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- Monero’s XMR has gained around 3 percent in the last 24 hours, signaling larger gains in the short term.
- The current market sentiment is bullish and technical indicators signal a long-term bullish outlook.
Monero has in the last 24 hours gained around 3 percent to trade at $168. Its gains come amidst a wider bullish outlook in the market. The total market capitalization has gained just over 1.5 percent in the last 24 hours to reach $1.18 trillion. For Monero, its market cap has reached $3.04 billion placing it as the 25th largest cryptocurrency. Monero is also the industry’s most popular and most valued privacy-centric crypto project.
The emergence of CBDCs has especially boosted their popularity. Users are increasingly seeking private coins that offer true financial freedom amidst an uncertain financial future.
Read More: Monero, Dash, and ZCash Prepare for Massive Upswing as CBDC Race Drives Interest in Privacy Coins
Its features which offer anonymity have driven its popularity but have consequently drawn the attention of regulators. In countries such as South Korea and Australia, exchanges are banned from listing privacy coins such as Monero.
The governments blame illicit transactions enabled by the privacy offered by the coins for their ban. In Europe and the U.S., although these coins are not banned, they are under great scrutiny.
Monero (XMR) Future Under Threat?
Binance, which is the largest crypto trading platform in the world delisted privacy coins including Monero and ZCash in several countries, including France, Italy, Spain, and Poland. In some of these countries, it is not banned to list these coins but, Binance delisted them out of risk aversion and compliance confusion.
On top of this, the community is also concerned about the continued attack from the U.S. Securities Exchange Commission (SEC). A few weeks ago, the regulatory agency named 64 crypto tokens which it believed are crypto securities, offered and traded illegally. While Monero was not on this list, investors are left worried that soon the agency might turn to it and limit the long-term success of the project.
Fortunately, the crypto community is uniting to battle the SEC and its regulation-by-enforcement approach. Some analysts and market leaders like Cardano’s Charles Hoskinson have accused the government of attacking cryptocurrencies in an effort to drive the adoption of CBDCs. For starters, the entire crypto community is rallying behind Ripple, Binance, and Coinbase to win their respective cases with the SEC. The rulings of these cases will set a precedent on how the courts view the industry and could determine the long-term success of the entire market.
