Here’s a quick recap of the crypto landscape for Friday (March 21) as of 9:00 p.m. UTC.
Bitcoin and Ethereum price update
Bitcoin (BTC) is currently trading at US$83,955.92, a 0.7 percent decrease over the past 24 hours. The day’s trading range has seen a low of US$83,238.78 and a high of US$84,411.85.
A new analysis by trading resource Material Indicators on March 20 (Thursday) identified a classic manipulatory device known as spoofing by one or more whales as a reason why Bitcoin failed to sustain or rally past US$87,500 yesterday. Crypto markets are seeing decreased speculative trading, indicated by a lower Bitcoin hot supply. Analysts predict bearish trends could continue, with Bitcoin possibly dropping to $60,000.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
Chart via TradingView.
Bitcoin performance, March 21, 2025.
Ethereum (ETH) is priced at US$1,973.30, trading flat over the same period. The cryptocurrency reached an intraday low of US$1,938.90 and a high of US$1,976.41.
Crypto analytics platform Santiment observed the lowest supply of Ether on crypto exchanges since November 2015, which suggests that investors are moving their ETH into cold storage wallets for long-term holding. This could lead to a supply shock, resulting in a potential price surge.
Altcoin price update
- Solana (SOL) is currently valued at US$128.15, up 0.2 percent over the past 24 hours. SOL experienced a low of US$125.34 and a high of US$129.04 on Friday.
- XRP is trading at US$2.40, reflecting a 1.4 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday low of US$2.36 and a high of US$2.42. An analysis of XRP’s technical suggests the currency could be a 75 percent rally from its current price levels by June.
- Sui (SUI) is priced at US$2.27, showing a 4.6 percent decrease over the past 24 hours. It achieved a daily low of US$2.24 and a high of US$2.29.
- Cardano (ADA) is trading at US$0.7105, reflecting a 1.1 percent decrease over the past 24 hours. Its lowest price on Friday was US$0.7017, with a high of US$0.7167.
Crypto news to know
Australia exploring digital asset integration
The Australian government is developing a regulatory framework for digital assets, focusing on digital asset platforms (DAPs) and payment stablecoins. According to a white paper released by the Treasury office, the reforms aim to balance innovation with consumer protection, aligning with international best practices.
Key elements include extending existing financial services laws to DAPs, treating payment stablecoins as stored-value facilities and reviewing the enhanced regulatory sandbox. Under the framework, the government plans to explore the potential of digital asset technology, while addressing de-banking issues and considering future initiatives such as the Crypto Asset Reporting Framework, central bank digital currencies, tokenization and decentralized finance.
The paper details a pilot program that centers around exploring the practical applications of tokenization in financial markets, particularly in the wholesale sector. The program will be executed in collaboration with the Digital Finance Cooperative Research Center, the Treasury, ASIC and the Australian Prudential Regulation Authority.
These developments come ahead of a federal election slated for May 17 or earlier.
Coinbase in talks to acquire Deribit
Coinbase is reportedly in advanced discussions to acquire leading cryptocurrency derivatives platform Deribit, according to a Bloomberg report released on Friday afternoon.
According to sources cited by the news outlet, the move aims to bolster Coinbase’s presence in the institutional crypto trading space by integrating Deribit’s established options and futures offerings.
The acquisition would allow Coinbase to diversify its revenue streams and cater to sophisticated traders seeking complex financial instruments, potentially solidifying its position as a comprehensive crypto exchange in a rapidly evolving market.
The companies have not commented on the potential deal, but have reportedly notified regulators in Dubai where Deribit holds a license.
Canary Capital files to list Pengu ETF
Canary Capital has filed US regulatory documents to list an exchange-traded fund (ETF) that would hold Pengu (PENGU), the governance token of the Pudgy Penguins non-fungible token (NFT) project.
This move follows an earlier proposal by the investment firm to offer the first Sui ETF on Monday (March 17).
The proposed Pengu ETF aims to hold spot PENGU and Pudgy Penguins NFTs, potentially becoming the first US ETF to hold NFTs if approved. The filing also reveals plans for the ETF to hold other digital assets, such as SOL and ETH, for transactions related to the PENGU and Pudgy Penguins NFTs.
As of March 21, PENGU had a market cap of approximately US$395 million, according to CoinGecko.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.