Weekly Cryptocurrency Report: March 28, 2025, Market Update
Bitcoin and Ethereum See Notable Price Declines
Bitcoin and Ethereum Price Overview
Bitcoin (BTC) is presently trading at US$83,780.06, reflecting a 3.7% decrease in the last 24 hours. Throughout the day, its trading range fluctuated with a low of US$83,609.35 and a high of US$85,503.88.
Chart via TradingView.
Bitcoin performance, March 28, 2025.
Deribit’s US$16 billion Bitcoin options expiry occurred on Friday, with a maximum pain point of US$75,000, down from the anticipated US$85,000, and a put/call ratio of 0.58. Notably, there was significant call option open interest at the US$100,000 strike price.
This decline in Bitcoin’s price suggests readjustments in the market following the options expiry.
Ethereum (ETH) is trading at US$1,875.25, down 6.4% in the past 24 hours, with an intraday low of US$1,866.54 and a high of US$1,900.19.
Altcoin Market Updates
- Solana (SOL) is valued at US$129.44, reflecting a 6.9% decline over the last 24 hours. It experienced a low of US$129.17 and a high of US$131.56 on Friday.
- XRP is trading at US$2.18, showing a 6.9% decrease over the past day, with an intraday low of US$2.16 and a high of US$2.22.
- Sui (SUI) is priced at US$2.49, down 9.7% over the last 24 hours, reaching a daily low of US$2.49 and a high of US$2.56.
- Cardano (ADA) is trading at US$0.6961, down by 5.2% in the past 24 hours. It hit a low price of US$0.66925 and reached a high of US$0.7031 on Friday.
Important Crypto News
SEC Onboards Members of Musk’s DOGE Team
Reuters reports that the US Securities and Exchange Commission (SEC) has initiated the onboarding of personnel from Elon Musk’s Department of Government Efficiency (DOGE) team.
An internal email indicated, “Our intent will be to partner with the DOGE representatives and cooperate with their request following normal processes for ethics requirements, IT security or system training, and establishing their need to know before granting access to restricted systems and data.”
Atkins Faces Questions in Senate Confirmation Hearing
SEC nominee Paul Atkins testified before the Senate Banking Committee on Thursday (March 27).
During the session, Senator Elizabeth Warren questioned Atkins about the sale of his consulting firm, Patomak Global Partners, which provided advice to the now-bankrupt cryptocurrency exchange FTX. Warren remarked, “Your clients pay you north of US$1,200 an hour for advice on how to influence regulators like the SEC.”
She expressed concerns about potential conflicts of interest if he were confirmed to the SEC, requesting the disclosure of potential buyers of his consulting firm. Atkins stated he would adhere to government ethics but did not directly respond to Warren’s inquiry.
Senator John Kennedy also probed Atkins on whether he would investigate Sam Bankman-Fried’s parents, suggesting their involvement in unethical activities.
UAE Plans to Launch Digital Dirham CBDC
The United Arab Emirates is set to introduce its central bank digital currency (CBDC), the Digital Dirham, for retail use by late 2025. According to the Khaleej Times, the Central Bank of the UAE has developed a comprehensive Digital Dirham platform facilitating retail, wholesale, and cross-border transactions.
Licensed financial institutions will provide access to the CBDC, which will coexist with physical cash in all payment channels. This initiative aligns with global movements to regulate stablecoins and follows similar efforts from other nations like China and Sweden, reinforcing the UAE’s commitment to enhancing financial security.
UK Regulator to Implement Stricter Crypto Authorization Framework
The UK’s Financial Conduct Authority (FCA) has declared plans to implement a new authorization framework for cryptocurrency firms starting in 2026, increasing the regulatory oversight in the sector. The new “gateway regime” will require crypto companies, including major exchanges like Coinbase and Gemini, to obtain authorization to operate beyond current anti-money laundering (AML) obligations.
Only 50 out of 368 applicants have successfully registered under AML regulations since 2020, indicating rigorous oversight. Upcoming consultations will clarify which crypto operations will necessitate authorization.
BlackRock Expands Bitcoin ETP to Europe
BlackRock has launched its iShares Bitcoin exchange-traded product (ETP) in Europe, now available on prominent exchanges including Xetra and Euronext Amsterdam.
This move represents a significant step for institutional Bitcoin adoption in Europe, especially after the success of BlackRock’s US-based iShares Bitcoin Trust ETF, which has garnered over US$49 billion in assets. However, analysts anticipate tempered demand in Europe due to differences in market structure and regulatory clarity.
Nasdaq Moves to List Grayscale’s Spot Avalanche ETF
Nasdaq has sought permission from the SEC to list Grayscale Investments’ spot Avalanche ETF. This proposed AVAX ETF would convert the close-ended AVAX fund launched in August 2024, which currently manages approximately US$1.76 million in assets.
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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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
