The cryptocurrency market struggled to recover on Monday after Bitcoin prices fell sharply over the weekend.
Monero price recovery headlines on Monday
Monero (XMR) has rebounded strongly in the past 24 hours, rising by nearly 15% to $128.86, after a sharp drop in the cryptocurrency following news that the U.S. Secret Service had recommended cracking down on cryptocurrencies for privacy purposes, as reported by CCN on June 22.
The coin has also been in the news recently for its use in cryptojacking malware. Finally, there has been speculation that Bitmain released a large amount of XMR coins in retaliation for the project's efforts to ban ASIC miners from using the blockchain.
The recent hit from bad news regarding Monero in particular may have led to an oversold position, especially amidst the overall market downtrend, so the sharp rally makes more sense when compared to other coins.
Bitcoin (BTC) dropped to $5,800 yesterday but then surged to $6,200, up about 6.40% in 24 hours. This surge has seen Bitcoin maintain clear support near $6,000, with little movement below or above that level. It has been trading sideways around $6,000 for over two weeks.
As per the trend of previous market corrections, other coins and tokens have generally followed the same pattern as Bitcoin price. However, in early June, Ripple (XRP) stood out as a token that held its price while Bitcoin, Ethereum, and Bitcoin Cash were sold off. However, later in the month, the bearish trend caught up with Ripple.
The recovery is now almost across the board, with the top 10 coins and tokens by market cap, as well as almost all of the top 100 coins, seeing significant gains.
Ethereum (ETH) rose 6.91% over the past 24 hours to $469.57.
As reported by CCN, the $30 million Bithumb hack contributed to the overall market decline last week. However, the price drop was not as steep considering other previous large-scale hacks, and Bithumb has already committed to refunding customer funds. Bitcoin price remained in a trading range of $6,000.
Despite the Bithumb hack, the sharp price drop across the cryptocurrency market over the last week and weekend is at odds with the overall positive news and sentiment. As regulations become clearer, more and more large companies are showing interest in blockchain technology and cryptocurrencies. Additionally, a law firm reported that Tether actually has funds equal to the amount of USDT the company has issued.
The question is whether the market recovery will continue or whether prices will remain within month-to-month ranges.
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The post Bitcoin Prices Lead Recovery on Monday as Market Resists Weekend Sell-Off appeared first on CCN.
