committee is taking a measured approach, stating, “We do not need to be in a hurry to adjust our policy stance.” The pause in rate hikes has fueled optimism across crypto and equity markets.
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Altcoins Follow Bitcoin’s Lead with Litecoin Outperforming
Several altcoins mirrored Bitcoin’s recovery. Cardano’s ADA (ADA-USD), Dogecoin (DOGE-USD), and Ethereum (ETH-USD) all rose by up to 3%, while Solana’s SOL (SOL-USD) outpaced the pack with a 4% jump. The standout performer, however, was Litecoin (LTC-USD), which skyrocketed 14% after the U.S. Securities and Exchange Commission (SEC) acknowledged a 19b-4 filing from Canary Capital for a spot Litecoin ETF. This marks the first ETF filing of its kind for a coin other than Bitcoin or Ethereum.
Experts Highlight Litecoin ETF Milestone
Bloomberg Intelligence analyst Eric Balchunas noted on X that this filing is “by far the furthest along,” emphasizing its significance. The SEC has now opened a public comment period with a 240-day decision deadline.
At the time of writing, Litecoin is sitting at $132.40.
