Table of Contents
Bitcoin maintained on Monday after settling into a range for trading just below the highly desired $100,000 mark. Meanwhile, XRP performed very well on rumors that the SEC could drop its case against maker Ripple.
The largest cryptocurrency in the world dropped into a price range between $90,000 and $100,000 over the last 2 weeks. Its range reached several records high. Bitcoin was still striking distance of a peak of over $99,000. Some investors lost hope for the crypto’s future as they awaited extra indications on U.S. policy.
Bitcoin has increased 0.2% to $96,513.2, when it reached 00:49 ET. Excitement over Donald Trump's presidency was the main driver of a recent surge in cryptocurrency markets, which is estimated to bring looser regulation to the market.
Bitcoin Hit by Some Profit-Taking
An indicator of taking profits at all-time highs was another factor contributing to Bitcoin’s rangebound record over the past 2 weeks. After Trump promised to make the U.S. the global center of cryptocurrency and even suggested the creation of a Bitcoin Strategic Reserve, traders are now looking for extra information about what his plans would entail for the industry.
It was reported that Trump may possibly select a pro-crypto candidate to chair the Securities and Exchange Commission. He has also appointed pro-crypto candidates as treasury Secretary.
XRP Becomes the Third-largest Crypto
XRP jumped about 33% to $2.46 on Monday, overtaking stablecoin Tether to take 3rd place among the crypto market cap at $140.13 billion. The token was primarily driven by rumors that the SEC would withdraw its long-running trial against XRP issuer Ripple due to an impending leadership transition.
As Trump assumes office in January, SEC Chair Gary Gensler announced his resignation, and former Commissioner Paul Atkins may succeed him. Atkins has publicly said that he supports digital assets.
Traders believed that Trump would transfer the Trading Commission's oversight of cryptocurrency from the SEC. It is expected that the CFTC will regulate the sector less strictly.
Crypto Price Today
Monday saw fairly rangebound pricing for broader cryptocurrencies as traders looked for additional policy clues. Trump's threat to levy high tariffs on the BRICS band of nations also shook people's appetite for risk.
- World 2nd Crypto Ether dropped 0.5% - Trading at $3,667.0
- Solana dropped 3%
- Cardano dropped 5%
- Polygon rose 4.3%
- Dogecoin rose 2%
