Crypto Weekly Market Wrap 24th March 2025: Ripple’s Victory, Trump’s Crypto Strategy, and Key Market Movements

After several weeks of volatility, the crypto market witnessed a positive run last week following the Federal Reserve’s announcement of keeping interest rates unchanged. The news ignited the broad market, with prices recovering from recent drops. 

In addition, several key developments and announcements were made, such as Ripple’s lawsuit closure, President Trump’s address to the Digital Asset Summit, and many more. So, let’s look deeper at what happened in the crypto market last week.

Ripple’s Legal Victory and What It Means for Crypto

Ripple marked a major win after the SEC dropped a four-year-old lawsuit. Ripple had been accused by the SEC of having raised $1.3 billion by selling XRP as unregistered securities. The crypto industry sees it as a positive sign because the dismissal of the lawsuit marks a change in the regulatory landscape for the future.

This would not only help Ripple, but it could assist in creating a friendlier regulatory environment as well, Ripple’s CEO Brad Garlinghouse pointed out. As many other crypto companies, such as Coinbase and Kraken, have had similar lawsuits and investigations dropped or resolved, this could mean a more new approach to crypto regulation in the U.S.

Trump’s Vision for America as the Crypto Superpower

In a speech at the Digital Asset Summit, President Donald Trump laid out his plan to make the U.S. an “undisputed Bitcoin superpower.” He stressed that clear and progressive cryptocurrency regulations should increase economic competitiveness. In addition, he also attacked the Biden administration’s measures, such as Operation Choke Point 2.0, that many in the crypto industry believed hindered that growth.

JUST IN: 🇺🇸 President Trump says "together we will make America the undisputed Bitcoin superpower and crypto capital of the world."

— Watcher.Guru (@WatcherGuru) March 20, 2025

Trump suggested Congress create better stablecoin regulations, with priorities being making it easier for issuers to work with anti-money laundering laws. Additionally, he supported several legislative initiatives like the GENIUS Act and the Clarity for Payment Stablecoins Act which seek to open up and secure the crypto market.

Tornado Cash’s Sanctions Reversed, But Founders Remain in the Spotlight

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) officially removed Tornado Cash from its sanctions list following a U.S. Court of Appeals ruling. According to the court, Tornado Cash’s smart contracts did not fit the criteria of sanction in U.S. law.

The ruling did not impact sanctions on the platform’s other co-founders, Roman Storm and Roman Semenov. These individuals have remained targeted by the Treasury Department for their involvement in the platform’s operation. However, Tornado Cash’s removal from the list of sanctioned entities might create more supportive regulations on decentralized protocols and privacy tools.

BaFin Orders Halt of USDe Issuance in Germany

Germany’s Federal Financial Supervisory Authority (BaFin) ordered Ethena GmbH to suspend the issuing of its USDe stablecoin in Germany. The deficiencies cited by the regulator relate to the company’s application under the European Union (EU) Markets in Crypto-Assets Regulation (MiCAR), which aims to harmonize crypto regulations within the EU.

BaFin’s decision also led to concerns over Ethena GmbH’s sUSDe token, which is a yield-bearing product. However, sUSDe structure may make it a security, according to the regulator, that could demand approvals. This move adds further complexity to the stablecoin regulatory landscape in Europe, especially as BaFin examines whether similar rules should apply to other hybrid financial instruments.

Ripple CEO Expects XRP ETFs by Mid-2025

Ripple CEO Brad Garlinghouse says he’s ‘optimistic’ there will be spot XRP Exchange Traded Funds (ETFs) in the US by the second half of 2025. At least 10 XRP ETF applications are being reviewed by the SEC. According to Garlinghouse, Ripple’s legal victory marks a turning point for Ripple as the market sentiment shifts positively.

Ripple CEO Brad Garlinghouse is confident XRP will be added to the White House digital asset stockpile and expects to see an XRP ETF this year https://t.co/Ay4tenn0xR pic.twitter.com/RpYAxZGlk3

— Bloomberg Crypto (@crypto) March 19, 2025

In addition, Garlinghouse expects that XRP will be part of the US Digital Asset Stockpile. President Trump’s executive order that mandates the establishment of a Strategic Bitcoin Reserve and Digital Asset Stockpile, XRP could be included with Bitcoin, Ethereum, and Solana. This would mark a major development for the XRP and the broader crypto community.

