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.
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.
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