Bitcoin, ADA, DOGE Surge After FOMC Meeting; Litecoin ETF Filing Boosts LTC 14%

Bitcoin, ADA, DOGE Notch Slight Gains as Litecoin ETF Filing Spurs LTC 14% Higher

Bitcoin traded around the $105,000 level in European morning hours Thursday as the year’s first U.S. FOMC meeting concluded with keeping rates steady. This decision by the Federal Open Market Committee (FOMC) boosted sentiment across stock equities and crypto markets.

The FOMC maintained the policy rate steady at 4.25-4.50 per cent, with Jerome Powell, the FOMC chair, stating that officials seek further progress on inflation before adjusting the policy stance. Interest rate hikes can make traditional investments more appealing, potentially reducing demand for bitcoin. Conversely, lower rates tend to boost bitcoin by making other investments less attractive.

Bitcoin added nearly 3% in the past 24 hours after the FOMC meeting, reversing all losses from a Monday bloodbath that saw prices drop as much as 8%. This liquidation-led flushout created dip buying opportunities for investors.

Cardano’s ADA, dogecoin (DOGE), xrp (XRP), and ether (ETH) mirrored BTC’s gains, rising as much as 3%. Solana’s SOL outperformed with a 4% rise, while the broad-based CoinDesk 20 (CD20) added 2.8%.

Outside of the major cryptocurrencies, litecoin (LTC) surged 14% as the U.S. Securities and Exchange Commission (SEC) officially acknowledged the 19b-4 filing from Canary Capital for a spot Litecoin ETF. This marks the first altcoin ETF filing to be acknowledged beyond BTC and ETH.

A public comment period has now been initiated with a 240-day decision deadline for the SEC. If approved, the Litecoin ETF could attract institutional investors, potentially boosting LTC’s price and market capitalization.