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Monero The Privacy Coin Drops 10% In Value: Price Analysis

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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.

XMR daily chart
XMR Daily Chart (Source: Coingecko)

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.

XMR weekly chart
XMR 7-Day Chart (Source: Coingecko)

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.

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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.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/monero-news/monero-the-privacy-coin-drops-10-in-value-price-analysis/

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Analysts Eye New Top of $74,000 as Bitcoin Comes Within 3% of ATH

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In a move adding to the already monumental rally, Bitcoin prices touched $19,400 during late trading on Tuesday, November 24. This is just 3% away from its peak of $20K which came in December almost three years ago.

Since then, the asset has retreated sharply in a $700 pullback to the mid-$18K level where it currently trades. With momentum still in its favor, analysts and traders are eyeing the next possible peak.

CNBC Touts $74K Bitcoin

During the 2017/2018 rally, mainstream media outlets were renowned for spreading fear, uncertainty, and doubt (FUD) over something they really failed to truly comprehend. CNBC in particular came to be known as a counter trade signal as whenever the news outlet predicted a pump, BTC would dump and vice versa.

In its latest edition of Trading Nation, the channel interviewed a couple of traders who both had very positive things to say about the king of crypto.

Founder of TradingAnalysis.com, Todd Gordon, used Elliot Wave theory to measure herd mentality and market sentiment. He added that the fifth wave is just starting now which will result in a new all-time high in 2021. When asked about a price prediction he added;

“I can’t believe I’m going to go out on CNBC and say this, but it’s about $74,000. The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at $34,000.”

PayPal Driving Adoption

Mark Tepper, president and CEO of Strategic Wealth Partners, also commented on the trading show stating that before PayPal and other large corporations stepped in he treated Bitcoin like any other speculative investment, owning a small enough amount.

“The thing that’s always held me back from being an outright bitcoin bull has really been this lack of widespread adoption. But … adoption’s happening and those users, those PayPal and Square users, they’re buying more bitcoin than what’s actually hitting the market on a daily basis,”

He added that Bitcoin could be the Tesla of 2021, stating that it could possibly reach $100K by the end of next year. That certainly fits in with other models and predictions such as stock-to-flow which also predicts triple figures within the next year or so.

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Source: https://cryptopotato.com/analysts-eye-new-top-of-74000-as-bitcoin-comes-within-3-of-ath/

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Coinbase Pro To Disable Margin Trading From December Citing CFTC Guidence

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  • The Coinbase Chief Legal Officer Paul Grewal published a post earlier informing customers that the popular exchange will seize offering margin trading.
  • Clients will not be able to place margin trading orders starting from 2 p.m. PT on November 25th, 2020. At the same time, the platform will cancel all open limit orders.
  • The San Francisco-based exchange will disable the margin trading feature fully at the end of November, “once all existing margin positions have expired.”
  • According to the statement, the decision aims to comply with guidance introduced by the US Commodity Futures Trading Commission (CFTC) earlier this year.
  • Back in March 2020, the federal commodities regulator published a 35-page document with its views on how it will regard “actual delivery” of cryptocurrency assets. The guidance provides rules on when a customer has legally taken control of a digital asset, including acquisition through a margin or leveraged product. The document reads:
  • · (1) a customer securing: (i) possession and control of the entire quantity of the commodity, whether it was purchased on margin, or using leverage, or any other financing arrangement, and (ii) the ability to use the entire quantity of the commodity freely in commerce (away from any particular execution venue) no later than 28 days from the date of the transaction and at all times thereafter; and

  • · (2) the offeror and counterparty seller (including any of their respective affiliates or other persons acting in concert with the offeror or counterparty seller on a similar basis) do not retain any interest in, legal right, or control over any of the commodity purchased on margin, leverage, or other financing arrangements at the expiration of 28 days from the date of the transaction.

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Source: https://cryptopotato.com/coinbase-pro-to-disable-margin-trading-from-december-citing-cftc-guidence/

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Stellar Lumen up by 120% following protocol 15 upgrade

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Stellar Lumen (XLM) price is up by 120% over the past seven days following the protocol 15 upgrade earlier this week

Stellar Lumen has been one of the best performing digital currencies over the past week. The price of Stellar Lumen is up by nearly 8% over the past 24 hours and 120% in the past week, making it the best performer amongst the leading cryptocurrencies.

XLM was trading at $0.08 per coin last week. However, it has surged since then and reached the $0.2 mark before dropping earlier today to now trade at $0.18 per coin. This massive price rise represents a 120% increase in value in a week. As such, it outperformed every other major cryptocurrency, including XRP that recorded a 115% growth in the past week.

This week’s rally is the first time XLM is reaching the $0.2 mark since September. The XLM price action followed an announcement by the project developers earlier this week. The project developers announced that a new version of the Stellar public network protocol had been approved and implemented by the validators.

The validators implemented the new Protocol 15 upgrade on 23 November, and it introduces two new features. According to the blog post, the two new features, Claimable Balances and Sponsored Reserves, make it easier to build user-friendly apps on Stellar. The team revealed that it had seen the two features in action during the testnet stage and are excited to see how developers on the Stellar network would work with them.

The features also retain the network’s defence against “farm attacks” and other methods that hackers might use to attack the blockchain.

Stellar has been one of the underperforming cryptocurrencies amongst the major coins for over a year now. The XLM price has been subdued despite Bitcoin and other major cryptocurrencies rallying in recent weeks. However, XLM came alive on 21 November when its trading volume started to accumulate. XLM has more than doubled its value since then and leads the top 100 coins by market cap in weekly gains.

XRP and XLM set market trend

XRP and XLM have been the standout cryptocurrencies this week. It is exciting because XLM was initially forked from XRP by Jed McCaleb and launched in July 2014. Stellar Lumen has a similar function as XRP as it seeks to reduce the cost of cross-border payments using blockchain. Both cryptocurrencies have gained more than 100% in value over the past week, outperforming Bitcoin, Ethereum, Litecoin, Bitcoin Cash and every other major cryptocurrency.

Source: https://coinjournal.net/news/stellar-lumen-up-by-120-following-protocol-15-upgrade/

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