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Monero (XMR) Price Surges 52% Following $330 Million Bitcoin Theft
Monero (XMR) experienced a 52% price increase, reaching $347, following a $330 million Bitcoin (BTC) theft linked to suspicious transactions.
Key Points
- Price surged from $220-$230 support to $340 resistance.
- An on-chain analyst reported a transfer of 3,520 BTC, valued at approximately $330.7 million, was made prior to the XMR price jump.
- The stolen funds were laundered via instant exchanges and converted into XMR.
- Concerns raised about the nature of the transaction suggest it may be related to a theft rather than an authorized move.
- Recent trading patterns indicate Monero retraced about 25%, settling between $250-$260.
- XMR has been fluctuating within a $112-$214 range since 2022, with potential for breaking above $300 if current trends continue.
Analysts note this price movement mirrors early 2021 trends, indicating possible future gains if the upward trajectory is maintained.
Authors credited by the source: Rubmar Garcia
Published by Holder based on an external source.
