XRP, SOL and ETH prices tumble as South Carolina moves to buy up to 1 million BTC

• Cryptocurrency market valuation plunged 4% to $2.7 trillion on Friday.
• South Carolina lawmakers revealed plans to invest up to 1 million BTC. 
• Cronos emerges as the only top 40 ranked asset posting gains after the SEC dropped charges against crypto.

Bitcoin market updates: 

• Bitcoin price tumbled below the $85,000 support on Friday, plunging as low as $84,200 at press time. 

Crypto market liquidations | March 28
 
The losses sparked over $449 million in liquidations across the crypto derivatives markets.

• The United States (US) government was spotted moving 97 BTC and 884 ETH on Thursday, sparking mild speculations about potential sell-offs. 

Altcoin market updates: Trump tariffs trigger market-wide crash 

• Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has fallen below $1,900, marking a sharp pullback from its 2025 highs.
• Ripple’s XRP and Solana (SOL) also registered declines of approximately 5%, placing them among the day’s worst-performing altcoins alongside Cardano (ADA). 

The primary catalyst behind the latest sell-off appears linked to new tariffs announced by US President Donald Trump, amid escalating geopolitical tensions in Europe and adding another layer of economic uncertainty. 

Chart of the day: Solana, ETH, XRP among top losers 

For Solana, the current 7% downturn raises more questions about its ability to sustain momentum in a risk-averse environment. 

Crypto market performance | March 28, 2025 | Source: Coingecko

• Ethereum price is facing a 6% pullback at press time, driven by profit-taking following strong gains from WLFI’s decision to launch a stablecoin on the network, alongside the BNB chain.  
• XRP price is down 7% facing accelerated selling pressure from traders booking profits after the SEC officially dropped charges leveled against Ripple.

The crypto market remains on edge. If Bitcoin’s price fails to close above the $85,000 mark, it could amplify altcoin losses further. 

Crypto news updates: 

FDIC allows banks to engage in crypto activities without prior approval

The Federal Deposit Insurance Corporation (FDIC) issued new guidance on Friday clarifying that FDIC-supervised banks can engage in permissible crypto-related activities without requiring prior approval.

The announcement, outlined in the Financial Institution Letter (FIL-7-2025), replaces previous guidance from 2022 and aims to provide regulatory clarity for banks exploring digital assets.

FDIC Acting Chairman Travis Hill described the move as a shift away from the restrictive policies of recent years, signaling a more open stance toward blockchain and crypto adoption in the banking sector.

UAE unveils new dirham symbol ahead of digital currency rollout

The Central Bank of the United Arab Emirates (UAE) has introduced new symbols for the dirham in both its physical and digital forms, reinforcing the nation’s financial identity and ambitions as a global payment hub.

The new symbol for the physical dirham incorporates the first letter of its English name with two horizontal lines, inspired by the UAE flag, symbolizing currency stability.

The digital dirham symbol, distinguished by a surrounding circle and UAE flag colors, marks a step towards the country’s digital currency adoption.

While the Central Bank has yet to announce a specific rollout date for the digital dirham, the move aligns with the UAE’s broader strategy to modernize its financial system and enhance cross-border transactions.

Galaxy Digital settles $200 million with NY AG over LUNA promotion

The New York Attorney General’s office has reached a $200 million settlement with Galaxy Digital over its involvement in promoting LUNA, the failed algorithmic cryptocurrency that contributed to a $40 billion market collapse in 2022.

The settlement filing accuses Galaxy of violating the Martin Act and Executive Law by failing to disclose its financial interest in the asset while promoting it.

Galaxy Digital, founded by Michael Novogratz, was one of the most prominent crypto investment firms tied to LUNA’s rise and fall. Terraform Labs, the creator of LUNA and its associated stablecoin TerraUSD (UST), saw its ecosystem implode when the algorithmic mechanism underpinning UST failed. Do Kwon, Terraform’s founder, remains detained in Montenegro, awaiting extradition to face fraud and securities charges in the US.

French state bank launches fund to invest in smaller cryptocurrencies

France’s state-owned investment bank, Bpifrance, announced plans to allocate up to €25 million ($26.95 million) for direct investments in lesser-known cryptocurrencies.

This marks the bank’s first dedicated crypto fund, following previous €150 million investments in blockchain-related projects.

The initiative aims to support emerging French crypto ventures by purchasing tokens before they are listed on exchanges.

Arnaud Caudoux, Bpifrance’s deputy CEO, emphasized the strategic importance of this move, citing the rapid acceleration of crypto policies in the United States.

The fund aligns with France’s broader efforts to position itself as a leader in blockchain innovation, with government officials reaffirming their commitment to fostering a competitive digital economy.

Register a Revolut Business Account