Bitcoin Approaches $86,000 Amidst Positive Market Developments
Bitcoin’s price nears $86,000 following the Federal Reserve’s rate decision and the withdrawal of the SEC’s lawsuit against Ripple Labs. Ether also saw gains, trading at $2,020.95. Solana token rises in anticipation of its linked ETFs, while notable market recovery sends bullish signals for cryptocurrencies moving forward.
On March 20, the price of Bitcoin approached the $86,000 mark following a positive Federal Reserve rate decision that invigorated financial markets. Reports also indicated that the United States Securities and Exchange Commission (SEC) has officially withdrawn its lawsuit against Ripple Labs, further supporting Bitcoin’s ascent.
During early trading on March 20, Bitcoin momentarily reached $87,299 before stabilizing around $85,596.80, reflecting a 3.18 percent increase from the previous day, as confirmed by CoinMarketCap. Bitcoin’s market capitalization stood at $1.69 trillion, with trading volume hitting $35.82 billion in the preceding 24 hours.
Ether, the second largest cryptocurrency, also experienced an increase, trading at $2,020.95, up 4.51 percent according to CoinMarketCap data. Ether’s market cap was recorded at $243.78 billion, with a trading volume of $20.26 billion. Stablecoin Tether, associated with the US Dollar, remained stable at $1, maintaining a market cap of $143.66 billion and trading volume of $78.91 billion.
In noteworthy news, the Solana token surged by 5.69 percent to $133.09 in anticipation of two Solana-linked exchange-traded funds (ETFs). These ETFs, launched by Florida-based Volatility Shares LLC on March 20, include the Volatility Shares Solana ETF (SOLZ) that tracks Solana futures and the Volatility Shares 2X Solana ETF (SOLT), which offers double the leveraged exposure. The expense ratios are 0.95% for SOLZ and 1.85% for SOLT.
On March 19, Ripple Labs announced that the SEC had dropped its appeal against a ruling concerning the XRP token, which had determined that sales on public exchanges did not constitute a security under the law. Ripple’s CEO, Brad Garlinghouse, described this development as a “resounding victory” and a “long overdue surrender” for the SEC.
Avinash Shekhar, CEO and Co-Founder of Pi42, remarked that Bitcoin and the overall cryptocurrency market are rebounding thanks to the Fed’s decision to keep interest rates steady. He pointed out an increase in Bitcoin Whale accumulation, totaling $13 billion over three days, which reflects a healthy investor sentiment. He predicted further upwards momentum in the coming months as liquidity rises and macroeconomic conditions improve.
According to reports from CoinSwitch Markets Desk, Bitcoin has experienced a slight increase of nearly 4 percent, trading around $86,000, while Ethereum has also risen by 5 percent to approximately $2,031. Several factors have contributed to these price movements in the cryptocurrency market.
In summary, Bitcoin’s price has approached $86,000 largely due to favorable Federal Reserve decisions and the withdrawal of the SEC’s suit against Ripple. Both Bitcoin and Ether have recorded significant gains, reflecting a revitalized investor sentiment in the cryptocurrency market. The successful launch of Solana-linked ETFs is expected to further bolster market activity. As the market outlook improves, key players anticipate continued growth in the crypto space.
Original Source: www.livemint.com
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