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Monero Price Prediction and Analysis: Coincheck exchange remove XMR, will other exchanges follow? Sunday, May 20

20 may 2018, 13:01

Bitcoin's influence on the market

Bitcoin dominance in the cryptocurrency market equals 37.1%. The BTC/USD price movement looks rather positive, which may suggest a short bullish market among most of the currencies. The price rose significantly from $8183 to $8372 and it looks like it may try to attack the $9000 mark in next week, which will also impact other cryptocurrencies.

Important Monero News

Coincheck delist Anonymity Coins

It's been recently announced that one the bigger Tokyo-based exchange, Coincheck, will delist trading pairs for privacy-centric cryptocurrencies. Apart from Monero (XMR), they will also stop trading for Zcash (ZEC) and Dash (DASH) next month. The exchange says that the decision has been made after a 'drastic review' of their internal control system and as a part of 'management strategy that thoroughly protects customers.' Such currencies can also have problems to comply with anti-money laundering (AML) regulations.

Monero new wallet

On the positive side, Monero has launched a new improved wallet. The main features of XMRwallet are high anonymity and security improvements, fast transactions even in case of large volumes, multiple language support, XMR/USD balance display and multiple seeds functions. The creator of the wallet wrote on Monero subreddit: 'The doors are open and I am so happy to finally have a finished site for the Monero community. It’s been a long 7 months of work but it is definitely a labor of love. I have been using www.MyMonero.com for over a year (thank you /fluffyponyza for the amazing service) and thought I could improve some aspects of the program and build out a bunch of cool new features. Having another Monero web wallet also helps with decentralization in case MyMonero is inaccessible.'

XMR Price Movement Analysis

While Monero (XMR) has stabilized for some time in the $200 region, few days ago it dropped below potentially worrying some investors. However, the price recovered already and reached the safe $200 mark again. On Friday May 18, the price dropped to $187, while as of Sunday May 20, the price peaked on $204 and is now fluctuating around $198-202, with a slight downtrend.

Monero Price Chart (XMR/USD), May 20:

Monero Price Prediction and Analysis: Coincheck exchange remove XMR, will other exchanges follow? Sunday, May 20

Monero Prediction

The Coincheck situation may affect the prices of all privacy-oriented cryptocurrencies as this may indicate future problems on other exchanges as well. While providing great anonymity, such currencies cause problems in terms of regulations and security. They won't be able to comply with anti-money laundering laws and may even get banned by most countries one day, which can stop their mainstream usage. However, it's not like they would disappear in such case, yet the market will become significantly smaller, which will drive the price down.

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