Monero News and Price Overview: Monero Creator Believes Bitcion Needs Layer 2 Scaling. Tuesday, July 3
Important Monero News
Monero Creator Believes Bitcion Needs Layer 2 Scaling
Ricardo Spagni, one of the creators of Monero said that the Bitcoin second layer solution is necessary if the coin is to have utility as an instrument of transfer of value. Spagni believes that the scaling solution is necessary for capacity improvement, privacy enhancement and security.
The Lightning Network would enable the coin scale up to the capacity of 4 million transactions per second. The LN will also enable cheaper transaction enable the use of Bitcoin for micro payments. this is one of the challenges the coin has had, especially during price surges just as witnessed last year. At some points, transaction fees were as high as $50 for transactions less than $100.
Forks such as Bitcoin Cash and Litecoin were meant to correct the shortfalls of Bitcoin but the second layer which is already in advanced stage is meant to solve the scaling issues.
Tough Time For Monero
While the cryptomarket is slowly recovering after lows and falls which happened in last weeks. Monero seemed to have been hit twice as strong as other currencies as it has been losing an average of 9 percent of its value daily in the past days, making the coin one of the worst performing cryptocurrencies. The coin was trading at even for $114 in a week that saw Bitcoin drop to its lowest value since November. It's worth noting that at the beginning of May, XMR was worth $247, which is almost twice the current price.
The news of regulatory crackdown in South Korea impacted the coin market after the Financial Services Commission moved to sealed up loopholes to prevent money laundering activities through an order to cryptocurrency exchanges in the country.
Expectedly, such measures impacted Monero strongly. Monero is one of the so-called privacy coins which regulators frown at due to the suspicion that it is convenient for financial crimes.
Current market recovery brought XMR to $141. However, is there any chance it will come back to it's previous highs or get even close to ATH of almost $500? With the recent problems with privacy-oriented cryptocurrencies there are some higher risks of potential price falls.
XMR/USD Price Chart, Tuesday July 3rd:
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