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Monero Up 200% Year-to-Date, Hits 2-Year High Amidst Regulatory Concerns

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Monero Up 200% Year-to-Date, Hits 2-Year High Amidst Regulatory Concerns

Monero-based cryptocurrency (XMR) received an expensive price in 2 years, after an increase of over 200% since the beginning of the year.

Monero continued to rise in general bitcoin and high prices. XMR reached $ 139 on October 26, the highest level since September 2018.

Altcoin has grown by more than 200% since the beginning of the year, increasing its value by more than 50% in the last seven weeks.

In an interview with CoinDesk last month, David Jevans, CEO of blockchain company CipherTrace, said that Monero controls the price of bitcoin.

He said,

It seems that speculators, algorithmic traders have raised prices.

Despite rising prices, there are regulatory concerns about active privacy-oriented cryptocurrencies. Last month, the Internal Revenue Service (IRS) announced an award to anyone who could develop an XMR transaction tracking solution.

The $ 625,000 prize was designed to protect private and private business owners from identifying the personal information of users in Monero’s portfolio.

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The IRS-CI is looking for a solution with one or more subcontractors to provide innovative solutions for monitoring and identifying sensitive components such as expert tools, data, source code, algorithms, and development services. software.

The regulator went on to refer to the increase in the use of privacy coins in cybercrime, recognizing “limited investigative resources” to monitor XMR transactions.

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