The Blockchain Bulletin, March 21: Closure of SEC-Ripple Case Gives Hope for ETF
Hey Folks! Welcome to our latest edition of the Blockchain Bulletin series, which offers insights that hit the headlines over the last 24 hours. Crypto markets surged midweek following a powerful string of legal, political, and macroeconomic developments. Ripple led the headlines after the U.S. Securities and Exchange Commission dropped its appeal in the company’s long-running lawsuit.
Speaking at the Digital Assets Summit in New York, Ripple CEO Brad Garlinghouse expressed his relief on the case after four years and three months. Following the win, XRP surged from $2.28 to $2.57—gaining 13% in 24 hours—while Polymarket odds for a Ripple ETF approval rose to 81%, an 11% increase from earlier projections. The market, which saw a 24-hour high of $2.57 for XRP, gained confidence as the victory was a turning point for Ripple and the entire crypto industry.
Meanwhile, Donald Trump has deepened his crypto engagement. After hosting the first-ever White House Crypto Summit on March 7, he will become the first sitting president to address a crypto conference. His pre-recorded remarks will air at 10:40 AM EST during Blockworks’ Digital Asset Summit. The event brings together government officials, pro-crypto lawmakers, and industry leaders, reflecting the administration’s policy shift. Additionally, executives from Trump Media launched Renatus Tactical Acquisition Corp I, seeking to raise $179 million through an IPO and private placement. Led by Eric Swider, the company plans to acquire crypto, blockchain, and defense-related businesses.
In corporate news, Kraken has finalized a $1.5 billion acquisition of NinjaTrader, a U.S.-licensed retail futures platform. The deal will give Kraken access to a Futures Commission Merchant license, enabling it to offer crypto futures and derivatives under U.S. regulations. The company plans to operate NinjaTrader as a standalone platform while expanding into other services such as equities and payments.
Markets also reacted to the latest U.S. Federal Reserve meeting. The Fed held rates steady at 4.25%–4.50%, citing inflation, tariffs, and economic uncertainty. Chair Jerome Powell pointed to tariffs as a key contributor to inflation and highlighted recent uncertainty in the economic outlook. The Fed sharply reduced its 2025 GDP forecast from 2.1% to 1.7% and raised the unemployment projection to 4.4%. This helped drive prices higher, with Bitcoin climbing nearly 8% to $85,852.86, backed by a trading volume of $37.3 billion. Altcoins followed the rally, led by XRP’s 7.49% daily rise, with market optimism fueled by regulatory clarity and macro signals.
Bitcoin’s price structure also attracted analyst attention. A sweep of last week’s low signaled a possible bullish reversal. If BTC closes above last week’s high, a push toward the buy-side liquidity zone could unfold, with analysts pointing to a breakout above $100,000. Support sits at $83,000 and resistance at $88,500. Analysts are closely watching whether the traditional four-year cycle—historically driven by halving events—still holds. The most recent halving in April 2024 reduced mining rewards to 3.125 BTC, though macro trends and institutional interest may now be the dominant factors.
Related: Bank of England Keeps Rates Steady Amid Economic Stagnation
Internationally, Pakistan has proposed to legalize crypto to attract global engagement and strengthen its economy. According to Pakistan Crypto Council CEO Bilal bin Saqib, the country is developing a regulatory framework to support the sector. With around 15 to 20 million crypto users and 60% of the population under 30, Pakistan ranks ninth globally in crypto adoption, indicating strong grassroots activity despite prior central bank warnings.
In the UAE, Dubai has launched the pilot phase for tokenized real estate using blockchain. Through a partnership between the Dubai Land Department, Virtual Assets Regulatory Authority, and Dubai Future Foundation, title deeds are now being digitally represented, positioning Dubai as the first in the Middle East to adopt this framework. Taking a strategic step, Binance announced a ‘Vote to List’ initiative, encouraging users to vote for a token that could be listed. The first round focuses on Binance Smart Chain tokens with future expansions to Binance Alpha.
Elsewhere, Bybit continues to investigate the recent $1.4 billion hack. CEO Ben Zhou confirmed that 88.87% of the funds are traceable, though 7.59% has already passed through crypto mixers, complicating recovery. Simultaneously, cybersecurity firm SlowMist has warned of Trojans disguised as cracked versions of TradingView software spreading via Reddit. These malware programs—AMOS and Lumma—target Mac and Windows users, silently stealing personal data and draining wallets.
