BTC Breaks Above $108,000 as JPMorgan Enters Crypto Arena; XRP Gains on ETF Buzz

Crypto Markets Brush Off Geopolitical Fears, Rally on Institutional Tailwinds Ahead of Fed Meeting

The cryptocurrency market kicked off the week with strong gains, defying rising geopolitical tensions in the Middle East as traders turned their attention to institutional developments and upcoming macro signals from the U.S. Federal Reserve.

Bitcoin (BTC) rose 3.1% over the past 24 hours to trade around $108,600, just shy of its all-time high. The bullish sentiment wasn’t limited to BTC—broader markets surged, with the CoinDesk 20 Index up 4.3%, driven by robust performances from XRP and Chainlink (LINK), which climbed 6% and 7%, respectively.

The upward momentum came despite ongoing conflict in the Middle East, which had spooked traditional markets last week. On Monday, however, risk appetite returned: the S&P 500 gained 0.9%, the Nasdaq added 1.4%, and gold—a traditional safe haven—dropped 1.5%.

Crypto equities also participated in the rally. Coinbase (COIN) advanced 7.7%, and Circle (CRCL) surged 13%. Bitcoin miners Bitdeer (BTDR) and Hut 8 (HUT) climbed 6.9% and 5.6%, respectively. The exception was MicroStrategy (MSTR), which dipped 0.2%, even as rival Metaplanet jumped 25% on the Japanese stock market.

Adding fuel to the crypto market’s strength were two key institutional headlines:
– JPMorgan filed a trademark for a digital asset platform covering services from trading to payments.
– Purpose Investments announced it would launch a spot XRP ETF in Canada, expanding momentum for altcoin-focused exchange-traded products.

Altcoins Rally, but Is an Alt Season Here?

While altcoins showed signs of life, some analysts remain cautious. Nansen’s Nicolai Søndergaard noted that Bitcoin continues to set the tone for the broader market.

“BTC has remained the core driver—when it moves, others follow,” Søndergaard explained. “Yes, we’ve seen temporary outperformance in sectors like DeFi, but prolonged alt rallies are still rare. Many altcoins remain in extended drawdowns.”

Sentiment Shift Suggests Possible Bottoming

Analysts at Bitfinex pointed to last week’s dip in the Fear and Greed Index into “Fear” territory, alongside a spike in liquidations and net taker volume showing signs of capitulation.

They argue that if BTC can maintain support in the $102K–$103K range, the market may have absorbed the worst of the selling pressure, positioning for recovery.

Fed Looms Large Over the Week

Traders now look ahead to the FOMC policy meeting and remarks from Fed Chair Jerome Powell, which could set the tone for both traditional and crypto markets.

With rates expected to remain unchanged, the market’s focus is on Powell’s language around inflation and employment trends.

“Powell’s guidance will be the real market mover—not the rate hold,” wrote Swissblock analysts. “We anticipate heightened volatility across all risk assets, including crypto.”