- The cryptocurrency market’s valuation stabilized at $2.9 trillion on Thursday, boosted by a pause in the Federal Reserve’s interest rate hike, which increased market activity.
- In the past 24 hours, liquidations reached $335 million, with $207 million in short positions being closed, accounting for nearly 60% of the total losses.
- Bitcoin spot ETFs attracted an additional $11 million on Wednesday, leading to over $527 million in BTC purchases over four consecutive days.
Bitcoin Market Update:
- The price of Bitcoin reached a high of $87,450 before pulling back 1.7% to around $85,200 at the time of reporting on Thursday.
- Bitcoin ETFs saw another influx of $11 million on Wednesday, continuing their buying trend for four straight days.
Bitcoin ETFs | SosoValue
Since the previous Friday, Bitcoin ETFs have acquired more than $520 million worth of BTC over four consecutive days of inflows.
This trend corresponds with the idea that cooling inflation, highlighted by the Fed’s decision to maintain interest rates on Wednesday, has positively influenced Bitcoin market sentiment, particularly among corporate investors in the U.S.
Bitcoin’s support above the $85,000 mark indicates that strategic traders are preparing for potential upward movements as the trading session on Thursday progresses.
Altcoin Updates: What’s Influencing the Crypto Markets Today?
Altcoins have rebounded significantly in the past 24 hours, as bullish traders capitalize on favorable developments from the U.S.:
The broader markets received a boost on Wednesday when the Federal Reserve announced it would keep interest rates steady at 4.5%, meeting market expectations.
The CEO of Ripple also disclosed that the Securities and Exchange Commission (SEC) has dropped all charges, bringing a five-year bearish trend to an end.
Former President Donald Trump is set to speak at the Digital Asset Summit hosted by Blockworks in New York City.
Chart of the Day: SOL, XRP, ADA Maintaining Key Support Levels Amid Fed Pause and Trump’s Speech Enhancing Market Outlook
Altcoins are making a comeback, supported by positive macro and regulatory changes.
- Ethereum’s price has decreased by 2%, now trading at $1,990, as bears attempt to prevent a breakout above the $2,000 threshold.
However, current market data indicates that Solana (SOL), XRP, and Cardano (ADA) are all maintaining key support levels, reflecting a resilient investor sentiment following the Fed’s decision to pause interest rates.
Crypto Market Performance, March 20
- XRP’s price has jumped 6.5%, reclaiming the $2.49 level as traders reacted favorably to the news that the SEC has lifted all charges against Ripple. This long-standing legal battle had significantly hindered XRP, and this resolution has reignited buying interest.
- Solana (SOL) has risen 1.7% in the last 24 hours, currently priced at $130.88, with the announcement of the first Solana Futures ETF launch driving SOL up to $136 earlier in the day.
- Cardano (ADA) has also demonstrated strength, climbing 4% to stay above $0.70, benefiting from the overall altcoin surge.
These leading altcoins maintaining critical support signals that traders are adopting a watchful approach, awaiting the next significant market catalyst. With former President Trump’s imminent address at the Digital Asset Summit in New York, many traders are holding their positions, anticipating potential impacts on the market.
US Former President Donald Trump speaking at the Digital Asset Summit, March 20
Trump’s bullish stance, indicating that the US will not sell its Bitcoin holdings in the near future, could provide extra momentum for crypto markets in the coming days.
Crypto News Updates:
Kraken Expands US Futures Trading with $1.5 Billion Acquisition of NinjaTrader
Kraken has revealed a $1.5 billion agreement to acquire NinjaTrader, a prominent US platform for retail futures trading.
Set to finalize in the first half of 2025, this acquisition represents one of the most significant integrations between conventional finance and cryptocurrency.
Kraken intends to utilize NinjaTrader’s futures trading framework to enhance its presence within the US derivatives market and improve multi-asset trading capabilities.
“Traditional financial markets operate on banking systems from decades ago, with exchanges that close at 4 p.m. ET and settlement processes that can take days. Crypto solutions have addressed these inefficiencies, functioning within an efficient real-time infrastructure.
However, traditional finance and cryptocurrency have remained largely separate until now. This deal is a step toward fulfilling our vision of an institutional-grade trading platform where any asset can be traded, anytime,” stated Arjun Sethi, co-CEO of Kraken.
NinjaTrader, serving nearly two million traders and registered as a CFTC Futures Commission Merchant, will continue to function independently within Kraken’s expanding assortment of trading and payment services.
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Pakistan Works on Legalizing Cryptocurrency to Attract Foreign Investment
Pakistan is formulating a legal framework for cryptocurrency to enhance international investment and strengthen its digital asset landscape.
Led by Bilal bin Saqib, the Pakistan Crypto Council is crafting regulatory guidelines aimed at providing security and clarity for investors.
The nation already boasts a robust crypto presence, ranking ninth globally in adoption with approximately 15-20 million users.
This initiative aligns with regional trends and reflects the worldwide growing interest in digital assets.
By drawing on international regulatory approaches, including recent advancements in the US crypto sector, officials seek to position the nation as a competitive center for blockchain innovation and investment.
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MoonPay Secures $200 Million Credit Line from Galaxy to Manage Liquidity Challenges
MoonPay has obtained a $200 million revolving credit line from investment firm Galaxy to accommodate sudden increases in transaction volume.
This action follows challenges in meeting liquidity demands during the launch of a memecoin associated with Donald Trump, which required $160 million in emergency funds.
MoonPay CEO Ivan Soto-Wright indicated that this credit line is designed for short-term capital needs during periods of extreme liquidity stress, rather than as a long-term debt solution.
This represents MoonPay’s first credit line, despite concluding 2024 with positive cash flow and a 112% growth in net revenue year-over-year.
Valued at $3.4 billion in 2021, the company opted to secure additional liquidity after experiencing banking limitations during the memecoin launch.
“The traditional banking system operates within set hours, yet cryptocurrency functions continuously,” said Soto-Wright, highlighting the necessity for immediate funds beyond standard banking hours.