"Litecoin ETF Approved: Crypto Market Surges After FOMC Rate Hold"

Coin WorldThursday, Jan 30, 2025 7:51 am ET
1min read
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Litecoin ETF Approved After FOMC Meeting; Crypto Market Gains

The U.S. Securities and Exchange Commission (SEC) has officially acknowledged the 19b-4 filing from Canary Capital for a spot Litecoin ETF, marking a significant milestone for the cryptocurrency. This approval comes after the Federal Open Market Committee (FOMC) meeting, where the policy rate was maintained at 4.25-4.50 percent.

The FOMC decision to keep rates steady has boosted sentiment across stock equities and crypto markets. Jerome Powell, the FOMC chair, stated 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 cryptocurrencies like Bitcoin. Conversely, lower rates tend to boost Bitcoin by making other investments less attractive.

Bitcoin traded around the $105,000 level in European morning hours on Thursday, with other major cryptocurrencies mirroring its gains. Cardano’s ADA, dogecoin (DOGE), xrp (XRP), and ether (ETH) all rose by up to 3 percent, while Solana’s SOL outperformed with a 4 percent rise. The broad-based CoinDesk 20 (CD20) added 2.8 percent.

Litecoin (LTC) surged 14 percent following the SEC’s acknowledgment of the 19b-4 filing for a spot Litecoin ETF. This marks the first altcoin ETF filing to be acknowledged beyond Bitcoin and Ethereum. A public comment period has now been initiated with a 240-day decision deadline for the SEC.

Analysts and experts have shared their insights on the best crypto coins to buy now, based on smart money trends. Pengu Unleashed ($PUNGU), a project focused on penguin habitat conservation and climate change initiatives, has raised $2.5 million in just one week. The project has secured listings on BitMart and a soon-to-be-revealed Tier 1 CEX, and offers staking rewards of up to 300% APY.

Solaxy, a project building the first Solana layer 2 blockchain, aims to cut costs while boosting speeds and reliability. Wall Street Pepe, a new meme coin, provides advanced data

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