Trakx Weekly Update: March 24

Key Crypto Market Figures

CTIs Weekly Performance

The calm after the storm is probably the most apt description of what occurred in digital asset markets last week as evidenced by a substantial narrowing in trading ranges. For instance, our benchmark Top10 Crypto CTI was confined to a nine percentage point range over the past seven days, substantially narrower than observed in the two prior weeks, ending the period near the highs up almost 5%. Meanwhile, the best performing crypto index was the DEX CTI, after it gained 16%, while at the bottom of the weekly return table was the Cardano Ecosystem CTI, which finished up 1%.

Dovish Fed Tilt

Helping to stabilize sentiment was a dovish lean by the Fed at last week’s FOMC meeting. As expected there was no change to interest rates, but in their latest macro projections they lowered their 2025 GDP growth forecast on the back of concerns over tariff impacts and slower consumer spending. Although their unemployment and inflation projections were slightly raised, reflecting increased uncertainty about the economic outlook, the majority of meeting participants (11 out of 19) still judged at least two further 25bp rate cuts would be warranted before year-end. More immediately, the Fed confirmed it will slow the pace of balance sheet reduction (quantitative tightening) from $25bn to $5bn beginning next month; a policy shift that all FOMC members were strongly in favour of according to comments made by Chair Powell in the post-meeting press conference.

A Crypto First

Staying with the US, President Trump remained in the crypto news headlines after he became the first sitting US president to address a major crypto event. Speaking via video conference at the Blockworks’ Digital Assets Summit 2025, Trump used the opportunity not only to take a swipe at his predecessor for implementing Operation Chokepoint 2.0, an anti-crypto drive Trump described as being “illegal” and “way beyond regulation” but he reiterated his goal of making “America the undisputed Bitcoin superpower and the cryptocurrency capital of the world”. Given recent disappointment about the manner in which the strategic US crypto reserve was established, his continued positivity towards the asset class gave the sector a much-needed boost.

XRP Case Dropped

One cryptocurrency that has benefited notably from the significant shift in the US regulators’ stance on cryptocurrency is XRP – the native token of Ripple. Last Wednesday, it surged nearly 10% after CEO Brad Garlinghouse revealed that the SEC had dropped its appeal against a previous ruling, which determined that XRP is not a security when traded on public exchanges—contrary to the regulator’s earlier position. This development brings closure to a prolonged legal battle between Ripple and the SEC thereby removing a key uncertainty surrounding the project. It also paves the way for XRP to potentially follow Bitcoin and Ethereum in securing approval for a spot ETF in the US.

Sources: Trakx, Coingecko, Alphavantage

Market Trends

• Bitcoin runs toward $86K after Fed maintains course, projecting two rate cuts in 2025: CoinTelegraph
• Donald Trump Vows to Make America the ‘Undisputed Bitcoin Superpower’: Decrypt
• XRP ETF approval chances jump as SEC drops Ripple case: DLNews
• US Treasury Removes Sanctions on Tornado Cash: Bitcoin.com
• Turkey turns to crypto as political arrests cause Lira plunge: Protos
• IMF updates global standards to include crypto in balance of payments: CryptoSlate

Trakx News

• We launched our latest CTI – AI Agents – so Trakx clients can gain exposure to the next big trend shaping crypto. To explore more please click here.
• Lionel and the IFA team will be in Paris, for the Next Gen Patrimoine Conference, on March 28.

Trakx CTIs Performance

Sources: Coingecko and AlphaVantage

*Return of bitcoin is calculated since 01/05/2020, while CTIs performances were calculated since their respective launch date.
**Includes simulated performance.
***The risk signal is determined according to the historical volatility level, the higher the riskier.

Trakx is a global fintech company creating new standards for digital asset investments. Through our trading platform, we offer thematic Crypto Tradable Indices (CTIs) and customised solutions, providing sophisticated investors with a high degree of compliance, custody and liquidity.

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Disclaimers: No Investment Advice. Index returns and statistics are for illustration only. Index returns do not reflect any transaction costs or expenses. Past performance does not guarantee future results. The information provided in this newsletter does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the newsletter content as such. Trakx.io does not recommend that any cryptocurrency should be bought, sold, or held by you. Readers shall conduct their own due diligence and consult their financial advisors before making any investment decisions.