The cryptocurrency market has been seeing great volatility over the past few days. This volatility has changed the existing trends in the market for almost all altcoins.

With a market capitalization of $4.171 billion, Monero [XMR] was pushed down to the 28th position on the CoinMarketCap list. The volatility in the market has been pushing the digital asset and at the time of writing, the market was once again seeing changes as XMR was being traded at $233.10.

Monero six-hour chart

The above chart of Monero indicated that the price noted a common trend of a surge followed by a period of consolidation since the beginning of the month. The digital asset has maintained this move as it witnessed a surge in value a couple of days ago, pushing it past the resistance at $225.56. Currently, the price has been consolidated between $225 and $241.

As the market progresses, there were signs that this bullishness in the market may get wiped away as the bears came charging.

Reasoning

Although the market was witnessing great volatility earlier, the current XMR market indicated low volatility. This was highlighted by the convergence of Bollinger Bands. Meanwhile, the signal line which was supporting the price until now was seen moving above the candlesticks.

Whereas the 50 moving average was moving parallel to the candles offering support a little above $225.

Meanwhile, the Relative Strength Index has been noting that irrespective of the volatility in the market, the buying and the selling pressures in the market have remained mostly equal. At the time of writing, the RSI was valued at 52 which meant the buying and the selling pressures were now evened in the market.

Conclusion

A lack of momentum and volatility has maintained XMR’s consolidatory trend. However, the bears were catching up. XMR may have to put to test the support at $225 and if it fails, the value of XMR will drop close to $211.

Litecoin, FTX Token, Compound Price Analysis: 22 March

Uniswap, BitTorrent, DigiByte Price Analysis: 22 March

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Aave, Cosmos, Monero Price Analysis: 28 March

Monero, Zcash, Chiliz Price Analysis: 27 March

Bitcoin Cash Price Analysis: 27 March

Bitcoin Price Analysis: 27 March

Polkadot Price Analysis: 26 March 

Dogecoin Price Analysis: 26 March

Bitcoin (BTC) has a lot of myths, and one of them is about its privacy. The first cryptocurrency wasn’t designed to be private, let alone anonymous. It’s the opposite, indeed. Its blockchain is a public one, which means anybody can check all the transactions and their details on the Internet. That’s why Monero (XMR) was created.

Monero is an open-source and mineable cryptocurrency, just like Bitcoin. Anyone can open a wallet and send and receive transactions. However, its blockchain is obfuscated. This means that no one outside the involved people can tell the source, amount, or destination.

The technology used to reach that kind of privacy are ring signatures, stealth addresses, and non-interactive zero-knowledge proof (NIZKP). With these cryptographic protocols, the important details of every transaction are hidden from the public. Additionally, the function Dandelion ++, implemented in 2020, lets the users obscuring their IP addresses.

Therefore, if you’re careful, no one should know a thing about your finances while using XMR. Nevertheless, as they explain in the official webpage, Monero does its best, but isn’t magical:

“Monero is not magic. If you use Monero but give your name and address to another party, the other party will not magically forget your name and address. If you give out your secret keys, others will know what you’ve done. If you get compromised, others will be able to keylog you. If you use a weak password, others will be able to brute force your keys file. If you backup your seed in the cloud, you’ll be poorer soon.”

If you check the original whitepaper, the names you’ll find there are “CryptoNote v2.0” and Nicolas van Saberhagen (2013). Nobody knows who that is, though. As for the CryptoNote thing, that is a privacy-focused protocol that powers several private coins —including Monero until 2019.

Previously, the first cryptocurrency to implement CryptoNote was Bytecoin (BCN). In April 2014, a Bitcointalk user dubbed “thankful_for_today” decided to make a fork (copy) of it to apply several improvements, including the fixing of “a number of technical and marketing issues”. It would be a separate currency from the scratch, though. They called it “BitMonero”, from Bitcoin and the Esperanto word for “coin”.

Soon after, BitMonero presented some technical and governance issues, for which the community was very unsatisfied. Thankful_for_today disappeared, abandoning the project, but some developers were still interested in the original idea. So, they joined forces to make a new fork with improvements and called it just Monero.

Most of them never revealed their identities. Initially, the Monero Core Team was formed by othe, smooth, binaryFate, luigi1111, NoddleDoodle, tacotime, Franciso «ArticMine» Cabañas, and Riccardo «fluffypony» Spagni. By 2021, at least tacotime and Spagni have stepped down.

Mostly, you can use Monero as any other cryptocurrency. First things first: you’ll need a wallet. And a lot are listing XMR to date, including options for mobile and desktop devices, and hardware wallets like Ledger or Trezor. Others we can mention are Monero GUI (the original Monero wallet), My Monero, Lightwallet, or Exodus (multicurrency).

Now, beyond the mere wallet, you’ll need to know some extra terms to protect your privacy. Just like Bitcoin, Monero also uses addresses (they’re longer, though – 95 characters) and a Mnemonic phrase or seed to recover your funds in another device (25 words). The extras are the Private View Key and the Private Spend Key.

The Private View Key has to do with the fact that you can’t publicly view any transaction and its details on the Monero blockchain. So, if you want to check your transaction or show it to someone else, you’ll need to input this key in the explorer, along with the transaction ID and the deposit address.

