XMR Hits 10-Month Low Amid 2020 Prediction: Major Exchanges Delisting & Core Members Stepping Down

  • Monero lead maintainer Riccardo Spagni aka fluffypony steps down
  • Blockchain capital predicts the privacy coin to be delisted from major exchanges

After serving the Monero project for more than five years, the lead maintainer Riccardo Spagni, known as fluffypony is stepping down from its position, announced the team on Monday.

Spagni, one of the four individuals in the group called Magica Crypto Friends hosts an annual conference called the Magic Crypto Conference.

Snipa, a long-time contributor of the project will take over his place but fluffypony will continue to work in the capacity of a backup maintainer to fill in the position when the situation calls for.

Spagni explained that this hasn’t been a surprise development rather has been in talks for more than two years now. Looking ahead, he will continue to focus on the broader Monero ecosystem, the privacy ecosystem especially Tari, an open-source centralized project that is built as a sidechain to the Monero blockchain.

The fifteenth largest cryptocurrency is down 25% in the past month and is currently trading at a level last seen in early February.

Trading at $45.84, XMR is still down 92% from its all-time high of $593.

Meanwhile, anti-money laundering standards are pushing crypto exchanges to delist privacy-focused cryptocurrency.

Estonia-based BitBay announced the delisting last month and a month before that Korean exchange OKEx said that it would no longer allow the digital currency to trade on its platform.

This isn’t expected to stop next year as well rather can be even worse predicts Blockchain capital. The company in its 12 bold 2020 predictions stated, “privacy coins are delisted from major exchanges,” as shown in a tweet,

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Author: AnTy

Monero Workgroup: It’s Up to Exchanges Not Assets To Comply With Travel Rule; XMR Not Subjected

In a blog, the Monero Compliance Workgroup came to the conclusion that XMR is exempted from FinCEN Funds Travel Rule as it is not applicable to assets and cryptos like the XMR.

According to the blog, the rules set by the U.S. Financial Crimes and Enforcement Network (FinCEN) towards the Funds Travel Rule, are not applicable to XMR.

According to the Funds Travel Rule, financial firms when either sending or receiving money must keep and submit different types of information regarding the said transfer if the money in question is $3000 or more. However, FinCEN gave extra requirements in their May guidelines. The agency explained that when a transmission protocol fails to store such information, the person in question can provide the required details. Therefore, the interpretation is that there is no requirement to provide such information within the network.

According to the Monero Workgroup on compliance, it is the duty of crypto exchanges to provide such information and not cryptocurrencies. As a regulated exchange and one that adheres to both the AML and KYC requirements, it is required to store such transactional details and should pass that information to the relevant agencies. The blog concludes that Monero or any other crypto are not affected in any way by the Funds Travel Rule.

The statement continues to say that it is misplaced for any crypto to state that it is adherent to the Funds Travel Rule as it is meant for regulated entities and not the assets which these entities deal with.

However, as Cointelegraph reports, the statement may have been released a little bit late as various exchanges have gone ahead and removed Monero from its tradable assets. This has also affected other privacy coins as the exchanges are trying to evade any frictions with the regulators.

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Author: Joseph Kibe

Monero (XMR) Hash Rate up 190% after the RandomX but All Red in Price Land

Most recently, the Monero network successfully upgraded to a new mining algorithm aiming to be ASIC-resistant, RandomX.

This upgrade led to a surge of 190% in the hash rate of the Monero network. From 297 MH/s on Nov. 29, the day before the upgrade to 862 MH/s on Dec. 4. We are currently at just below 800 MH/s.

However, price-wise there isn’t much movement.

XMR is trading at $54, up about 1% in the past 24-hours, as per Coincodex. However, in the past seven days, it has been down 1.56% and 14.40% in the past month.

In the BTC market, XMR is down by 46.57% in the past 1 year. It is also down 91% from its all-time high of $593.

Punishing the ASIC Miners with RandomX

This proof-of-work algorithm uses random code execution along with memory-focused techniques to be resistant to application-specific integrated circuits (ASIC). ASIC is an integrated circuit chip customized for professional mining operational rather than general-purpose use.

Monero has been fighting against ASICs for a long time as the team believes these machines have a centralization effect on the network as only a few companies are able to manufacture them.

The upgrade as such is optimized for general-purpose central processing units (CPU) to make the network more decentralized and making it more difficult for those using graphic processing units (GPU) to mine XMR.

A Limited Life Span

According to Bran Cohen, who is known for writing the peer-to-peer BitTorrent protocol, Monero’s efforts to be ASIC resistant is a bad idea.

“ASIC resistance just creates more centralization around manufacture when it inevitably fails,” Cohen said.

The second-largest cryptocurrency Ethereum settled on its ASIC-resistant PoW algorithm Ethash in 2015 which its founder Vitalik Buterin said has been remarkably successful at resisting the ASICs.

However, according to him it also has its downsides in the way that they make 51% attacker cheaper and further believes these algorithms to have a limited lifespan.

Getting Delisted

Amidst this, another cryptocurrency exchange, Estonia-based BitBay announced that it is no longer supporting Monero on its platform. All users are asked to withdraw their XMR by May 20, 2020.

The reason behind delisting the coin was its privacy feature — Monero uses ring signatures to obfuscate the identity of individuals.

“The decision was made to block the possibility of money laundering and inflow from external networks,” the exchange said explaining as a licensed exchange they need to comply with the market standards and regulations.

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Author: AnTy

Cardano Price Prediction Today: Daily (ADA) Value Forecast – July 3

ADA Price Analysis: The 7 Cents Mark is Crucial for Cardano’s Market Cap
  • The ADA/USD pair fluctuates between the levels of $0.0800 and the $ 0.1000.
  • The price of Monero is facing resistance at the $0.0950 price level.

ADA/USD Medium-term Trend: Ranging

  • Resistance Levels: $0.1000, $0.1100 ¸ $0.1200
  • Support levels: $0.0800, $0.0700, $0.0600

Yesterday, July 2, the price of ADA was trading in a sideways trend. The moving averages were trending horizontally. The ADA/USD pair fluctuates between the levels of $0.0800 and the $ 0.1000. The price of Monero is facing resistance at the $0.0950 price level. Each time the bulls tested the $0.095 resistance level, the bulls would be resisted and the price would fall to the EMAs.

On May  15, the bulls tested the upper price range and price had a downward correction to the support of the EMAs. This has been the scenario in the month of June. The crypto is likely to range for a few more days. Meanwhile, the MACD line and the signal line are above the zero line which indicates a sell signal.

ADA/USD Short-term Trend: Ranging

On the 1-hour chart, the ADA price is in a sideways trend. The moving averages are trending horizontally below the overhead resistance. On June 26, the bulls attempted to break the $0.1000 upper price level but were resisted and the price fell to the support of the EMAs.

Also, the bulls also attempted to break the $0.10500 but were resisted and the price fell below the EMAs. The daily stochastic is in the oversold region but below the 40% range.   This implies that price is in a bearish momentum and a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha