Crypto Market Recap: Australia to Start Crypto Pilot Program, Coinbase in Talks to Buy Deribit

Here’s a quick recap of the crypto landscape for Friday (March 21) as of 9:00 p.m. UTC.

Bitcoin and Ethereum price update

Bitcoin (BTC) is currently trading at US$83,955.92, a 0.7 percent decrease over the past 24 hours. The day’s trading range has seen a low of US$83,238.78 and a high of US$84,411.85.

A new analysis by trading resource Material Indicators on March 20 (Thursday) identified a classic manipulatory device known as spoofing by one or more whales as a reason why Bitcoin failed to sustain or rally past US$87,500 yesterday. Crypto markets are seeing decreased speculative trading, indicated by a lower Bitcoin hot supply. Analysts predict bearish trends could continue, with Bitcoin possibly dropping to $60,000.

Bitcoin performance, March 21, 2025.

Chart via TradingView.

Bitcoin performance, March 21, 2025.

Ethereum (ETH) is priced at US$1,973.30, trading flat over the same period. The cryptocurrency reached an intraday low of US$1,938.90 and a high of US$1,976.41.

Crypto analytics platform Santiment observed the lowest supply of Ether on crypto exchanges since November 2015, which suggests that investors are moving their ETH into cold storage wallets for long-term holding. This could lead to a supply shock, resulting in a potential price surge.

Altcoin price update

Solana (SOL) is currently valued at US$128.15, up 0.2 percent over the past 24 hours. SOL experienced a low of US$125.34 and a high of US$129.04 on Friday.

XRP is trading at US$2.40, reflecting a 1.4 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday low of US$2.36 and a high of US$2.42. An analysis of XRP’s technical suggests the currency could be a 75 percent rally from its current price levels by June.

Sui (SUI) is priced at US$2.27, showing a 4.6 percent decrease over the past 24 hours. It achieved a daily low of US$2.24 and a high of US$2.29.

Cardano (ADA) is trading at US$0.7105, reflecting a 1.1 percent decrease over the past 24 hours. Its lowest price on Friday was US$0.7017, with a high of US$0.7167.

Crypto news to know

Australia exploring digital asset integration

The Australian government is developing a regulatory framework for digital assets, focusing on digital asset platforms (DAPs) and payment stablecoins. According to a white paper released by the Treasury office, the reforms aim to balance innovation with consumer protection, aligning with international best practices.

Key elements include extending existing financial services laws to DAPs, treating payment stablecoins as stored-value facilities and reviewing the enhanced regulatory sandbox. Under the framework, the government plans to explore the potential of digital asset technology, while addressing de-banking issues and considering future initiatives such as the Crypto Asset Reporting Framework, central bank digital currencies, tokenization and decentralized finance.

