Bitcoin (BTC) partially recovered to around $66,500, possibly influenced by the Fed’s interest rate decision and upcoming tapering halving event. Ripple’s XRP received stock market support amid an SEC lawsuit, highlighting its regulatory challenges and market resilience. Solana-based meme coins such as Slerf and Book of Meme experienced significant price fluctuations, reflecting the speculative and volatile nature of the crypto market.
The lawsuit filed by the United States Securities and Exchange Commission (SEC) against Ripple Labs, the company behind Ripple (XRP), has turned out to be one of the most important regulatory battles in the history of the cryptocurrency.
In 2020, the SEC filed a lawsuit against Ripple Labs, alleging that it conducted an unregistered securities offering through the sale of its XRP tokens worth $1.3 billion. The lawsuit argued that XRP should be classified as a security, similar to stocks or bonds, and would therefore be subject to SEC regulation.
BTC Recovering Again
Last week, the price of the leading cryptocurrency soared to an all-time high of over $73,500. However, it failed to maintain the momentum, trickling below the $61 mark on March 20 amid a broader market correction.
Trends look much more positive today, March 21, with most digital assets in the green, while global market capitalization jumped above $2.6 trillion. BTC briefly recovered to $68,000 before retreating slightly to its current level of around $66,500, according to CoinGecko data.
The asset’s resurgence came shortly after the Federal Reserve decided to keep interest rates unchanged. The benchmark remains set at 5.25%-5.50%, and the Fed says that “it will be appropriate to reduce the target range until greater confidence has been gained that inflation is moving sustainably toward 2 percent.”
Another factor that may positively impact BTC valuation in the near future is the upcoming halving, expected in April. The event, which occurs approximately every four years, slows the rate at which new coins are mined and has been a precursor to a major bull run in the past.
Ripple Developments
The main news surrounding the company is related to the lawsuit against the United States Securities and Exchange Commission (SEC). The parties reportedly submitted a joint letter requesting approval from the magistrates “to regulate sealing issues related to the upcoming resource-related briefing.”
Although the trial is scheduled for April 23, its outcome could be delayed as both entities could appeal any unfavorable ruling.
Ripple’s native token, XRP, has also made headlines in recent days. It received support from major cryptocurrency exchanges, such as BitMEX and Atlantis Exchange, which allowed trading services with it.
Solana Memes in the Spotlight
The cryptocurrency market has seen a sharp decline lately, but this was not the case for some Solana-based meme coins, which saw significant price increases.
The newly emerged Slerf (SLERF) and Book of Meme (BOME) are two obvious examples. The former recorded a daily increase of 70% on March 19, with its value approaching the $1.30 mark. However, it was also involved in some suspicious activity earlier this week when the developer behind it accidentally burned $10 million in funds raised from investors during the pre-sale. Currently, its price is around $0.80.
BOME made headlines on March 16 when its market capitalization skyrocketed to nearly $1.5 billion, briefly placing it among the top 100 cryptocurrencies. BOME made another attempt to enter the club on March 20th, when its price spiked by 30%, but was unable to reach the goal. At the moment, BOME is the 153rd largest digital asset.
By Leonardo Perez
