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

Key Points

  • Bitcoin traded around $105,000 after the FOMC meeting, with a 3% gain in the past 24 hours.
  • The FOMC decided to keep interest rates steady at 4.25-4.50%, impacting investor sentiment in crypto markets.
  • Litecoin surged 14% following the SEC's acknowledgment of a spot Litecoin ETF filing.

Summary

Bitcoin saw a significant recovery, trading around $105,000 following the U.S. Federal Open Market Committee (FOMC) meeting where rates were kept steady at 4.25-4.50%. This decision, led by Jerome Powell, was the first under Trump's presidency after a series of rate reductions in 2024. The FOMC's choice to pause rate adjustments was influenced by the need for further progress on inflation, as Powell indicated no rush to change the policy stance. The crypto market responded positively, with Bitcoin gaining nearly 3% in the last 24 hours, reversing earlier losses. Other major cryptocurrencies like Cardano, Dogecoin, XRP, and Ether also saw gains, while Solana outperformed with a 4% increase. Additionally, Litecoin experienced a notable 14% surge after the SEC officially acknowledged a filing for a spot Litecoin ETF, marking a significant milestone for altcoins in regulatory recognition.

coindesk
January 30, 2025
Crypto
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