Weekly Crypto Market Wrap March 17–23, 2025
The past week turned out to be a successful one for the crypto market. Bitcoin closed the week at $85,000, pulling altcoins up with it, while TORN surged +65% intraday after being removed from the OFAC sanctions list. For the first time in history, gold also closed the week above $3,000, signaling strong investor confidence. All that’s left is for institutional capital to start flowing into altcoins. Let’s dive into the key highlights of the week:
Strategy Raises $722.5M Instead of Planned $500M. Initially planning to issue just $500 million in preferred shares, Strategy ended up raising $722.5 million due to overwhelming demand. The appetite for crypto exposure is growing fast, and this is yet another sign of strong institutional interest in the sector.
Metaplanet Appoints Eric Trump as Strategic Advisor. Japan's "MicroStrategy equivalent," Metaplanet, has brought on Eric Trump, son of the U.S. President, as a strategic advisor. The move underscores how deeply Bitcoin is making its way into elite business and political circles.
Bitcoin ETF Inflows Continue for 6 Days Straight (+$777.19M). Institutional investors remain confident, with six consecutive days of inflows into Bitcoin ETFs totaling over $777 million. Big players are clearly still accumulating BTC, even at current price levels.
SEC Declares All Proof-of-Work Tokens Are Not Securities. The SEC finally confirmed that Bitcoin and other Proof-of-Work tokens are not securities. This long-awaited recognition is a huge step forward and may reduce legal risks for PoW assets while narrowing the scope of future enforcement.
Justin Sun: TRON Is Coming to Solana. In a surprise announcement, Justin Sun revealed that TRON will launch on the Solana blockchain. Traditionally its own ecosystem, TRON’s expansion into Solana could be part of a broader DeFi push — or even a potential merger strategy down the line.
Arizona Recognizes Bitcoin as Legal Tender. While the U.S. federal government continues to debate crypto regulation, Arizona has passed SB1062, recognizing Bitcoin as legal tender within the state. Though not yet full-fledged currency status, it opens the door for on-chain payments and broader integration into Arizona’s economy.
CME Group Launches Solana Futures Trading. Despite ongoing debates about Solana’s decentralization, CME Group — the world’s largest futures exchange — has launched SOL futures. This further institutionalizes the asset, giving funds and professional traders tools to hedge their positions.
Gemini Hires Dan Chen as New CFO. Gemini has appointed Dan Chen, a former VP at Morgan Stanley, as its new Chief Financial Officer. This isn't just a corporate reshuffle — it signals the Winklevoss twins are preparing for major expansion.
OKX Halts DEX Aggregator Due to Lazarus Group Activity. The notorious Lazarus Group is back in headlines, allegedly using OKX’s DEX aggregator to launder ETH stolen from Bybit. OKX responded quickly by suspending the service, but it raises a broader question: how can the crypto industry defend itself against threats like this?
Fed Keeps Interest Rate Unchanged at 4.25–4.50%. As expected, the Federal Reserve held interest rates steady. For crypto markets, this is a welcome sign of stability, giving investors more confidence to remain in or add to risk-on positions, including digital assets.
SEC Withdraws Appeal in Ripple Case. In another major win for XRP and Ripple, the SEC dropped its appeal, further solidifying Ripple’s legal standing. This may be a signal that regulators are ready to ease off on aggressive enforcement against the crypto sector.
Tornado Cash Removed from OFAC Sanctions List. The crypto world exploded with excitement as Tornado Cash addresses were removed from the OFAC sanctions list, causing the TORN token to spike over 65%. This could mark a shift in the regulatory approach toward decentralized privacy protocols.
Gotbit Founder Pleads Guilty to Market Manipulation, Forfeits $23M. Not all news was positive. The founder of Gotbit admitted to market manipulation and agreed to forfeit $23 million. The case highlights that enforcement in crypto is getting sharper, and shady operations are less likely to go unnoticed.
Upcoming major token unlocks:
ALT: $9.43M (8.6%)
VENOM: $7.63M (3.1%)
ENA: $3.17M (0.2%)
YGG: $3.00M (3.3%)
SLF: $2.55M (10.3%)
VELO: $2.44M (2.5%)
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