South Korea’s Central Bank Stays Cautious on Bitcoin

Bank of Korea (BOK) said that it has no plans to include Bitcoin (BTC) in its foreign exchange reserves. Too much volatility in Bitcoin’s price would increase transaction costs, specifically when the cryptocurrency market is falling, the central bank said.

As institutional investors eye Bitcoin, South Korea’s central bank takes a cautious stance on the cryptocurrency being used for foreign reserves. The BOK’s decision is one among the global skepticism on the stability of digital assets for the financial system as their volatility makes them unsuitable for inclusion in traditional reserve systems.

Zoth Suffers $8.4 Million Loss in Security Breach

A decentralized restaking protocol Zoth lost $8.4 million reportedly due to a security breach. The attacker managed to take control of the protocol’s deployer wallet, allowing them to manipulate the proxy contract and drain funds. This led to Zoth pausing its website to explore the breach.

The attack was identified as a result of weak private key management and the failure to implement proper security measures like multisig upgrades and timelocks for contract changes. For Zoth, this is the second security incident in a couple of weeks, spurring concerns that the platform might be open to more attacks.

Strategy Raises $711M to Purchase More Bitcoin

Strategy, formerly known as MicroStrategy raised $711.2 million through a Series A Perpetual Preferred Stock offering. With the proceeds, the company intends to acquire more Bitcoin as the company continues to expand its Bitcoin holdings.

The offering also includes a 10% annual cash dividend, payable quarterly, and 8.5 million shares priced at $85. This move reflects Strategy’s dedication towards Bitcoin and accentuates the rise of corporate investment in cryptocurrency. Strategy now has the largest corporate Bitcoin reserve, with more than 499,000 BTC in its portfolio. 

Solana Futures ETFs Launch as Step Toward Spot ETFs

Volatility Shares launched two new Solana futures ETFs, SOLZ, which tracks Solana futures contracts, and SOLT, which offers leveraged exposure to Solana’s price movements. Both are listed on Nasdaq and are intended to allow investors a way to gain exposure in Solana with an alternative to holding the asset directly.

The launch of Solana future ETFs is considered a step towards the approval of spot Solana ETFs in the future. While several asset managers have already submitted applications for spot Solana ETFs, analysts think that futures ETFs are a way to get those listed and to try to get regulators comfortable with approving these products.

Canary Capital Seeks SEC Approval for First-Ever SUI ETF

Canary Capital Group filed with the SEC to launch an ETF tied to the spot price of SUI, Sui Network’s native token. This application marks a significant step toward providing institutional and retail investors with direct exposure to SUI. If approved, the ETF will become the first public investment vehicle focused exclusively on SUI in the U.S.

Sui’s ecosystem has seen increasing institutional interest, with major players like Grayscale and VanEck investing in the network. The ETF would offer accessible, regulated exposure, supporting the growing momentum of Sui’s scalable blockchain infrastructure.

US FOMC Keeps Interest Rates Unchanged

The US Federal Open Market Committee (FOMC) meeting resulted in no change to interest rates, maintaining them at 4.25% to 4.5%. This move sparked speculation within the crypto market, as traders anticipate a dovish stance from the Fed in the months ahead. Fed Chair Jerome Powell emphasized that inflation is expected to be transitory, partly influenced by tariffs in North America.

Moreover, BitMex CEO Arthur Hayes has predicted that the Fed could announce a rate cut as soon as April 1. If this happens, Hayes expects Bitcoin to experience a rally. Bitcoin closed the week around the $84K mark, while major altcoins remained stable despite market fluctuations.

Bithumb Raided Over Alleged Fund Misuse by Former CEO

Bithumb’s headquarters in South Korea were raided by the prosecutors after former CEO Kim Dae-sik was alleged to have misused funds. The claims under investigation by authorities are that Kim used company funds for personal expenses, including a $2 million lease deposit for a private apartment in the Seongsu-dong in Seoul. Following the raid, authorities with the Seoul Southern District Prosecutors’ office targeted Bithumb’s financial practices.

🇰🇷👮‍♂️ South Korean law enforcement officials raided Bithumb's headquarters, investigating allegations that the company used funds to buy a former CEO's personal apartment. daum

Previously: South Korea's regulator has banned new #Upbit users from depositing and withdrawing funds… pic.twitter.com/BGBXpFgXFI

— CryptOpus (@ImCryptOpus) March 20, 2025

The Financial Supervisory Service had reviewed the case before the investigation and referred it to prosecutors. Bithumb confirmed that Kim repaid the funds with an external loan while an investigation remains ongoing. The prosecutors are trying to determine whether the original transaction violated financial or corporate governance laws.

