Why Is The Crypto Market Up Today?

What Happened

Senator Elizabeth Warren asked the SEC to delay the SpaceX IPO over investor risks, but the offering remains on track to price Thursday and begin Nasdaq trading Friday under the ticker SPCX.

May CPI landed at 4.2% year over year on Wednesday, the hottest reading in three years, and the S&P 500 fell 1.62% as equity investors priced in a more hawkish Fed.

Adding to that fundamental strength, the Monero team issued a timely P2Pool PSA. P2Pool is Monero’s decentralized peer-to-peer mining pool; the PSA confirmed that no exploitation occurred. A patch could be released over the next few days.

Market Context

The crypto market rebounded on June 11. In doing so, it broke a three-day losing streak as the total market cap rose 1.74% to $2.13 trillion, adding roughly $36.3 billion.

Bitcoin (BTC) climbed almost 2% over the past 24 hours, though it remained below key resistance. Monero (XMR), a top gainer, jumped nearly 10% as privacy coins held firm amid the wider market sell-off. The entire category is up 3.5% today.

Crypto Market Surges as Rotation Beats the Inflation Scare

The total crypto market cap rose 1.74% to $2.13 trillion, recovering off the $2.02 trillion base after three straight red days. The driver is rotation.

Crypto absorbed the print far better, since core CPI rose just 2.9% and most of the headline jump came from a 3.9% energy spike tied to the Iran war. That split sent some capital out of stocks and into crypto.

A failure there risks renewed profit-taking and a retest lower, with $2.02 trillion the line in the sand. Below it, the market has little support.

Bitcoin traded at $62,623, up almost 2% over 24 hours, yet the move has not repaired the broader downtrend that began near $78,000 in late May. The same rotation lifting the market gave BTC a bid, but the inflation backdrop caps it.

With more than 70% odds of a Fed rate hike by year-end, higher rates strengthen the dollar and Treasury yields, drawing capital away from non-yielding assets like Bitcoin.

The 8-hour chart frames the battle. BTC must clear $64,181 to gain strength, a level that also sits above the 20-day exponential moving average at $63,152, a trend gauge that smooths recent price action and has repeatedly rejected Bitcoin since mid-May.

A close above $64,181 opens the door to higher prices. A rejection there exposes $59,740 next.

The XMR token took support at the lower trendline of its falling channel in mid-June. It then climbed steadily toward the midline, a sign demand held when the wider market broke.

The chart shows building momentum. Buying volume has risen since June 7, which supports the move.

Why It Matters

Trump said he loves inflation after May CPI hit a 3-year high of 4.2%, while CME FedWatch shows over 70% odds of a Fed rate hike by the end of 2026, a setup that could pressure Bitcoin.

A break above it could trigger a powerful push. If BTC fails to reclaim that zone, $59,740 becomes the first downside test, followed by $56,992 and $54,771.

Details

In the news today:-

Audiera (BEAT) hit an all-time high of $6.11 after a 378% weekly rally, drawing comparisons to the RaveDAO and LAB setups that preceded sharp collapses.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

The structure still needs work. The $2.19 trillion level, lost on June 4, remains the line to break. A reclaim opens room toward $2.29 trillion and $2.37 trillion.

Bitcoin Climbs but Stays Trapped Below a Stubborn EMA

Monero (XMR) Jumps Nearly 10% as Privacy Coins Defy the Tape

Monero traded at $343.45, up nearly 10% over 24 hours and among the day’s top gainers. While the broader rebound came from rotation, XMR’s strength is sharper because privacy coins have stayed strong fundamentally, even through the recent crash.