Monero’s XMR Hits 8-Year Low Against Bitcoin Amid Regulatory Pressure
Monero's XMR token has seen a sharp decline compared to Bitcoin, hitting its lowest level in eight years due to increased regulatory pressure on privacy-centric blockchain platforms.
Data from CoinMarketCap shows the XMR/BTC chart dropping to 0.001954 BTC yesterday, marking a 50% decrease year-to-date.
In addition, the token’s value in US dollars has fallen by over 20% in the past year, now standing at less than $120.
Despite these challenges, Monero developers are pushing forward with efforts to enhance network privacy.
A new privacy mechanism called “Full-Chain Membership Proofs (FCMP)” has been introduced to replace the current Rings system, addressing vulnerabilities such as susceptibility to attacks and statistical analysis.
However, Monero’s efforts come amidst increased regulatory scrutiny on privacy-focused crypto tools.
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Concerns have been raised about the use of anonymity-enhancing tools by entities like terrorist organizations and rogue states.
In response, the US government has taken legal actions against developers of privacy-centric services, leading to delistings on several cryptocurrency platforms.
Despite regulatory pressures, voices within the crypto community continue to advocate for the sector’s legitimacy and innovation.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
