Investing.com– Bitcoin stabilized on Monday after falling into a trading range just below the coveted $100,000 level, while XRP performed strongly on speculation that the SEC could drop its case against the issuer.
The world's largest cryptocurrency fell to a trading range between $90,000 and $100,000 over the past two weeks after hitting a series of all-time highs. While Bitcoin still remained within sight of a high above $99,000, some optimism about its prospects cooled in anticipation of more signals on US politics.
rose 0.2% to $96,513.2 at 12:49 a.m. ET (05:49 GMT). A recent rally in crypto markets was primarily driven by optimism over a Donald Trump presidency, which is expected to involve friendlier crypto regulation.
Bitcoin hit by some profit taking, traders seek policy clarity
Bitcoin's range-bound performance over the past two weeks was also driven by a measure of profit-taking at record levels.
Traders were now seeking more clarity on what Trump's policies will mean for cryptocurrencies, after he promised to make the United States the cryptocurrency capital of the world, and even floated the idea of a Bitcoin Strategic Reserve.
Trump's picks for Treasury Secretary and Commerce Secretary have pro-crypto views, while reports suggested he could also choose a pro-crypto candidate to chair the Securities and Exchange Commission.
XRP Becomes Third Largest Crypto According to SEC Speculation
rose nearly 33% to $2.46 on Monday, making the stablecoin the third-largest cryptocurrency by market capitalization, at $140.13 billion, data from Coinmarketcap showed.
The token was largely driven by speculation that an imminent change in SEC leadership will cause the regulator to drop its long-running lawsuit against XRP issuer Ripple.
SEC Chairman Gary Gensler has said he will resign when Trump takes office in January, and recent reports suggest former commissioner Paul Atkins could replace him. Atkins has been vocal in his support for digital assets.
Traders also speculated that Trump could move crypto regulation from the SEC to the Commodity Futures Trading Commission. The CFTC is expected to take a less strict stance on regulating the industry.
Cryptocurrency price today: altcoins within range
Broader cryptocurrency prices remained mostly range-bound on Monday as traders looked for more clues on policy. Risk appetite was also shaken by Trump's threat to impose high tariffs on the BRICS bloc of countries.
The world's No. 2 cryptocurrency fell 0.5% to $3,667.0.
and A lost 3% to 5%, while it rose 4.3%.
Among meme tokens, it rose 2%.
