Monero Worth Jumps 50% Amid ‘Suspicious’ $330M BTC Switch

An analyst has prompt that Monero (XMR) may repeat its 2021 cycle-high amid its latest value soar. Nevertheless, a famend on-chain sleuth has linked the surge to suspicious Bitcoin (BTC) transactions.

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Monero Soars After $330 Million BTC Theft

Privateness and security-focused token Monero noticed its value soar 52% to a four-year excessive on Monday. The cryptocurrency surged from its just lately reclaimed $220-$230 help towards the $340 resistance, hitting $347 within the early hours of Monday.

Amid the large surge, on-chain detective ZachXBT has linked the pump to a “suspicious switch” from a possible sufferer of social engineering. The crypto sleuth defined {that a} suspicious switch of three,520 BTC, price round $330.7 million, was made on Sunday night time.

In accordance with the submit, the funds had been laundered through greater than 6 immediate exchanges shortly after the preliminary switch, being swapped for XMR, seemingly primarily based on timing evaluation and the Monero value soar.

An X person prompt the stolen Bitcoin was “possible from the Bitstamp hack that occurred in 2014.” The web detective denied the thought, stating that the sufferer was possible an OG Bitcoiner.

In the meantime, others questioned whether or not the pockets proprietor made the transactions or if it was a theft. ZachXBT detailed a number of components that led him to consider it was possible a theft, together with the pockets being a longtime BTC holder and a Gemini, River, and Coinbase person.

Moreover, he famous that the $330 million in Bitcoin was all of the sudden moved and transferred in small increments to immediate exchanges, creating tons of of orders. This could make the proprietor lose a number of 7-figures to charges, making it inefficient for a standard individual.

The crypto sleuth additionally considers that the theft isn’t possible associated to North Korea’s Lazarus Group, which just lately stole $1.5 billion price of Ethereum (ETH) from crypto alternate Bybit.

Is XMR Close to A Breakout?

For the reason that pump, Monero has retraced round 25% from at the moment’s excessive to commerce between the $250-$260 vary. Crypto analyst Rekt Capital famous that XMR has efficiently retested its $214 vary’s low as help amid the market restoration.

Notably, the cryptocurrency has been transferring throughout the $112-$214 value vary since 2022, surging above the vary’s resistance line amid the November post-US elections breakout.

After the Q3 2024 rally, Monero entered its key $214-286 vary, which has beforehand labored as a key help and resistance space. After breaking out of the vary’s higher boundary, the cryptocurrency rallied to its 2018 all-time excessive (ATH) of $542 and its 2021 excessive of $480.

Throughout the Q1 2025 retraces, the XMR dropped under the $214 mark, testing the $200 space as help earlier than bouncing. Equally, the early April pullback despatched the cryptocurrency towards this stage, lastly reclaiming it two weeks in the past.

Since then, the cryptocurrency has rallied towards the $220-$230 vary, fueled by the continued market restoration, however was finally rejected on the key resistance stage. Right this moment’s latest pump has seen Monero break above the $230 mark for the primary time since February.

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Regardless of the alleged laundering-driven surge, the analyst affirmed that the cryptocurrency has now “repeated early 2021 historical past,” the place the token reclaimed its present vary and retested its decrease boundary earlier than breaking out to cycle highs.

If historical past repeats and XMR’s value holds its present vary, it may place itself for a surge above the $300 barrier.

Featured Picture from Unsplash.com, Chart from TradingView.com