21st March

Over the past week, the cryptocurrency world has been buzzing with activity. We've seen Ripple celebrating a significant legal victory, Kraken making strategic business moves, and even President Trump sharing his thoughts on digital currencies. These events highlight how cryptocurrencies are becoming more intertwined with our daily lives and the broader financial system.

You can read last week's “This week in crypto” here.

On 19 March 2025, Ripple Labs announced that the U.S. Securities and Exchange Commission (SEC) had withdrawn its appeal in the longstanding lawsuit against the company. Initiated in December 2020, the SEC had accused Ripple of conducting unregistered securities offerings through its sales of XRP tokens, raising over $1.3 billion. This legal battle has been pivotal in the debate over cryptocurrency regulation, particularly concerning whether digital assets like XRP should be classified as securities. ​

The SEC's decision to withdraw its appeal signifies a pivotal shift in regulatory approach under the current administration. Ripple's CEO, Brad Garlinghouse, hailed the SEC's withdrawal as a "resounding victory" for the company and the broader crypto community. Following the announcement, XRP's market value experienced a significant boost, rising by approximately 10% to trade at $2.55. This development has broader implications for the cryptocurrency market, as it may influence the regulatory classification of other digital assets, potentially paving the way for clearer guidelines and a more predictable regulatory environment. ​

In a strategic move to expand its services, cryptocurrency exchange Kraken announced on 20 March 2025 its plans to acquire NinjaTrader, a leading U.S. retail futures trading platform, for $1.5 billion. Founded in 2003, NinjaTrader provides advanced futures trading tools to nearly two million traders and operates as a Commodity Futures Trading Commission (CFTC)-registered Futures Commission Merchant (FCM). This acquisition represents one of the largest deals combining traditional finance and cryptocurrency sectors, highlighting the increasing convergence between these markets. ​

By integrating NinjaTrader's capabilities, Kraken aims to strengthen its position as a 24/7, always-on technology platform tailored for professional traders, making it a leader in U.S. futures for both traditional and crypto markets. This move also accelerates Kraken's ambitions to diversify into equities trading and payment services. NinjaTrader will continue to operate as a standalone platform under the Kraken suite of trading and payment applications, allowing its clients to maintain their current trading experience while gaining access to an expanded array of trading opportunities in the future. ​

On 20 March 2025, President Donald Trump delivered virtual remarks at a prominent cryptocurrency industry conference, signalling a significant endorsement of the digital asset sector by the highest level of the U.S. government. In his address, President Trump emphasised the potential of cryptocurrencies to drive innovation, create jobs, and enhance the efficiency of financial transactions. He acknowledged the rapid growth of the crypto market and reiterated his administration's intent to establish the United States as a global leader in the digital asset space. ​

The President's participation in the conference reflects a broader shift in the governmental approach towards cryptocurrencies, moving from scepticism to active engagement and support. This evolution in policy is expected to have far-reaching implications for the industry, potentially leading to more favourable regulations, increased institutional adoption, and greater public confidence in digital assets. ​

The cryptocurrency industry has witnessed a surge in filings for exchange-traded funds (ETFs), reflecting growing interest from institutional investors and a maturing market. Canary Capital Group, for instance, announced its intention to launch an ETF linked to the spot price of Sui, a cryptocurrency from the Sui Network. This filing adds to the firm's six pending cryptocurrency ETFs with the SEC. The optimism surrounding these filings is bolstered by the current administration's supportive regulatory environment. President Trump's pro-crypto stance has led to expectations that these ETFs may receive approval by the end of 2025, providing investors with more accessible and regulated avenues to gain exposure to digital assets. ​

The approval of cryptocurrency ETFs is considered a significant milestone for the industry, as it would enable traditional investors to participate in the crypto market without directly holding digital assets. This development could lead to increased liquidity, reduced volatility, and further legitimisation of cryptocurrencies as an asset class. ​

Bitcoin's price has experienced fluctuations, hovering around $84,000 as of 15 March 2025. Analysts are debating whether this presents a buying opportunity, considering the cryptocurrency's historical volatility. Ethereum and XRP have also seen price adjustments, reflecting broader market trends. Investors are advised to approach the market with caution, conduct thorough research, and consider their risk tolerance before making investment decisions in the volatile cryptocurrency landscape.

MicroStrategy, known for its substantial Bitcoin holdings, announced plans to sell up to $21 billion in stock to fund further Bitcoin acquisitions. The company recently purchased an additional 130 Bitcoin for $11 million, indicating a cautious yet ongoing commitment to cryptocurrency investments. This strategy reflects MicroStrategy's belief in Bitcoin's long-term value proposition and its role as a hedge against traditional financial market fluctuations.

This week has shown us that cryptocurrencies are not just a passing trend but are steadily becoming part of the mainstream. Legal wins, strategic acquisitions, and endorsements from high-profile figures all point to a future where digital assets play a significant role in our economy. As we move forward, it's essential for all of us, whether investors, businesses, or everyday users, to stay informed and adapt to this evolving landscape.

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