Monero Price Prediction and Analysis: Tari protocol to empower Monero, new opportunities for XMR. Monday, May 28
Bitcoin's influence on the market
Bitcoin is undoubtedly going down and it doesn't seem like it will stop soon. However, it doesn't indicate any serious market drama and may even be considered a healthy correction, as it will give time for Bitcoin to rest at lower values before setting off to ATH regions. After a failed run to the $9000, BTC has currently dropped below $7500 and with current $7280, may even drop below $7000, bringing of course the whole market down as well, affecting other cryptocurrencies.
Monero Important News
Removed from Coincheck
It has now been officially announced that Monero trading pair will be removed from big cryptocurrency exchange Coincheck, along with other privacy-oriented coins. Japan's financial service agency wants to take measures and issued a counter-terrorist financing and anti-money laundering regulations. As Friday’s official statement from the exchange says, the targeted cryptocurrencies will be sold at market price and converted to Japanese yen.
Tari will be a decentralised assets protocol built on top of Monero technology. Even though Tari will have its own native tokens, miners will be able to earn Tari block reward and fees as they mine Monero. In the project announcement they have explained how Tari can benefit Monero:
"- Researchers will work with the Monero Research Lab to identify ways to improve Monero's block and transaction propagation. This will increase on-chain scalability for Monero, as well as speed up initial syncing of nodes. Tari Labs developers will also assist the Monero development community by implementing some or all of these improvements.
- Tari Labs developers will create and implement an atomic swap mechanism between Monero and other cryptocurrencies, such as Litecoin, but will also be used later on for atomic swaps between Monero and assets issued on Tari.
- Developers at Tari Labs will work on a Lightning Network router implementation that supports both Bitcoin and Monero, allowing Monero to benefit from the added off-chain privacy that LN provides."
XMR Price Analysis
There were few notable price drops and spikes in the recent days. XMR dropped from $173.38 to as low as $165.32 only within few hours. The price then recovered a little bit to $168 region just to fall again little above $160. The biggest and most rapid price change happened on May 28th, when XMR fell from $168.22 down to $157, which is almost -7% in few hours. It is currently still going down, following closely Bitcoin price movement.
XMR/USD Price Chart, Monday May 28:
The fact that with new regulations finally coming, some of them limit the support or even forbid the usage of privacy-oriented crypto may be worring. However, in the era of information and our data being constantly monitored, it's not surprising that such currencies will find many users. Monero is currently one of better established coins of this kind and the development of Tari platform it may become even more popular and increase its utility. With new projects being built upon Tari the price of XMR will only keep on increasing.
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