Pakistan Moves Towards Legalizing Cryptocurrency for Foreign Investment

Pakistan is working on a legal framework for cryptocurrency to draw worldwide capital to the country. The government is trying to revert from the previously established anti-crypto stance and create a regulated system for digital assets. It is expected that this move will position the country as a leading digital asset hub in South Asia.

Spoke to Bloomberg this morning 👇🏻

Our message is clear – Pakistan is done sitting on the sidelines! We want Pakistan as the leader in blockchain-powered finance. Pakistan is a low-cost high-growth market with 60% of the population under 30. We have a web3 native workforce ready… pic.twitter.com/VwhGGh7QWg

— Bilal bin Saqib MBE (@Bilalbinsaqib) March 20, 2025

Pakistan’s young and web3-ready workforce will be employed to drive economic growth. Chief Advisor to the Finance Minister Bilal Bin Saqib believed that the country could offer an environment to become a low-cost and high-growth market. This strategic move to attract international investment is strengthened with institutional support from the Finance Ministry and the State Bank of Pakistan.

Crypto Market Overview

The week’s sentiment shifted, with Bitcoin ETFs bringing in $785.6m in inflows. There were consistent six-day inflows per analytics platform Spotonchain, a notable rebound to recover from brief outflows in March. IBIT from BlackRock led with $486 million, purchasing 6,342 BTC, with 1,250 BTC of those being bought on March 21.

🇺🇸 Spot ETF: 🟢$744.3M to $BTC and 🔴$102.9M to $ETH
🗓 Week: 17 to 21 Mar 2025

👉 BTC ETFs have recorded 6 consecutive net inflows, totaling $785.6M.

👉 ETH ETFs have seen 13 consecutive net outflows (2.5 weeks), totaling -$389.2M.

Follow @spotonchain and check out the latest… pic.twitter.com/buCPOmXVQs

— Spot On Chain (@spotonchain) March 22, 2025

A total of $70 million was added to Fidelity’s FBTC ad $100 million to Ark Invest’s ARKB. These numbers indicate a new institutional positioning. The total net flows, including outflows, were $744.3 million. Analysts see a this trend as a powerful return of capital to ETFs. The trend signals renewed interest in Bitcoin as the large players come back into the space.

Outflows of $102.9 million continued bleeding out on Ethereum ETFs, indicating no sign of accepting positive sentiment. This net outflow has continued for 13 consecutive sessions to $389.2 million. The consistent trend has spanned for over 2.5 weeks. The continuing sharp capital flow out of the Ethereum-linked ETFs continues to affect the price of the underlying asset.

Bitcoin Performance Analysis

After the recent major fluctuations, the leading asset, Bitcoin, closed the week above $84K. BTC traded rangebound between $81K and $88K. BTC witnessed a brief rally following the announcement that the FOMC interest rates would remain unchanged. However, the rally was shortlived as the price dropped to the $84K region, where the price had consolidated since the end of the week.

Technical indicators display a bullish reversal for BTC as the bullish momentum builds. The descending channel pattern, which started in late January, is forming a reversal as the price bounced back successfully from the $76K region. 

Bitcoin’s resistance remains at the $94K level, which aligns with the middle band of the Bollinger Band indicator. The key resistance is observed at the $108K mark, which has recently been its all-time high. In addition, the RSI has recovered from the oversold region. Consequently, this indicates a shift in market dynamics, and BTC could see gains in the coming sessions.

Ethereum Performance Analysis

The largest altcoin, Ethereum, continued to struggle over the week, with its price dropping below the $1900 level before recovering again. ETH recovered above the $2K mark and faced resistance at the $2,070 region. This led to a pullback to the $1,980 region, where it has been consolidating. 

Despite the sluggish performance, the altcoin has gained 6% on the weekly chart. However, ETH is down 24% on the monthly chart, with a market cap and trading volume of $240 billion and $7 billion, respectively.

Technical analysis displays a bearish outlook for ETH, as most indicators lie in the negative region. The RSI is at 36, indicating an oversold situation as the bears rule the Ethereum market. The MACD lies in deep negative territory, indicating a strong bearish sentiment for ETH. The selling pressure has dominated, leading to the continued decline in ETH prices.