A trio of privacy-focused altcoins are seeing dips in price after a prominent crypto exchange platform said it is going to delist them. In a new company blog post, the Seychelles-based crypto exchange OKX says that it’s going to delist Monero (XMR), Zcash (ZEC), and Dash (DASH) as they no longer fit the firm’s listing […]
The post Privacy-Focused Altcoins Suffer Price Drops After Crypto Exchange OKX Says It Will Delist Monero, Zcash and Dash appeared first on The Daily Hodl.
A security breach has resulted in the loss of 2,675.73 XMR from Monero's community crowdfunding wallet. The cause and source of the breach remain unidentified.
A recent attack compromised Monero’s community crowdfunding wallet, wiping out its entire balance of 2,675.73 Monero (XMR), worth nearly $460,000.
The incident took place on Sept. 1 but was only disclosed on GitHub on Nov. 2 by Monero’s developer Luigi. According to him, the source of the breach has not been identified yet.
"The CCS Wallet was drained of 2,675.73 XMR (the entire balance) on September 1, 2023, just before midnight. The hot wallet, used for payments to contributors, is untouched; its balance is ~244 XMR. We have thus far not been able to ascertain the source of the breach."
Monero’s Community Crowdfunding System (CCS) funds development proposals from its members. “This attack is unconscionable, as they’ve taken funds that a contributor might be relying on to pay their rent or buy food,” noted in the thread Monero's developer Ricardo "Fluffypony" Spagni.
Luigi and Spagni were the only two people who had access to the wallet seed phrase. According to Luigi's post, the CCS wallet was set up on an Ubuntu system in 2020, alongside a Monero node.
To make payments to community members, Luigi used a hot wallet that has been on a Windows 10 Pro desktop since 2017. As needed, the hot wallet was funded by the CCS wallet. On Sept. 1, however, the CCS wallet was swept in nine transactions. Monero's core team is calling for the General Fund to cover its current liabilities.
"It's entirely possible that it's related to the ongoing attacks that we've seen since April, as they include a variety of compromised keys (including Bitcoin wallet.dats, seeds generated with all manner of hardware and software, Ethereum pre-sale wallets, etc.) and include XMR that's been swept," Spagni noted in the thread.
According to other developers, the breach could have originated from the wallet keys being available online on the Ubuntu server.
"I wouldn't be surprised if Luigi's Windows machine was already part of some undetected botnet and its operators performed this attack via SSH session details on that machine (by either stealing the SSH key or live using trojan's remote desktop control capability while the victim was unaware). Compromised developers' Windows machines resulting into big corporate breaches is not something uncommon," noted pseudonymous developer Marcovelon.
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Bitcoin price has flatlined, but TON, XLM, XMR and MKR are showing signs of bullish momentum.
Bitcoin (BTC) traded in a narrow range this week and is on target to form the third consecutive Doji candlestick pattern on the weekly chart. The cryptocurrency markets did not receive any support from the United States equities markets, which ended the week on a negative note. The S&P 500 Index dropped 1.3% while the Nasdaq closed down 1.9%.
Bitcoin’s weakness has dragged several altcoins lower, with many testing multi-week lows. This indicates that the broader crypto market is in a firm bear grip. Negative markets make it difficult for buyers to identify short-term bullish trades as rallies hardly sustain. However, it could be a good time for long-term investors to build a portfolio.
According to a recent Amberdata report, 24% of asset management firms are appointing senior executives dedicated to the implementation of digital strategies. Down the line, 13% more firms plan to adopt a digital assets strategy. This indicates “seriousness about implementation as well as senior management buy-in,” the report added.
Could Bitcoin break out to the upside, boosting buying interest in altcoins? Let’s study the charts of top-5 cryptocurrencies that are showing promise in the near term.
Bitcoin has been trading near the $26,000 level for the past few days, indicating a tussle between the bulls and the bears.
The downsloping moving averages indicate advantage to bears but the positive divergence on the relative strength index suggests that the selling pressure is reducing. The indicators are not giving a clear advantage either to the bulls or the bears.
Therefore, it is better to wait for the price to either sustain above $26,500 or dive below $24,800 before placing large bets.
If bulls overcome the obstacle at $26,500, the BTC/USDT pair could soar to the overhead resistance at $28,143. On the other hand, a fall below $24,800 could clear the path for a collapse to $20,000.
The price has been trading near the moving averages on the 4-hour chart, indicating a lack of interest from both the bulls and the bears. This tight-range trading is unlikely to continue for long and may lead to a range expansion within the next few days.
On the upside, a rally above $26,500 will indicate that the advantage has tilted in favor of the buyers. That may start an up-move to $27,600 and eventually to $28,143.
Alternatively, if the price breaks below $25,300, the selling could pick up and the pair may retest the Aug. 17 intraday low of $25,166.
Toncoin (TON) has pulled back to the 20-day exponential moving average ($1.69). In an uptrend, a correction to the 20-day EMA usually offers a low-risk entry opportunity.
The 20-day EMA is likely to act as a strong support. If the price snaps back from the 20-day EMA, it will indicate that the sentiment has turned positive and traders are buying on dips. The TON/USDT pair could first rise to $1.89 and thereafter attempt a rally to $2.07.
Instead, if the price continues lower and plummets below the 20-day EMA, it will suggest that the bulls are bailing out of their positions. That could open the doors for a possible drop to $1.53 and next to the 50-day simple moving average ($1.45).
The 4-hour chart shows that the bears are trying to sink the price below the immediate support at $1.72 but the bulls have held their ground. The downsloping 20-EMA and the RSI in the negative territory increases the risk of a downside breakdown.
