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