All ICOICO statsRatingReviewsBlogNews Wallets Mining Exchanges Chart Events
Join

Monero Price Analysis: U.S Officials Set To Go After Privacy Coins Like XMR. Tuesday, December 4th

04 december 2018, 23:16 by John Kiguru

Monero Price Analysis: U.S Officials Set To Go After Privacy Coins Like Monero

Monero is famous for its privacy feature and it is primarily the reason it has had such success over the years. This could, however, change soon following an announcement by the U.S Homeland Security Department who plan to begin monitoring transactions done using privacy-oriented coins. By the looks of it, this announcement could further damage Monero prices and compromises its future application.

According to the government, this is being done to ensure that the coins are not being used for illegal transactions. As of now, the department notes that it has already laid out ways in which it can achieve this goal.

At the time of press, Monero is trading at its lowest since August 2017 right before the crypto rally. It is also the only time that the coin has dropped below $60 this year. Regardless, in the last 24 hours, the coin has managed to minimize its loss in what has been a bearish market. Monero has only dropped by 2% and is trading for little over $56.

XMR/USD Price Chart, Tuesday December 4th:

Monero XMR Price Chart, December 4th

In the last four weeks, Monero has sliced its valuation by half. Luckily, it seems the coin has bottomed out at $52. The coin is still trading too close to this level and a slip up could see it drop to these lows again. The bulls will have to soon find some momentum and possibly establish a higher support level if the coin is to soar.

In the short-term, Monero looks like a good buy as it trades low but it is unmistakably a doubt for the long-term. Monero users are traders who would like to keep their transactions private from the public and although it doesn’t seem like Homeland Security wants to expose these transactions to the public, their access compromises the whole project.

If the government should begin tracing transactions from Monero, this could spell doom for the coin and could see the coin lose value.

Follow TokenTops on Twitter and Join Our Telegram Group to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.

Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only. 

You may also like

No such records found

Comments

Write comment 0 comments

You need to login to create comments.

Get the week’s best ICO right in your inbox