Crypto update: The price of Bitcoin neared the $86,000 level on March 20 after United States Federal Reserve’s rate decision sent markets soaring.

The rise was supported by the US Fed decision and news that the US Securities and Exchange Commission (US SEC) had officially dropped its lawsuit against Ripple Labs.

Crypto Price Today: Bitcoin, Ether, Solana, Tether 

During the early hours today, on March 20, Bitcoin briefly touched the $87,299 level at 5.50 am, but soon settled close below $86,000. 

At 10.10 am, the world’s biggest cryptocurrency was at $85,596.80 — up 3.18 per cent from the previous day, according to data on Coinmarketcap. The market capitalisation of Bitcoin was at $1.69 trillion, with trading volume recorded was at $35.82 billion over the past 24 hours.

The second biggest cryptocurrency, Ether also saw a rise, trading at $2,020.95 — up 4.51 per cent, according to CoinMarketCap data. The token’s market cap is at $243.78 billion, with trading volume of $20.26 billion.

Stablecoin Tether, linked to the US Dollar, remained steady on March 20, at $1 with market cap of $143.66 billion and trading volume of $78.91 billion, CoinMarketCap showed.

Further, Solana token, which will see two linked exchange-traded funds (ETFs) jumped 5.69 per cent to $133.09, with market cap of $67.9 billion and trade volume of $3.64 billion, as per CoinMarketCap data.

Crypto Updates: From Solana ETF, to SEC Lawsuit — What’s New?

An upstart ETF firm is debuting the first-ever funds tracking futures in Solana, the sixth-largest cryptocurrency, after the blockbuster success of Bitcoin products.

Florida-based Volatility Shares LLC is launching a pair of funds tracking Solana futures Thursday, according to an effective registration statement. The products will be the first of its kind to offer exposure to Solana, which has a market value of around $67 billion.

The Volatility Shares Solana ETF (ticker SOLZ) will track Solana futures while the Volatility Shares 2X Solana ETF (SOLT) will offer twice the leveraged exposure. The firm first submitted paperwork to the US Securities and Exchange Commission for the funds in December. SOLZ and SOLT will carry expense ratios of 0.95% and 1.85%, respectively.

Bitcoin Rise: What Do Experts Say?

According to the CoinSwitch Markets Desk, “Bitcoin experienced a modest increase of nearly 4 per cent, trading at approximately $86,000. Ethereum also saw gains, rising 5 per cent to around $2,031.”

It noted the following developments that had an impact on crypto prices:

• In a significant regulatory shift, the US SEC officially dropped its lawsuit against Ripple Labs. This decision led to a 10 per cent surge in XRP’s price, reaching nearly $2.5. 
• Two exchange-traded funds (ETFs) tracking futures in Solana are coming on the market this week. 
• Traditional financial markets responded positively to the Federal Reserve’s decision to maintain interest rates, with the S&P 500 gaining nearly 1 per cent.