Bitcoin pares Powell-fueled spike as privacy coins outperform: Crypto Markets Today

MEVictim · 2026-01-12T15:12:05+00:00

Bitcoin surged over 2.3% to $92,400 due to criminal charges against Jerome Powell but later corrected to $90,700. Privacy coins like Monero and Zcash outperformed, with Monero hitting a record high.

MEVictim

2026-01-12 15:12:05

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Source: CryptoNewsNet Original Title: Bitcoin pares Powell-fueled spike as privacy coins outperform: Crypto Markets Today Original Link: Bitcoin rose more than 2.3% overnight, peaking at around $92,400 before giving back those gains during the European session.

The rally was sparked by the threat of criminal charges against Federal Reserve Chair Jerome Powell, which caused gold and silver to rise by 2% and 5.6%, respectively.

Nasdaq 100 futures fell by around 1% while the dollar index (DXY) weakened following the news, suggesting uncertainty among traders regarding interest rates in the future.

Despite bitcoin now trading back at the weekend level of $90,700, several altcoins managed to hold onto their gains. Privacy coins monero and zcash led the wider rally.

Monero advanced to a record and currently trades at $576 having risen by more than 12% since 21:00 UTC on Sunday, while zcash added 3.8%.

BTC1,46%

ZEC2,46%

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FloorPriceWatcher

· 18h ago

The overnight rally was crushed again, I’m familiar with this routine.

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wagmi_eventually

· 18h ago

Overnight surge and then a drop back, Powell's method of cutting the leeks this time is still old school... On the other hand, privacy coins are gaining momentum, which is quite interesting.

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TommyTeacher1