On the other hand, the Private Spend Key isn’t shareable. This is the “master key” of your Monero account, with which it’s possible to spend all the XMR associated with that address. Additionally, to create a new address for every transaction (a subaddress) and increase your privacy that way, you’ll need to activate the function in your wallet of choice.

Well, for starting, you can pay for goods and services worldwide. According to Cryptwerk, over 900 merchants and venues accept this cryptocurrency as a payment. That includes all kinds of shops and markets (electronics, books, vehicles, clothing, food, music, pharmacies, gift cards, etc.), Internet services, business services, offline services (restaurants, education, entertainment, medicine, real estate, etc.), tourism and gambling.

On the other hand, you can also mine XMR, since it’s a lot easier than other cryptos, like Bitcoin. From 2019, they applied the new mining algorithm RandomX. With it, they want to avoid that XMR can be minted by ASIC miners (specialized machines) and high-end GPUs. So, anyone with a CPU (laptop or PC) can mine Monero. You can do this by downloading the required app and (preferably) joining a pool.

Of course, you can also hodl it. A Ukrainian politician did it since 2015, by buying around $58,100 in XMR. Now he has over $43m. But if you need to exchange it for fiat money (or decide to buy it), you can always use Alfacash!

Complete anonymity isn’t something very welcomed by authorities, we must say. Last year, Europol stated that privacy methods in cryptocurrency, like digital wallets, open markets, and yes, privacy coins as Monero, can facilitate criminal activity. Of course, that’s not always true, and activities like money laundering are still a way lot more popular with traditional cash.

Despite that fact, France’s finance committee has recommended a ban for these coins, the U.S. secret service is probably investigating them right now, several exchanges worldwide have delisted these coins due to banking or regulatory pressures and, the cherry on the cake, Japan and South Korea have already banned the privacy coins.

Beyond the current bans in the said countries, there are also some existent regulations for privacy coins, as the legal firm Perkins Coie described in a whitepaper. Maybe they differ in some small things, but these rules and guides basically come down to one thing and one party: Virtual Asset Service Providers (VASPs) applying Know-Your-Customer (KYC) processes. In other words, crypto-exchanges and the like asking for personal data and documents to their customers before allowing any trade.

In any case, according to a recent study by the non-profit consulting firm RAND Corporation, “While privacy coins may theoretically seem a boon to users engaged in illicit or criminal activities, various practical considerations may, in fact, make them less attractive for conducting illicit transactions on the dark web”.

Against all odds, Monero keeps thriving. Year-to-date, its price has increased by over 41% and it has a market capitalization of $4.2b so far [CoinMarketCap]. The following regulations, more than cut its development, could make it grow stronger and with more trust.

Monero Classic (CURRENCY:XMC) traded 12.7% lower against the U.S. dollar during the 1-day period ending at 23:00 PM Eastern on March 14th. During the last week, Monero Classic has traded down 8.8% against the U.S. dollar. One Monero Classic coin can currently be purchased for about $0.37 or 0.00000606 BTC on major exchanges. Monero Classic has a total market cap of $7.00 million and $28,560.00 worth of Monero Classic was traded on exchanges in the last day.

Here is how similar cryptocurrencies have performed during the last day:

Monero Classic Profile

Monero Classic Coin Trading

It is usually not possible to buy alternative cryptocurrencies such as Monero Classic directly using U.S. dollars. Investors seeking to acquire Monero Classic should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, Coinbase or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Monero Classic using one of the exchanges listed above.

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Governments are starting to embrace digital currencies, such as BTC and ETH. However, many of them are strongly against using privacy coins like Monero and ZCash because they are harder to regulate.

As a result of the latest government regulations, such as Anti-Money Laundering (AML) and Know Your Customer (KNY), more and more exchanges have started to delist privacy coins. A typical example is the platform, Bittrex, which delisted DASH, ZEC, and XMR, etc., and created a trend that has continued with other exchanges.

Is it worth worrying about this trend? Let’s break it down!

What Caused the Crackdown on the Privacy Coins?

Several factors played a role in the recent suppressions:

The synthetic Monero version — Wrapped Monero (WXMR) — was recently released to the public and will help future investors beat the current clampdown on privacy coins by many of these exchanges.

Wrapped coins are ERC-20 tokens that were developed to improve the functionality and reliability of cryptocurrencies. These are assets that are hosted on the Ethereum blockchain and are the same price as a different but underlying asset. Wrapped coins are similar to stable coins as they both get their values from different assets. However, wrapped coins use a different asset and blockchain, while stable coins get their value from fiat currency.

Wrapped BTC (WBTC) has the same worth as Bitcoin at all times. Its smart-contract algorithm means that it is able to reproduce the price in real-time. This also allows it to use the demand-and-supply information obtained from the Bitcoin transaction, e.g. on an XMR to BTC exchange, to regulate its underlying fund.

The unique token requires an Ethereum blockchain and is backed by Monero so that users can use it on the ETH network. This innovation is expected to help change the Defi community. The BTC exchange is responsible for redeeming and minting this crypto coin and they will also be custodians for the Monero tokens. The symbol for this token is WXMR, and the intention behind creating it is to ensure that the De-Fi ecosystem has more liquidity.

The introduction of WXMR brings a new dimension to the crypto world. It will ensure the efficiency of capital and liquidity will be shared more easily among applications. Investors are provided with the necessary transparency so that they can fulfill the requirements for KYC/AML regulations, which have now become a big deal in the cryptocurrency market.

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