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How will Monero’s value shift after Biden unveiled a Benign crypto oversight?

By:
on Mar 9, 2022
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  • Monero’s value saw an increase of 20% in the last 24 hours.
  • The trading volume of Monero increased by 457% in the last 24 hours.
  • XMR has seen a huge level of growth, but this could only just be the start.

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Monero XMR/USD is a cryptocurrency that’s specifically focused on private and censorship-resistant transactions.

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The technology which makes this functionality available is known as RingSignatures, which mixes the digital signature of the individual, making an XMR transaction with the signatures of other users before recording it on the blockchain.

Regulation of cryptocurrencies as a catalyst for growth

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On March 3, we covered if Monero (XMR) could reach $200 by the end of March.

The Monero privacy coin saw a surge in popularity and value within the last 24 hours, which might have been prompted by news reports that US President Joe Biden will sign an executive order regulating cryptocurrencies.

The US President would order a “sweeping review” on crypto, including the opportunities that it presents for illicit transactions and the steps that the government should take as a means of addressing them.

This executive order would also address whether the Federal Reserve should launch a central bank digital currency, ask the Treasury to look at the possible financial stability threats, and mandate a look into the energy consumption that is used by crypto mining and require the State Department to report into how the US should coordinate alongside its allies.

Another possibility about the spike of the Monero cryptocurrency could be related to Russian sanctions as well.

Should you buy Monero (XMR)?

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On March 9, 2022, Monero (XMR) had a value of $196.48.

In order for us to get a better perspective as to what this value point indicates for the XMR cryptocurrency token, we will be going over it’s all-time high value, as well as the performance the token showcased throughout the previous month.

When we go over the token’s all-time high value, Monero (XMR) had its all-time high on January 9, 2018, when the token reached a value of $542.33. Here we can see that at its ATH, the token was $345.85 higher in value or by 176%.

Looking at February’s performance of the token, Monero (XMR), the token had its highest point on February 10, when it reached a value of $187.07.

Its lowest point of value, however, was on February 24, when the token decreased to a value of $134.58. Here we can see that the token decreased in value by $52.49 or by 28%.

However, from February 24 to March 9, the token saw an increase in value of $61.9 or by 46%.

This means that the token can reach $220 by the end of March 2022 as its use-cases increase.

Monero Crypto Trading Ideas