See also <html> <head> <title>The Shift in Automotive Ambient Lighting Market Dynamics</title> </head> <body> <h2>The Evolution of Automotive Ambient Lighting</h2> <p>As the global <strong>automotive ambient lighting market</strong> is forecast to expand at a CAGR of 9.4% until 2034, reaching a significant milestone of USD 12.5 billion, industry players are revving up their innovation engines to redefine the driving experience.</p> <h3>Trends Shaping the Market</h3> <p>From circadian rhythm synchronization to mood-enhancing illuminations, ambient lighting systems are delving deeper into enhancing driver comfort during those long-haul escapades. With artificial intelligence seamlessly tailoring the lighting environment to suit driver preferences, the journey becomes a personalized symphony of comfort and joy.</p> <h3>Embracing Sustainability and Design</h3> <p>Driven by a green conscience, automakers are embracing eco-friendly materials in their lighting systems, aligning with consumer preference for environmentally conscious products. Collaborations with artists and designers birth unique lighting designs that not only elevate brand identities but also forge emotional bonds with consumers, enhancing loyalty and differentiation.</p> <img height="450" name="GNW_RichHtml_IMG" src="https://ml.globenewswire.com/Resource/Download/5ae6359f-b139-457c-9e89-f08eaf110235/automotive-ambient-lighting-market.jpg" title="Automotive Ambient Lighting Market.jpg" width="800"> <p>Ambient lighting's integration with IoT platforms heralds a new era of connectivity, creating seamless links between smart devices, vehicle systems, and experiential enhancements.</p> <h2>Scoping out the Competitive Landscape</h2> <p>In the relentless quest for market supremacy, veterans like Hella GmbH and Osram Licht AG are entangled in a bout of innovation, proffering cutting-edge lighting solutions. Meanwhile, disruptors like Koito Manufacturing Co., Ltd., are rewriting the rulebook with avant-garde designs and technologies.</p> <h3>Contributions from Regional Players</h3> <p>Regional players are flavoring the market with local nuances, catering to specific demands and regulations within their domains. Collaborative efforts between automakers and lighting suppliers fuel technological leaps and customization options, mirroring the drive towards personalized driving experiences.</p> <h3>Noteworthy Industry Players</h3> <ul> <li>Hella GmbH</li> <li>Osram Licht AG</li> <li>Koito Manufacturing Co. Ltd.</li> <li>Philips Automotive Lighting</li>  </ul> <h2>Product Innovations</h2> <ul> <li>Hella shines with advanced LED headlights and intelligent lighting systems, accentuating road safety and aesthetics.</li> <li>Osram pioneers with a plethora of lighting technologies, from LEDs to lasers, catering to diverse applications.</li> <li>Koito illuminates the market with top-tier headlights, fog lamps, and signaling lights, merging cutting-edge tech for superior performance and aesthetics.</li> </ul> <h2>Market Insights</h2> <ul> <li>Interior ambient lighting takes the lead, focusing on elevating aesthetics and enhancing the driving milieu.</li> <li>Passenger cars dominate the market, offering a universe of customizable lighting choices and advanced safety features.</li> <li>The ascendancy of LED Ambient Lighting is fueled by its efficiency, adaptability, and synergy with advanced safety mechanisms.</li> </ul> <h2>Driving Forces for Growth</h2> <ul> <li>The clamor for customizable lighting options is amplifying, journeying hand-in-hand with the rise in interior aesthetics.</li> <li>Integrating ambient lighting with safety protocols is boosting visibility and hazard alerts, bolstering road safety.</li> <li>Breakthroughs in LED tech are unleashing energy-efficient and adaptable illuminations, steering the market's trajectory.</li> <li>Consumers' penchant for upscale vehicles with cutting-edge features is fueling demand for sophisticated ambient lighting setups.</li> <li>Mandatory regulations dictating advanced lighting technologies for safety and emissions are pulsating the market, propelling innovation in ambient lighting solutions.</li> </ul> <p>For a comprehensive dive into the market nuances, the complete report details beckon you to embark on the journey of enlightenment.</p> </body></html><html><head> <title>Exploring the Global Automotive Ambient Lighting Market</title></head><body>The Illuminating World of Automotive Ambient Lighting

The paper details a pilot program that centers around exploring the practical applications of tokenization in financial markets, particularly in the wholesale sector. The program will be executed in collaboration with the Digital Finance Cooperative Research Center, the Treasury, ASIC and the Australian Prudential Regulation Authority.

These developments come ahead of a federal election slated for May 17 or earlier.

Coinbase in talks to acquire Deribit

Coinbase is reportedly in advanced discussions to acquire leading cryptocurrency derivatives platform Deribit, according to a Bloomberg report released on Friday afternoon.

According to sources cited by the news outlet, the move aims to bolster Coinbase’s presence in the institutional crypto trading space by integrating Deribit’s established options and futures offerings.

The acquisition would allow Coinbase to diversify its revenue streams and cater to sophisticated traders seeking complex financial instruments, potentially solidifying its position as a comprehensive crypto exchange in a rapidly evolving market.

The companies have not commented on the potential deal, but have reportedly notified regulators in Dubai where Deribit holds a license.

Canary Capital files to list Pengu ETF

Canary Capital has filed US regulatory documents to list an exchange-traded fund (ETF) that would hold Pengu (PENGU), the governance token of the Pudgy Penguins non-fungible token (NFT) project.

This move follows an earlier proposal by the investment firm to offer the first Sui ETF on Monday (March 17).

The proposed Pengu ETF aims to hold spot PENGU and Pudgy Penguins NFTs, potentially becoming the first US ETF to hold NFTs if approved. The filing also reveals plans for the ETF to hold other digital assets, such as SOL and ETH, for transactions related to the PENGU and Pudgy Penguins NFTs.

As of March 21, PENGU had a market cap of approximately US$395 million, according to CoinGecko.

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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.

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