Effective immediately, a peer-to-peer (P2P) trading site that specialized in the privacy-focused cryptocurrency Monero has shut down, joining a growing trend of closures and crackdowns in the crypto privacy space.
On May 7, LocalMonero announced that all new user registrations and advertising for Monero (XMR) transactions would be banned. Trading activity for the privacy-focused digital coin will cease on May 14.
The company declined to provide details, instead attributing its decision to close to a combination of external and internal reasons. However, it acknowledged that a major factor in the decision was growing opposition to products and services that prioritize consumer privacy.
The price of Monero on July 9, 2024 was $153.84.
A request for comment from Monero went unanswered.
Let’s take a look at our Monero price estimates for July 9, 2024. We will also take a look at the price history of Monero and briefly discuss what Monero is and what it is achieving.
Monero Price Prediction
Let’s take a look at some Monero (XMR) exchange price for July 9, 2024, prepared by CCN. It is important to remember that price predictions often fail, especially when it comes to an asset as volatile as cryptocurrencies.
Monero (XMR) Price Prediction 2025
According to technical analysis, Monero may rise in 2025. In 2025, XMR is predicted to trade at a low of $276.49 and a high of $319.34. However, the average forecast is that it may reach $286.05.
Monero (XMR) Price Prediction 2030
Technical analysis suggests that the XMR token may peak at $2,163 early in the next decade, and in the worst case, it may fall to $1,839, based on this data. Meanwhile, the average expected price is $1,889.
Monero (XMR) Ultimate Anonymity Benefits
The IRS has offered a $625,000 reward for discovering a way to hack privacy coins due to Monero’s robust privacy features. Although Chainalysis and Integra FEC have not cracked Monero’s encryption, they were able to earn this incentive by creating blockchain analysis tools. Additionally, Monero transaction tracking is still largely unverified, despite CipherTrace’s promises.
Transparency and Security: Monero’s source code is open source, allowing anyone to study, audit, and make changes. With this transparency, vulnerabilities can be quickly discovered and fixed by the community, improving overall security. Additionally, it builds user trust, as users can independently verify that the code works as intended and does not contain dangerous or hidden backdoors.
Development Ethics: XMR developers demonstrate a high level of moral responsibility. They prefer to fix significant problems rather than profit from them, and send modest fundraising requests.
Decentralized and accessible mining: Monero’s RandomX algorithm can be mined using standard consumer-grade CPUs. Because it is ASIC-susceptible, mining power is not concentrated among those who can afford specialized hardware.
Block size adaptation: Monero’s adaptive block size method dynamically expands the block size up to 300,000 bytes without any penalty. Because of its adaptability, the network can efficiently handle large transaction volumes while keeping costs low and avoiding latency.
Low transaction costs: Monero has had relatively low transaction costs over the past three years, averaging around $0.05. The company declined to provide details, instead attributing its decision to close to a combination of external and internal reasons.
