The privacy-focused cryptocurrency monero (XMR) has been dumping the last few days on the news developers have postponed a highly anticipated hard fork by six weeks.
As of writing, the world's 11th largest cryptocurrency by market capitalization is trading at $258 - down 10 percent in the last 24 hours, according to data source CoinMarketCap.
A week ago, XMR was solidly bid around $380, reporting 90 percent gains over lows seen in February as investors seemingly bought with an intention of making free money via the "moneroV" hard fork, originally scheduled for March 15. However, on March 9 the developers announced a delay as requested by users, trading platforms and large mining pools.
Consequently, prices have dropped more than 30 percent in a week.
The hard fork is now scheduled to happen on April 30 at block 1564965 and the holders (at the time of the fork) will receive free moneroV tokens at a ratio of 10 to one.
Given the demand for free coins via forks, this could lead to positive growth a couple of weeks down the line. That said, the technical charts indicate $200 could be a potential bullish reversal point.
The above chart (prices as per Bitfinex) shows:
Further, XMR will likely have a tough time against bitcoin, the technical chart indicates. Currently, the XMR/BTC exchange rate is trading at BTC 0.027642 on Bitfinex.
Water osmosis via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Alabama Securities Watchdog Hits 3 ICOs with Cease-and-Desists
The Alabama Securities Commission (ASC), the U.S. state's securities regulator, has joined its counterparts in Texas and New Jersey in hitting out at initial coin offerings (ICOs) that are soliciting
Bitcoin Faces First Close Below This Key Long-Term Support in 2.5 Years
Bitcoin risks closing below the 50-week moving average (MA) – an important long-term support not breached for over 2.5 years.
With the bears already on the offensive following the recent sell-off,
China MIIT’s Yu Jianing: Neither Blockchain Nor Bitcoin is A Bubble
May 23, Yu Jianing, the director of industrial economic institute of the information center of Ministry of Industry and Information Technology (MIIT), indicated that “neither blockchain nor bitcoin
Norfolk Southern the Latest Railway to Join Blockchain Transport Group
U.S. railway network Norfolk Southern has become the latest industry player to join the Blockchain in Transport Alliance.
One of less than a dozen Class I railroads in North America, Norfolk Southe
EY's Maritime Blockchain Insurance Tech Is Now Live
A group of companies piloting a blockchain-based insurance platform for the global shipping industry announced on Friday that the technology is now live in commercial use.
Dubbed Insurwave, the blo
ShipChain Pushes Back Against Securities Violations Claims
Supply chain startup ShipChain claims it was unaware its SHIP tokens were available to South Carolina residents in its first public response to the state's cease-and-desist order.
The blockchain co
Most Big Cryptos Dropped this Week – These Two Bucked the Trend
The cryptocurrency markets are set to end the second week of May on a low note.
The total market capitalization for all cryptocurrencies fell below $400 billion for the first time since April 26 on
Bitcoin tracking for slight weekly losses despite news of regulatory crackdowns
Bitcoin has held up relatively well this week despite negative headlines about regulatory crackdowns. For analysts with a long-term view, that price action fits with their thesis that increased