Investors eagerly await! The cryptocurrency data platform CoinMarketCap shows that Bitcoin (BTC) has surged from $82,953 to $87,427 in the past 24 hours, breaking through the 200-day moving average of $84,000. Ethereum (ETH) has also regained the $2,000 mark, and XRP skyrocketed 15% in a single day, reaching a high of $2.57. The cryptocurrency market is surging like a raging flood. Hoya Bit founder, Peng Yunxian, analyzed that the overall market had already experienced a strong increase ahead of the U.S. Federal Open Market Committee (FOMC) meeting, and the major development in the XRP (Ripple) lawsuit has become the biggest catalyst for this surge. XRP became the strongest-performing altcoin of the day, while Ethereum returned to the $2,000 level. The market should now focus on the next technical milestone of $3,000.
Peng Yunxian, founder of HOYA BIT, pointed out that high-quality assets are often overlooked when they are at low prices, and Ethereum below $4,000 is still considered undervalued, maintaining strong investment value in the long term. The cryptocurrency market is now experiencing multiple favorable factors, and the explosive growth may just be beginning.
Bitcoin returns to the 200-day moving average: Peng Yunxian points out key price levels
Bitcoin has returned to the 200-day moving average, a crucial market signal for determining the long-term trend. Looking back at the past few weeks, Bitcoin’s price had been constrained below the 200-day moving average, but now it has risen above it, signaling a change in market sentiment. Peng Yunxian, founder of HOYA BIT, stated that attention should now be on whether Bitcoin fills the CME futures gap, with this key point around $87,200. If the gap is filled and Bitcoin continues to maintain its strength, it could open up more room for further upward movement. However, past experience shows that after filling the gap, a pullback could also occur, so the market should closely monitor the subsequent trend.
SEC withdraws XRP lawsuit, sparking market excitement
Ripple CEO Brad Garlinghouse announced that the U.S. Securities and Exchange Commission (SEC) would withdraw its appeal against Ripple, marking the end of a four-year lawsuit. After the news broke, market sentiment surged, with XRP immediately jumping 15%, reaching as high as $2.57. “This moment, we’ve finally arrived!” Garlinghouse wrote on the social platform X, “The SEC has dropped the appeal, and this is a victory for Ripple and the entire cryptocurrency industry!”
The lawsuit began in 2020 when the SEC accused Ripple of raising $1.3 billion through XRP sales, claiming it was an unregistered securities offering. This lawsuit caused XRP to plummet by 80%, resulting in over $15 billion in investor losses. However, in 2023, the court ruled that Ripple’s sales of XRP to institutional investors were illegal, but sales to retail investors were not. The market interpreted this ruling as favorable for Ripple, and XRP regained its upward momentum. Now, with the SEC withdrawing its appeal, the legal risk for XRP has significantly decreased, and the market anticipates this will pave the way for the approval of an XRP ETF.
Peng Yunxian, founder of HOYA BIT, stated that asset management companies such as Grayscale and Bitwise have already submitted XRP ETF applications. The likelihood of SEC approval has greatly increased, and this development will bring larger-scale institutional capital inflows into XRP, boosting investor confidence and driving the overall market higher.
Federal Reserve slows QT, market liquidity rebounds
Another positive factor analyzed by Peng Yunxian, founder of HOYA BIT, is the announcement by the U.S. Federal Reserve (Fed) on March 20, 2025, that it will slow down the reduction of its balance sheet (QT) starting in April. The monthly reduction limit for government bonds will be lowered from $25 billion to $5 billion, marking the first slowdown since the balance sheet reduction began in June 2022. After the news was announced, the market immediately reacted strongly, with Bitcoin rising 5% in a single day, reaching a high of $87,453. Peng Yunxian pointed out, “This means that the Fed is starting to ease the pressure on market liquidity. Past experience shows that when liquidity improves, Bitcoin is usually the biggest beneficiary.” The market generally believes that this move by the Fed will help capital flow back into risk assets, further boosting the cryptocurrency market.
Trump to announce cryptocurrency policy, market eagerly awaits
In addition to the Federal Reserve’s policy adjustment, U.S. President Donald Trump is set to attend the Digital Asset Summit 2025 (DAS) around 10:00 PM Taipei time on March 20, where he will announce major policy developments regarding cryptocurrencies. Peng Yunxian, founder of HOYA BIT, expects that Trump may reiterate his support for cryptocurrencies and even propose specific regulatory reforms. If Trump’s speech sends a positive signal to the market, institutional capital in the U.S. could accelerate entry into the market, further pushing the market higher.
“If Trump promises to ease regulations, this will be a super catalyst for the cryptocurrency market,” Peng Yunxian analyzed. Recent market trading data shows that U.S. institutional investors have already begun to position themselves in advance, signaling their optimism about Trump’s policies.
Multiple favorable factors, is the market entering a super bull market?
Bitcoin returning to the 200-day moving average, the end of the XRP lawsuit, the Fed slowing down QT, and Trump’s upcoming policy announcement — all these favorable factors are converging, making market investors begin to look forward to the arrival of a new bull market. However, Peng Yunxian, founder of HOYA BIT, reminded investors that despite the enthusiastic market atmosphere, they should still cautiously assess risks. In the short term, whether Bitcoin can successfully fill the CME futures gap will be a key point for market observation. The market is indeed welcoming multiple favorable factors, but investors should respond calmly and manage risks, as true bull markets often begin when the market least expects it.