The virtual asset market rebounded on favorable factors inside and outside the industry, recovering 4,000 trillion won in market capitalization in one day.

Bitcoin rose about 5% as U.S. Federal Reserve Chairman Jerome Powell showed dovish behavior at the Federal Open Market Committee (FOMC) in March.

The virtual asset market is heating up as favorable factors both inside and outside the industry are pushing up market capitalization, which rebounded by 4,000 trillion won in one day.

Bitcoin is up about 5% as U.S. Federal Reserve Chairman Jerome Powell showed a dovish stance at the March Federal Open Market Committee (FOMC), creating a good mood for the entire market.

As the U.S. is moving towards deregulation, the U.S. Securities and Exchange Commission (SEC) has dropped its lawsuit against Ripple, and XRP is also up 10%, passing Tether to claim third place in market capitalization.

According to CoinMarketCap on the 20th, the total market capitalization of the virtual asset market was $2.81 trillion as of 9 p.m. on the 20th, a huge increase of $140 billion (5.24%) from $2.67 trillion 24 hours ago.

Bitcoin, the leader of the market, was up 4.99%, trading at the $87,000 level, reaching the 7th of this month. Ethereum also soared 6.45%.

This is because Chairman Jerome Powell showed a dovish attitude at the FOMC on the 19th (local time) in a press conference after the meeting.

In particular, Chairman Powell said that the impact of inflation from tariffs could be "transitory" and that the economy was "strong" at the press conference after the FOMC froze its key interest rate at 4.25% to 4.50%.

"If inflation is a temporary phenomenon that is expected to disappear rapidly without our action, it may sometimes be appropriate to disregard such inflation," Powell said.

On this day, the Fed froze its key interest rate but maintained its forecast of two 0.25% cuts to the base rate.

The New York Stock Exchange closed higher in all three major indexes last night, as the outlook for "two cuts to the base rate within the year" from the U.S. Federal Open Market Committee (FOMC) was bleak.

Good news is also coming from altcoins with the deregulation efforts in the U.S.

"Well, folks, it's the moment we've all been waiting for," Ripple CEO Brad Garlinghouse announced on X. "The SEC is dropping its appeal."

He added, "Huge win for Ripple & Crypto."

The SEC filed a lawsuit in December 2020 with a maximum penalty of $2 billion for selling cryptocurrency without registration.

Later, in July 2023, the New York District Court ruled that "XRP is subject to securities law only when sold to institutional investors, not when sold to the general public."

In essence, it was assessed that Ripple had won, but the SEC appealed.

This withdrawal is a response to that appeal.

As the lawsuit was dropped, XRP rose more than 10%.