What to know:
- Bitcoin traded around the $105,000 level in European morning hours Thursday as the year’s first U.S. FOMC meeting concluded with interest rates unchanged.
- Cardano’s ADA, dogecoin (DOGE), XRP, and ether (ETH) mirrored BTC’s gains, rising up to 3%. Solana’s SOL outperformed with a 4% increase.
- Litecoin (LTC) surged by 14% as the U.S. Securities and Exchange Commission (SEC) acknowledged the filing for a spot Litecoin ETF.
Bitcoin traded at approximately $105,000 after the FOMC meeting, signaling a positive sentiment across equities and crypto markets. Jerome Powell’s FOMC decided to keep the policy rate steady at 4.25-4.50%, reversing the trend of rate cuts from the last year. “We do not need to rush into adjusting our policy stance,” Powell remarked, emphasizing the need for further progress on inflation.
Interest rate adjustments can shift investor preference between traditional assets and bitcoin, influencing bitcoin’s demand. BTC saw a nearly 3% increase in the past 24 hours, recovering from earlier losses of up to 8%. ADA, DOGE, XRP, and ETH followed suit, each rising by nearly 3%, while Solana showed a notable 4% gain.
Outside of major currencies, LTC surged 14% due to the SEC’s acknowledgment of the spot ETF filing from Canary Capital, marking a significant move for altcoins. “This is the first altcoin filing acknowledged; others were directed to withdraw by Genz SEC,” said Bloomberg Intelligence analyst Eric Balchunas. The SEC has initiated a public comment period with a 240-day decision deadline.
