Bitcoin steadied on Monday after falling to a trading range just below the coveted $100,000 level, while XRP had a standout performance amid speculation that the Securities and Exchange Commission may drop its case against issuer Ripple.
The world’s largest cryptocurrency has fallen to a trading range between $90,000 and $100,000 over the past two weeks after hitting a series of record highs and while Bitcoin remains in sight at a peak of over $99,000, some optimism about its prospects has cooled in anticipation of further signals on policy. American.
Bitcoin rose 0.2% to $96,513.2 The recent rally in cryptocurrency markets was mainly driven by optimism about a Donald Trump presidency, which is expected to entail friendlier regulation of cryptocurrencies.
Bitcoin’s range-bound performance over the past two weeks was also driven by profit-taking measurement at record high levels.
Traders were now looking for more clarity on what Trump’s cryptocurrency policies would entail, after he promised to make the US the crypto capital of the world and even floated the idea of a Bitcoin Strategic Reserve.
Trump’s picks for Treasury Secretary and Commerce Secretary carry pro-crypto views, while reports have indicated he may also select a pro-crypto nominee to head the Securities and Exchange Commission.
Data from Coinmarketcap showed that XRP rose about 33% to $2.46 on Monday, flipping the stablecoin Tether to become the third-largest cryptocurrency by market cap, at $140.13 billion.
The token has been largely supported by speculation that an impending change in leadership at the SEC will see the regulator drop its long-running lawsuit against XRP issuer Ripple.
Securities and Exchange Commission Chairman Gary Gensler has said he will resign when Trump takes office in January, with recent reports suggesting former Commissioner Paul Atkins may replace him. Atkins has publicly expressed his support for digital assets.
Traders also speculated that Trump may shift regulation of cryptocurrencies to the Commodity Futures Trading Commission from the Securities and Exchange Commission. The CFTC is expected to have a less stringent stance on regulating the industry.
Broader cryptocurrency prices were mostly range bound on Monday, as traders sought more signals on policy and risk appetite was shaken by Trump’s threat to impose steep tariffs on the BRICS bloc.
The world’s No. 2 cryptocurrency, Ether, fell 0.5% to $3,667.0. Solana and CardanoA lost between 3% and 5%, while Polygon rose 4.3%. Among meme currencies, Dogecoin rose 2%.
