The cryptocurrency market experienced notable movements on Monday, with Bitcoin (BTC) surpassing the $94,000 mark, reflecting a 2.2% increase in the CoinDesk 20 index. This surge is attributed to positive developments in U.S.-China trade relations and a softer stance on crypto tariffs by the Trump administration, fostering a favorable environment for digital assets.
XRP led the gains among major cryptocurrencies, rising nearly 7% following the U.S. Securities and Exchange Commission’s approval of three XRP futures ETFs by ProShares, set to launch on April 30. This regulatory milestone has bolstered investor confidence in XRP’s future prospects.
In contrast, Monero (XMR), a privacy-focused cryptocurrency, experienced a dramatic 40% price increase, reaching levels not seen since May 2021. This spike is linked to a suspicious transfer of 3,520 BTC (approximately $330.7 million) that was subsequently laundered through multiple exchanges into XMR, as identified by on-chain researcher ZachXBT.The sudden demand for the relatively illiquid XMR led to a significant price surge.
Despite these developments, the broader market remains cautious due to ongoing macroeconomic uncertainties. Jupiter Zheng, Partner at HashKey Capital, noted that Bitcoin’s stability above $92,000 is supported by the administration’s crypto-friendly policies, potentially allowing cryptocurrencies to develop independently from traditional equities and encouraging innovation in the sector.
Overall, while the crypto market shows signs of resilience and growth, investors remain vigilant amid evolving economic conditions and regulatory landscapes.
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