Bitcoin bounced back 14% after hitting a four-month low of $76,600 on March 11 but remains 25% below its record $110,000 high—a typical “bull market correction.” Some analysts warn that further declines may follow, citing bearish signals like the “dark cloud cover” pattern at $87,470 resistance.
Meanwhile, Ripple is celebrating the SEC's decision to drop its appeal against the firm, though the decision offers little clarity for the broader crypto industry.
What are the top crypto news stories you have missed since last week? Here’s the recap of last week’s key developments you might have missed.
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TOP CRYPTO NEWS RECAP (March 16–22, 2024 2025)
- US Stablecoin Bill Could Pass Within Two Months, Says Trump’s Crypto Adviser
- 83% of Institutions Plan to Increase Crypto Holdings in 2025: Coinbase
- US Treasury Removes Tornado Cash from Sanctions List Following Court Ruling
- German Regulator BaFin Bans Sales of Ethena’s USDe Token
- SEC Ends Legal Battle Against Ripple, CEO Garlinghouse Confirms
- Pump.fun Launches PumpSwap, Ending Raydium Partnership
US Stablecoin Bill Could Pass Within Two Months, Says Trump’s Crypto Adviser
Bo Hines, head of the President’s Council of Advisers on Digital Assets, announced that stablecoin legislation could be finalized within two months. Speaking at the Digital Asset Summit, he emphasized the bipartisan approval of the GENIUS Act, which sets collateralization and compliance rules for stablecoin issuers. The bill is crucial for maintaining US dollar dominance in global finance. Treasury Secretary Scott Bessent reaffirmed the administration’s commitment to using stablecoins to strengthen the dollar’s reserve currency status, highlighting the urgency of passing the legislation.
83% of Institutions Plan to Increase Crypto Holdings in 2025: Coinbase
A Coinbase and EY-Parthenon report reveals that 83% of institutional investors plan to increase their crypto allocations in 2025. Nearly three-quarters already hold assets beyond Bitcoin and Ether, with XRP and Solana being the most popular altcoins. Based on surveys from 350 institutions, the study highlights the growing interest in DeFi, with institutional participation expected to rise from 24% to 75% in two years. Stablecoins are also gaining traction for yield generation and payments. Meanwhile, US regulators may soon approve altcoin ETFs, further accelerating institutional adoption.
US Treasury Removes Tornado Cash from Sanctions List Following Court Ruling
The US Treasury has removed Tornado Cash from its sanctions list after a January appeals court ruling deemed the sanctions unlawful. The court found that the Treasury’s Office of Foreign Assets Control (OFAC) overstepped its authority, as Tornado’s smart contracts are not the property of any foreign national. In response, OFAC delisted several Tornado-affiliated Ethereum addresses. Tornado Cash’s token (TORN) surged 60% on the news, reaching a $73 million market cap. Despite its removal, the protocol remains linked to alleged money laundering activities, including transactions involving North Korea’s Lazarus Group.
German Regulator BaFin Bans Sales of Ethena’s USDe Token
Germany’s financial regulator, BaFin, has prohibited public sales of Ethena GmbH’s USDe token, citing violations of the EU’s MiCAR regulations and potential unregistered securities offerings. The regulator ordered Ethena to freeze reserve assets, shut down its website, and halt new customer sign-ups. Despite this, secondary sales remain unaffected. BaFin denied Ethena’s MiCA approval due to compliance failures. Ethena recently raised $100 million for new institutional products and partnered with World Liberty Financial. The firm insists that USDe remains fully backed and redeemable through its British Virgin Islands entity.
SEC Ends Legal Battle Against Ripple, CEO Garlinghouse Confirms
Ripple CEO Brad Garlinghouse announced on March 19 that the U.S. Securities and Exchange Commission (SEC) will drop its appeal against the company, marking the end of a four-year legal battle. The SEC sued Ripple in 2020 over an alleged $1.3 billion unregistered securities offering. Garlinghouse shared the news at the Digital Asset Summit, calling it a victory for the crypto industry. Following the announcement, XRP surged by 9%, boosting broader crypto markets. He also praised regulators for adopting a more constructive approach toward cryptocurrency innovation in the U.S.
Pump.fun Launches PumpSwap, Ending Raydium Partnership
Pump.fun has introduced its own decentralized exchange, PumpSwap, replacing Raydium as the primary platform for trading Solana memecoins. As of March 20, memecoins launching on Pump.fun will migrate directly to PumpSwap, eliminating previous delays. The move intensifies competition with Raydium, which recently announced its own memecoin launchpad, LaunchLab. PumpSwap also plans to share protocol revenue with coin creators, a feature inspired by rival GoFundMeme. Meanwhile, memecoin trading volumes have declined sharply since January, impacting both Pump.fun’s and Raydium’s revenues.
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