Crypto Market Recovers: Monero Soars, Bitcoin Eyes $100K Ahead of Trump’s Speech

The global cryptocurrency market has rebounded, reaching over $3 trillion as Bitcoin hits $95,000. Monero’s price surged 50% following a significant transaction, making it the most-searched token. Bitcoin ETFs have recorded $3.2 billion in inflows, potentially influenced by Trump’s upcoming speech. Legal action has been taken against alleged market manipulators in the VOXEL futures market.

The cryptocurrency market made some gains on Monday, bouncing back to exceed the $3 trillion mark and recovering from slight losses over the weekend. Bitcoin surged above $95,000, as traders look forward to updates on cryptocurrencies in President Trump’s upcoming speech marking his 100th day in office. Meanwhile, Monero experienced a remarkable price jump of 50% following news of a contentious $333 million transaction, igniting interest among investors and making XMR the most-searched token on Coingecko.

Traders are eagerly awaiting President Trump’s speech, which may hold important insights or directives on crypto regulations. As the markets react with some excitement, analysts are wondering if it will lead to a “sell-the-news” scenario or provide more momentum for the cryptocurrency space, especially Bitcoin, which is eyeing the $100,000 mark.

In an impressive display of demand, Bitcoin ETFs recorded a staggering $3.2 billion in inflows over the past week. This surge aligns with Trump’s recent vocal criticism of the Federal Reserve and speculation about rate cuts, causing institutional investors to pivot away from traditional US assets. The chart indicating these Bitcoin ETF flows reflects a remarkable uptick, inviting increasing interest from market watchers. However, the FedWatch tool from CME Group indicates just an 8.9% probability for a rate cut, hinting demand could level out soon.

The wider cryptocurrency market saw some positive movement, with an increase in market capitalisation to $3.1 trillion. Despite a cautious sentiment amongst many investors, trading volumes remained solid at approximately $83.6 billion. Monero topped the charts as the hottest trending token, rallying over 15% to around $274.34 on the back of its recent high-profile transaction, showcasing its strength as a privacy-oriented digital currency.

Sui demonstated notable resilience, ticking up 2.3% to reach $3.80, buoyed by advancements in its ecosystem and growing adoption in DeFi circles. XRP also saw a boost, climbing 3.3% to $2.32, reflecting bullish sentiments related to Trump’s address.

In the news, financial service provider ProShares may soon introduce leveraged and short futures ETFs specifically for XRP. These could include products that seek to benefit from both surges and drops in XRP value. Although the SEC hasn’t opposed the filings, actual trading might experience delays based on operational factors.

Additionally, Bitget has launched legal proceedings against multiple account holders accused of manipulating the VOXEL/USDT perpetual futures market. This alleged scheme yielded over $20 million in dubious gains, which Bitget is keen to rectify—as they’ve announced plans to return the recovered funds to impacted users via airdrops. The exchange underlined its commitment to uphold fair trading and maintain integrity within its platform.

In the face of all this activity, it’s important to remember that cryptocurrency markets remain volatile and carry risks. Prospective investors should conduct thorough research and approach these markets cautiously. The forecasts presented here don’t guarantee any specific outcomes, and it’s advisable to tread carefully before making investment decisions.