Crypto Today: After $300M liquidations, BTC, ETH, XRP prices on edge as Trump speaks at Crypto Summit

• Cryptocurrency sector’s valuation consolidated at $2.9 trillion on Thursday after the Fed interest rate pause boosted market activity.
• Liquidations hit $335 million in the last 24 hours, with $207 million in short contracts closed accounting for nearly 60% of the losses.
• Bitcoin spot ETFs took in another $11 million on Wednesday, making it over $527 million BTC buys in four consecutive days. 

Bitcoin market updates: 

• Bitcoin price peaked at $87,450 before retracing 1.7% towards the $85,200 level at press time on Thursday.
• Bitcoin ETFs recorded another $11 million inflow on Wednesday, extending its buying spree to four consecutive days. 

Bitcoin ETFs | SosoValue 

Since last Friday, Bitcoin ETFs have acquired over $520 million worth of BTC in four consecutive days of inflows.

This aligns with the narrative that cooling inflation, as evidenced by the Federal Reserve (Fed) rate pause on Wednesday, has lifted the BTC market sentiment, especially among US-based corporate investors.
 
Bitcoin holding above the $85,000 support level, suggests strategic traders are positioned for more upside signals as the Thursday trading session unfolds. 

Altcoin updates: What is driving the crypto markets today? 

Altcoins have made a considerable recovery in the last 24 hours, with bull traders capitalizing on multiple bullish catalysts from the US:  

On Wednesday, the broader markets received an initial boost when the US Fed announced the decision to hold the interest rate unchanged at 4.5%, aligning with market expectations. 

Ripple CEO also confirmed on Wednesday that the Securities and Exchange Commission (SEC) had dropped all charges, ending a 5-year-long bearish overhang. 

US President Donald Trump is billed to speak at the Digital Asset Summit hosted by Blockworks in New York. 

Chart of the day: SOL, XRP, ADA all holding key support levels as Fed pause and Trump speech boosts market outlook

Altcoins are staging a recovery, buoyed by recent bullish macro and regulatory developments. 

• Ethereum price is down 2%, trading at $1,990, as bears make frantic efforts to avert a breakout above $2,000. 

However, the latest market data shows that Solana (SOL), XRP and Cardano (ADA) are all holding key support levels, signaling resilience amid renewed investor optimism after the Fed rate pause.

Crypto Market Performance, March 20 | Coingecko

• XRP price has surged 6.5% reclaiming the $2.49 mark, as traders reacted positively to news that the SEC had dropped all remaining charges against Ripple. The long-running legal battle had been a major headwind for XRP, and this resolution has fueled renewed buying interest.
• Solana (SOL) is up 1.7% in the last 24 hours, currently trading at $130.88. The recent announcement of the first Solana Futures ETF launch had driven SOL as high as $136 earlier in the day. 
• Cardano (ADA) has also shown strength, rising 4% to settle above $0.70, benefiting from the broader altcoin rally.

These top-ranked altcoins holding key support levels suggest that traders are currently taking a sit-and-watch approach, awaiting the next market catalyst. 
With President Donald Trump speaking at the Digital Asset Summit (DAS) in New York, many traders are holding their positions, anticipating potential market-moving impact. 

US President Donald Trump speaks at Blockworks’ Digital Asset Summit, March 20, 2025

The bullish policy stance from Trump declaring that the US will not sell its BTC holdings early, could provide an additional tailwind for crypto markets in the days ahead.

Crypto News Updates: 

Kraken acquires NinjaTrader in $1.5 billion deal to expand US futures trading

Kraken has announced a $1.5 billion acquisition of NinjaTrader, a leading US retail futures trading platform.

The deal, expected to close in the first half of 2025, marks one of the largest integrations between traditional finance and crypto.

Kraken aims to leverage NinjaTrader’s futures trading infrastructure to expand its presence in the US derivatives market and enhance multi-asset trading capabilities.

“Traditional markets run on banking systems from the 1950s and post-WWII, exchanges that close at 4 p.m. ET, and settlement delays that take days to resolve.

Crypto rails fixed these issues, operating with efficient and real-time infrastructure.

But legacy finance and crypto have remained separate ecosystems, until today.

This transaction is the first step in our vision of an institutional-grade trading platform where any asset can be traded, anytime,” said Arjun Sethi, Kraken’s co-CEO.

NinjaTrader, currently serves nearly two million traders and is a CFTC-registered Futures Commission Merchant, will continue to operate independently under Kraken’s expanding suite of trading and payments applications.

• Pakistan moves to legalize cryptocurrency to boost foreign investment

Pakistan is developing a legal framework for cryptocurrency to attract international investment and strengthen its digital asset ecosystem.

The Pakistan Crypto Council, led by Bilal bin Saqib, is drafting regulatory guidelines to provide clarity and security for investors.

The country already has a strong crypto presence, ranking ninth globally in adoption with an estimated 15-20 million users.

The initiative aligns with regional trends and reflects growing global interest in digital assets.

Pakistan’s move also draws influence from international regulatory strategies, including recent developments in the US crypto market. Officials aim to position the country as a competitive hub for blockchain innovation and investment

• MoonPay secures $200 million credit line from Galaxy to manage liquidity surges

MoonPay has secured a $200 million revolving credit line from investment firm Galaxy to handle sudden spikes in transaction volume.

The move comes after the company struggled to meet liquidity demands during the launch of Donald Trump’s memecoin, which required $160 million in emergency funds.

MoonPay CEO Ivan Soto-Wright said the credit line is meant for short-term capital access during extreme liquidity events, not for long-term debt.
This marks MoonPay’s first credit line, despite ending 2024 as cash-flow positive with 112% year-over-year net revenue growth.

The company, valued at $3.4 billion in 2021, chose to secure additional liquidity after facing banking constraints during the TRUMP memecoin launch.

“The traditional banking system operates Monday through Friday, nine-to-five, yet crypto operates 24/7,” Soto-Wright said, emphasizing the need for immediate funds outside banking hours.