The cryptocurrency market experienced a surge in activity today, with Bitcoin nearing $86,000 and Ethereum surpassing the $2,000 mark. This upswing is attributed to the SEC's decision to drop its long-standing enforcement action against Ripple, suggesting a possible change in regulatory perspective, and the Federal Reserve's maintenance of interest rates with projections for two cuts in 2025.

Crypto Market Developments

Positive legislative news, coupled with consistent monetary policy from the Federal Reserve, has propelled cryptocurrency prices upward across the board. The SEC's decision to abandon its lawsuit against Ripple after four years of litigation is seen as a significant win for the sector. Ripple CEO Brad Garlinghouse hailed this event as a major victory for Ripple and the crypto industry, hinting at a potential "new chapter" for cryptocurrency regulation under the Trump administration.

Institutional interest is also on the rise, as Minnesota state Senator Jeremy Miller introduces the Minnesota Bitcoin Act, which would allow the state to invest in Bitcoin and other cryptocurrencies. This move aligns with similar legislation in 22 other American states, where 39 separate proposals related to state Bitcoin investments are currently under consideration.

Bitcoin Holds Above $85,000

Following the Federal Reserve's decision to maintain interest rates between 4.25% and 4.5%, Bitcoin's surge towards $86,000 slowed. Fed Chair Jerome Powell reiterated plans to reduce the monthly redemption cap on Treasury securities from $25 billion to $5 billion and maintained the possibility of two rate cuts in 2025, leading Bitcoin to peak at $85,950 intraday.

On-chain data indicates a distinct market dynamic. Despite recent corrections to a four-month low of $76,600 on March 11, long-term holders have shown declining selling pressure. Data from Glassnode reveals that these investors continue to hold a significant portion of their gains, indicating strong confidence in Bitcoin's long-term trajectory. Additionally, new Bitcoin whales have aggressively accumulated over 1 million BTC since November 2024, establishing themselves as major market players.

Ethereum Crosses Key $2,000 Mark

Ethereum rose almost 8% over the past 24 hours, breaking above $2,000 to peak at $2,064. The altcoin successfully broke out from an ascending triangle pattern after producing higher lows and encountering resistance at $1,950 multiple times.

On March 12, ETH moved into accumulation addresses, recording a one-day total of 345,210 ETH, suggesting notable long-term holding behavior. These accumulation addresses have gathered over 5.8 million ETH during a 12-month period in 2024 and have already purchased 4.73 million ETH in under three months in 2025, indicating that significant holders are taking advantage of ETH's current pricing, which remains 58.4% below its all-time high.

XRP Rallies to $2.55 After Ripple’s Legal Victory

Following Ripple CEO Brad Garlinghouse’s announcement that the SEC would drop its appeal against the company, XRP price jumped 15% to $2.55. The news triggered over $11.96 million worth of short XRP positions to be sold in just one hour, compared to $5.5 million in long liquidations.

The SEC initiated its action against Ripple in December 2020, alleging that the company engaged in an unregistered securities sale. In August 2024, a federal judge penalized Ripple $125 million—far less than the SEC’s $2 billion demand—and ruled that XRP itself is not a security for retail sales, marking a partial victory for Ripple. With the SEC’s appeal dropped, the regulatory landscape for cryptocurrencies is undergoing a clear shift.

Solana Sees Over 7% Surge

As investors shifted to riskier assets ahead of Federal Reserve Chair Jerome Powell’s comments, Solana’s native token SOL surged 8% to $133.44. Solana’s total value locked (TVL) reached its highest level since July 2022, rising to 53.2 million SOL on March 17—a 10% increase from the previous month—despite a 47% reduction in on-chain traffic over two weeks.

Several Solana DApps, including Pump.fun, Jupiter, Meteora, and Jito, are outperforming more established rivals in fee generation, and Solana’s weekly base layer costs exceed those of Ethereum. SOL appears poised to potentially recover the $170 level last seen on March 3, with balanced leverage levels and lowered token unlocks projected in the coming months.

Cardano Trades in a Range Under $0.78

Cardano’s price experienced a 32% drop in February, followed by a 13.5% increase in March. Social sentiment towards ADA has reached its most positive level in four months while trading sideways between $0.78 and $0.70 over the past ten days.

The SEC’s recent remarks labeling Cardano’s use case as “smart contracts for government services” have supported ADA investors. Although on a downturn since its 2024 high of $1.32, the altcoin has maintained a position above the 0.50 Fibonacci retracement line, suggesting that its high-time frame chart remains on a technical uptrend. Supported by the 200-day exponential moving average, a breakout could potentially trigger a 20% surge towards the $0.84-$0.88 region, with immediate resistance at $0.78. However, Cardano has historically exhibited extended sideways movement, which may limit quick gains.

The excitement rippled through the crypto community following the news of Ripple's victory over the SEC. Brad Garlinghouse, Ripple's CEO, announced that the SEC would be dropping its appeal in the case against the fintech firm. XRP prices immediately reacted, surging nearly 10% and hitting a high of $2.57, according to CoinGecko data. Garlinghouse criticized the SEC's past actions, accusing them of market manipulation that wiped out billions from XRP's market cap. Other crypto leaders, including Anthony Scaramucci and Brian Armstrong, congratulated Ripple on their hard-fought victory, signaling a positive shift in sentiment across the broader crypto market.