After Six Months Low, Monero (XMR) Surges by 7.74%
Monero (XMR) surged by 7.74% yesterday, following a six-month swing low. The coin is trading at $58.15 during press time. Considering the weekly price charts, the XMR/USD pair reversed sharply once it reached the $58.07 price point.
This followed a bulls break out beyond the $58 resistance. In case the bulls take over the market volume, there is a likelihood of the price breaking above $59. Additionally, we could expect a price correction given the major support areas are within the $54.70 key support levels.
The plummet might have been a result of implementations of the FATF travel regulations. This is because OkEx announced plans to delist Monero after implementation of the rules.
Since the September 10th delisting announcement, XMR has plunged deeper from the $76 price level. OKEx was the first leading cryptocurrency exchange to announce the delisting of privacy coins - Dash (DASH), Monero (XMR), Zcash (ZEC), Super Bitcoin (SBTC) and Horizen (ZEN).
Privacy coins are becoming a darling to users of the darknet given their level of privacy. The recent ban of cryptojacking and browser mining, is evident that the researchers had uncovered a malware that secretly mines crypto. The mining takes place on a user’s browser, without the browser’s user’s permissions.
During the mining process, funds are sent directly to crypto wallets of the attacker. Popularly known as Save Yourself, the malware utilizes up to 50% of an infected computer. The malware is referred to as save yourself because a victim receives an email from Saveyourself@856.com. The 50 % usage ensures that the malware does not raise any kind of suspicion.
Currently, Monero is trading at $60 on press time. The coin has attained a market capitalization of $1.05 billion and boasts a $127.14 million 24-hr trading volume.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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