Cryptocurrency prices have surged over the last 24 hours amid reports of a criminal investigation into US Federal Reserve Chair Jerome Powell. Bitcoin (BTC), Ethereum (ETH), and XRP recorded price gains as the broader cryptocurrency market capitalization surpassed $3 trillion.
BTC, ETH Lead Crypto’s Resurgence
As the second week of 2026 gets underway, cryptocurrency bulls are rubbing their palms at the prospect of an extended rally for digital assets. According to CoinMarketCap data, the global cryptocurrency market capitalization grew by nearly 2% within 24 hours to settle at $3.11 trillion.
BTC led the way with a strong showing, climbing to an intra-day trading high of nearly $92,000 for the first time in weeks. Bitcoin’s performance sparked speculation of a sustained run toward the $100,000 mark amid an impressive trading volume.
Ethereum, the second-largest cryptocurrency, inched toward $3,100, gaining over 1% on the daily chart. Meanwhile, XRP consolidated at the $2 mark while SOL climbed by nearly 2% after a choppy start to the new year.
Among the top 20 largest cryptocurrencies by market capitalization, only Monero (XMR) posted double-digit percentage gains. At press time, the privacy coin is inching toward the $600 price point after gaining 15% over the last day while ZEC recorded an near-7% surge in the same timeframe.
Jerome Powell’s Criminal Investigation Underway
The surge in cryptocurrency prices comes on the heels of the formal launch of a criminal investigation against the US Fed Chair Jerome Powell. The Fed Chair confirmed the probe in a video, terming it as unprecedented and a ploy by US President Donald Trump to undermine the independence of the Federal Reserve.
Independent sources confirm that the US Department of Justice (DOJ) threatened to indict the Fed Chair over his testimony at a Senate committee hearing on renovation costs for Federal Reserve buildings.
“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation,” said Powell.
Previously, Trump had criticized Powell for failing to cut interest rates, branding the Fed Chair as “Mr Too Late” and a “numbskull.” A flurry of rate cuts at the end of 2025 did little to end the feud between Trump and Powell, with the US President poking holes in the Fed Chair’s ability.
Meanwhile, data from the FedWatch tool puts the odds of a rate cut in January at only 5% as Powell braces for the DOJ probe.
Source: https://zycrypto.com/bitcoin-ether-xrp-react-as-jerome-powells-criminal-investigation-begins/
