Monero (XMR) Price Jumps 50% After Massive $330M Bitcoin Theft

Monero (XMR), the cryptocurrency known for its emphasis on privacy and anonymity, has recently seen an eye-popping surge. In just 24 hours, its price soared by nearly 50%, reaching $389 — the highest point since May 2021. While it has since leveled out at $262, the surge is catching the attention of investors and analysts alike.

With trading volume skyrocketing by an astounding 363%, reaching $251 million, what exactly triggered this dramatic spike?

The Bitcoin Theft That Sparked a Surge

At the heart of this price jump is a suspected Bitcoin theft. A staggering 3,520 BTC, worth $330.7 million, was stolen and transferred to a specific address. But here’s where it gets interesting: shortly after the theft, these stolen Bitcoins were exchanged for Monero, propelling XMR’s price to its recent high of $389.

This shift from Bitcoin to Monero is indicative of the growing desire for privacy in the crypto world. As Bitcoin transactions can be traced, Monero’s anonymity features make it an attractive option for those looking to cover their digital tracks.

Surge in Open Interest Signals Bullish Trend

In addition to this theft-driven boost, Monero’s Open Interest (OI) also reached a new high, showing a rise in market interest. CoinGlass’ data shows that the futures’ OI in XMR at exchanges rose from $20.27 million on Sunday to $22.52 million on Monday.

This growing interest signals new money entering the market, suggesting that more gains could be on the way.

XMR Pump Lead to $1.37 in liquidaiton

This price surge has also led to substantial liquidations across major exchanges. According to Coinglass data, over $1.37 million in liquidations occurred in the last 12 hours, with the majority coming from short positions. 

A total of $1.16 million was lost on short positions, while long positions faced $205.88k in liquidations.

More Surge Coming For XMR – Hint Technical Chart

With rising Open Interest, the technical chart shows that Monero is showing promising signs of more price action. It has broken above an ascending triangle formation on the daily chart, rallying over 27%. 

If Monero finds support at around $289, it could push toward the next resistance level of $345. If this level is surpassed, the psychological $400 mark could be within reach.

On the other hand, the Relative Strength Index (RSI) on the daily chart is at 82, which is above the overbought level of 70. Yet some indicators hint that the bullish momentum is still strong, and there’s potential for further price gains.

Are you ready to jump into the Monero wave, or will you wait for a potential pullback? The coming days could provide the answers.