Here’s a quick recap of the crypto landscape for Monday (March 17) as of 9:00 p.m. UTC.
Bitcoin and Ethereum price update
Bitcoin (BTC) is currently trading at US$84,430.77, a 1.3 percent increase over the past 24 hours. The day’s trading range has seen a high of US$84,583.84 and a low of US$82,669.84.
Despite the recent market downturn, traders are now seeing historical patterns that suggest Bitcoin’s price could rise. Network economist Timothy Peterson said a repeat of Bitcoin’s historical pattern could mean that the token could hit a new ATH, potentially around US$126,000, by June.
Bitcoin performance, March 17, 2025.
Chart via TradingView.
Ethereum (ETH) is priced at US$1,940.40, marking a 2.9 percent increase over the same period. The cryptocurrency reached an intraday high of US$1,949.66 and a low of US$1,892.89.
Ether’s price has been stuck below US$2,000 for several reasons that indicate a risk-off sentiment for investors, including declining network activity and decreasing TVL, negative spot Ethereum ETF flows and weak technicals.
An analysis shows the potential of a bear flag forming, which could mean more downside in the coming days. Testing of Ethereum’s Pectra upgrade is set to begin on Hoodi today, and the upgrade will be launched 30+ days after Hoodi forks successfully.
Altcoin price update
- Solana (SOL) is currently valued at US$129.70, up 2.1 percent over the past 24 hours. SOL experienced a high of US$130.53.61 and a low of US$125.97 on Monday.
- XRP is trading at US$2.36, reflecting a 2.6 percent increase over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.38 and a low of US$2.31.
- Sui (SUI) is priced at US$2.36, showing a 5.2 percent increase over the past 24 hours. It achieved a daily high of US$2.37 and a low of US$2.27.
- Cardano (ADA) is trading at US$0.7251, reflecting a 3.4 percent increase over the past 24 hours. Its highest price on Friday was US$0.7291, with a low of US$0.7150.
Crypto news to know
CME launches Solana futures
The highly anticipated launch of Solana (SOL) futures trading on the Chicago Mercantile Exchange (CME) saw its inaugural block trade completed on Sunday evening. Digital asset prime broker FalconX announced the completion of the inaugural block trade of Solana (SOL) futures contracts with financial services company StoneX acting as the counterparty.
This transaction occurred amidst a period of notable volatility for SOL. Leading up to March 17, the price of SOL experienced a decline, coinciding with reductions in both network transaction volume and Total Value Locked (TVL).
Additionally, open interest in SOL has decreased significantly, and technical analysis suggests a potential further price drop of up to 35 percent. Analysts have identified the US$120 level as a critical support threshold; a breach of this level could lead to a test of support at US$110.BNY Mellon deepens ties with Circle for stablecoin services
Financial giant BNY Mellon is expanding its services to include digital assets by partnering with stablecoin giant Circle. This collaboration will allow select BNY Mellon clients to send and receive funds to and from Circle, and to buy and sell Circle’s USDC stablecoins. This move signifies the increasing acceptance of stablecoins in traditional finance and demonstrates BNY Mellon’s dedication to innovation and adapting to client needs.
Strategy’s latest Bitcoin purchase
Strategy announced its latest Bitcoin purchase on Monday, acquiring 130 Bitcoins for around US$10.7 million in cash, at an average price of roughly US$82,981 per Bitcoin. This marks the company’s smallest acquisition on record, made using proceeds from the “STRK ATM,” a new Strategy program looking to raise up to US$21 billion in fresh capital to acquire more Bitcoin. Strategy is now just 774 tokens shy of 500,000.
Ripple Labs plans cryptocurrency custody expansion
Ripple Labs, the company behind XRP, appears to be planning an expansion into cryptocurrency custody, according to a trademark application for “Ripple Custody” dated February 25.
The filing also reveals plans for downloadable software to custody and manage various currencies, including crypto and fiat, suggesting Ripple may be developing a cryptocurrency wallet, a service it doesn’t currently offer. Providing wallet services would also generate new revenue for Ripple through transaction fees.
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.
