Monero price (XMR/USD) falls to three-week low on Thursday morning

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Updated on May 18, 2023

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The Monero price (XMR/USD) has tumbled to a more than three-week low on Thursday morning, mirroring a downtrend observed across the wider digital currency market.

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Over the past 24 hours Monero’s performance has been largely consistent with other major digital coins, such as Bitcoin (BTC) and Ripple (XRP). The privacy-focused token had a relatively quiet trading session yesterday, even though it did see some decline in the afternoon. The coin finished the session at $52.71, which was slightly below its opening level of $53.17. XMR had hit an intraday high of $54.55 during the morning session, according to data from digital currency tracker Coinmarketcap.

After a similarly quiet early Thursday trading, Monero became one of the many coins affected by a market-wide slump that hit the crypto space at roughly 08:30 GMT. Shortly after that the Monero price dropped below the $50 mark and eventually hit a 23-day low of $46.46. The coin has recovered some of its losses in more recent trading and is currently trading at around $47.50.

In other Monero-related news, industry website Coindesk reported today that a new study had found that over 4% of all Monero in circulation had been mined by hackers.

“Overall, we estimate there are at least 2,218 active campaigns that have accumulated about 720K XMR (57M USD). Interestingly just a single campaign (C#623) has mined more than 163K XMR (18M USD), which accounts for about 23% of the total estimated. This campaign is still active at the time of writing,” the study, which was published by Sergio Pastrana and Guillermo Suarez-Tangil, from Universidad Carlos III de Madrid and King’s College London, respectively, reads. The paper also says that around 4.4 million malware samples have been analysed over a 12-year period from 2007 to 2018 and 1 million malicious miners have been identified.

In today’s trading, the Monero price stood at $47.48, as of 15:39 GMT. The digital coin has lost 11.3% of its value in the past 24 hours. Less than optimal for those investing in Monero.