Monero the privacy coin has just dropped by 10% over the past day from $102 to $92 according to the data that we have in our Monero news.
The coin peaked on Friday morning at $105.5 which was the highest recorded price since July 2019. It’s likely that the coin was swept up in the latest bull run as the $174 million daily volume is higher than usual. At the start of June, when the crypto market stagnated, due to the economic uncertainty caused by the coronavirus, Monero’s daily trading volume was only at $60 million with a price of $66.
The latest bull run which started in June was quite volatile but some regarded it as a safe haven. Due to the rise in Defi decentralized finance, but also because of non-custodial financial products such as lending protocols or synthetic stocks. Monero the privacy coin, is around since 2014 and unlike most of the Defi protocols, it doesn’t run on ETH. XMR is a privacy coin which means it is very hard to trace it. This makes the coin popular with privacy advocates and very popular with criminals as well.
Only yesterday, an Israeli cyberseucrity firm discovered that attackers had hidden an XMR miner in a publicly available instance of Amazon’s cloud service- Amazon Web Services. Also, we reported a while ago in our XMR news that Another Monero cryptojacking malware, discovered by Guardicore Labs is now deployed to ten million IP addresses that target government offices but also medical centers, banks, and educational institutions. The malware botnet known as FritzFrog works by installing an XMR mining app known as XMRrig.
Tokens such as Monero make transactions hard to trace by using Ring signatures and stealth addresses. The methods help to hide the identities of both sides which is why the large scale adoption is due to a number of issues such as regulatory uncertainty, privacy, and an increase in competition. Regulatory uncertainty has been over the heads of privacy coins since day one. Cryptocurrency markers saw different high profile exchanges delist these types of coins over the years as the most common occurrence was in Japan as the regulators made an effort to do so.
Monero’s hashrate experienced its biggest increase since it was created, from 1.67 GH/s to 2.2 GH/s on August 6. The increase in one single day is the highest in the project’s history. Before this, the most important daily percentage gains came in the project’s early days when the XMR base was much smaller.
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