Investing.com–Bitcoin stabilized on Monday after falling into a trading range just below the coveted $100,000 level, while XRP performed particularly well on speculation that the SEC may drop its lawsuit against the transmitter.
The world’s largest cryptocurrency has fallen into a trading range between $90,000 and $100,000 over the past two weeks, after hitting a series of record highs. While Bitcoin still remained within sight of a peak above $99,000, some optimism about its prospects cooled in anticipation of new signals on US politics.
rose 0.2% to $96,513.2 as of 12:49 a.m. ET (05:49 GMT). The recent rebound in crypto markets has been primarily driven by optimism over Donald Trump’s presidency, which is expected to result in more favorable crypto regulation.
Bitcoin hit by some profit-taking, traders seek clear policy
Bitcoin’s limited performance over the past two weeks has also been driven by a measure of profit-taking at record levels.
Traders were now seeking more clarity on what Trump’s policies would mean for crypto, after he promised to make the United States the crypto capital of the world, and even floated the idea of a strategic Bitcoin reserve.
Trump’s picks for Treasury Secretary and Commerce Secretary both have pro-crypto views, while reports suggest he may also choose a pro-crypto candidate to chair the Securities and Exchange Commission.
XRP Becomes Third Largest Crypto on SEC Speculation
surged nearly 33% to $2.46 on Monday, pushing the stablecoin to become the third-largest crypto by market capitalization, at $140.13 billion, according to Coinmarketcap data.
The token has been largely fueled by speculation that an imminent change in leadership at the SEC would see the regulator drop its long-running lawsuit against XRP issuer Ripple.
SEC Chairman Gary Gensler has said he will resign when Trump takes office in January, with recent reports suggesting former Commissioner Paul Atkins could replace him. Atkins has openly expressed his support for digital assets.
Traders also speculated that Trump could shift crypto regulation to the SEC’s Commodity Futures Trading Commission. The CFTC should take a less strict stance when it comes to regulating the industry.
Crypto Price Today: Altcoins Are Limited
Broader cryptocurrency prices were mostly range-bound Monday as traders looked for more clues on policy. Risk appetite was also dented by Trump’s threat to impose high tariffs on BRICS bloc countries.
The world’s No. 2 crypto fell 0.5% to $3,667.0.
and A lost between 3% and 5%, while increasing by 4.3%.
Among meme tokens, increased by 2%.