If the $1.72 support cracks, the pair could skid to $1.66 and later nosedive to the strong support at $1.53. Contrarily, if bulls propel the price above the moving averages, it will suggest the start of a stronger recovery to $1.90 and subsequently to $2.
Stellar (XLM) has staged a smart recovery in the past few days, indicating that the buyers are attempting a comeback.
The XLM/USDT pair broke above the 20-day EMA ($0.12) on Sep. 4 and the bulls thwarted attempts by the bears to yank the price back below it on Sep. 5 and 6. This suggests that the bulls are trying to flip the 20-day EMA into support.
The price has reached the 50-day SMA ($0.13), which is behaving as a roadblock. A minor positive in favor of the buyers is that they have not given up much ground. This suggests that the bulls are not rushing to the exit. If the price breaks above the 50-day SMA, the pair could soar to $0.15 and later to $0.17.
This bullish view will invalidate in the near term if the price turns down and plunges below the 20-day EMA.
The bears are trying to halt the recovery at the overhead resistance at $0.13 but the bulls have not given up much ground. The rebound off the 20-EMA shows that lower levels continue to attract buyers. If the price maintains above the overhead resistance, the pair could start an up-move to $0.15.
If bears want to prevent the up-move, they will have to quickly drag the price below the 20-EMA. That could accelerate selling and tug the price to the 50-SMA.
Related: 3 reasons why Pepe price will continue to fall in September
Monero (XMR) has held the uptrend line support for the past few days, indicating buying at lower levels. The price has reached the 20-day EMA ($143), which is an important level to keep an eye on.
If bulls drive the price above the 20-day EMA, it will suggest the start of a sustained recovery. The XMR/USDT pair could then climb to the 50-day SMA ($151), where the bears may again mount a strong defense. If this obstacle is cleared, the pair could surge to $160.
The bears are likely to have other plans. They will try to protect the 20-day EMA and pull the price below the uptrend line. If they manage to do that, several stops may be hit. That could sink the pair to $130.
The price action on the 4-hour chart shows the formation of a symmetrical triangle pattern. The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.
If the price slips below the 50-SMA, the bears will try to pull the pair to the support line of the triangle. Contrarily, if the price rises above the 20-EMA, the pair could reach the resistance line. A break above or below the triangle could signal the start of a trending move.
Maker (MKR) has been stuck between the moving averages, indicating indecision among the bulls and the bears. A minor positive in favor of the bulls is that the price has been trading above the downtrend line.
The 20-day EMA ($1,119) is moving up gradually but the RSI near the midpoint suggests a lack of bullish momentum. Buyers will have to propel and sustain the price above the 50-day SMA ($1,157) to signal the start of an up-move to $1,227.
This positive view could invalidate in the near term if the price re-enters the downtrend line. The MKR/USDT pair could then slump to the strong support at $980. This level is likely to witness strong buying by the bulls.
The 4-hour chart shows that the price has been oscillating between $1,083 and $1,170 for some time. The flattish moving averages and the RSI in the negative zone indicate a slight advantage to the sellers.
On the downside, the important support to watch out for is $1,102 and then $1,083. Conversely, if the price turns up from the current level and breaks above the moving averages, it will suggest that the bulls are on a comeback. The pair may then rally to $1,170.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin price holding $26,000 could open up some bullish trading opportunities in TON, XMR, MNT and QNT.
Bitcoin (BTC) has gone silent over the weekend. CryptoQuant CEO Ki Young Ju said in a recent post on X (formerly Twitter) that Bitcoin’s velocity has declined to a 3-year low. He said this could either be considered positive as whales were holding on to their positions or negative because the transfer to new investors was not happening.
The range-bound action continues to perplex investors about the next possible trending move. In that regard, there was a positive commentary from JPMorgan analysts who said that Bitcoin’s downtrend could be ending. They believe that the declining open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange suggests that the long liquidation is over.
As Bitcoin decides its next move, select altcoins are showing signs of strength. These altcoins could turn negative if Bitcoin’s range resolves to the downside but if Bitcoin turns up or stays in a range, then they may offer a short-term trading opportunity.
Let’s study the charts of the top-5 cryptocurrencies that may move up in the near term and identify the levels that need to be crossed for the bulls to take charge.
Bitcoin formed an inside-day candlestick pattern on Aug. 26, indicating indecision between the bulls and the bears about the next directional move.
The downsloping 20-day exponential moving average ($27,222) and the relative strength index (RSI) in the oversold zone indicate that bears are in command. However, the bulls are unlikely to give up without a fight. They will try to defend the $24,800 level with all their might.
The BTC/USDT pair may start a stronger recovery if buyers thrust the price above the 20-day EMA. That could open the doors for a possible rally to the 50-day simple moving average ($28,888).
If bears want to strengthen their position, they will have to pull the price below $24,800. If they do that, the pair could start a downtrend to $20,000.
The 20-EMA is flattening out and the RSI is near the midpoint on the 4-hour chart. This suggests a balance between supply and demand. If the price crumbles below $25,700, the pair could fall to $25,166 and then to $24,800.
On the contrary, if the pair sustains above the moving averages, it will signal that the bulls have absorbed the selling. There is a minor resistance at $26,314 but if this crossed, the pair could climb to $26,610 and later to $26,833.
Toncoin (TON) is forming an inverse head and shoulders pattern, which will complete on a break and close above $1.53.
The gradually upsloping 20-day EMA ($1.38) and the RSI in the positive zone indicate that the path of least resistance is to the upside. If buyers drive the price above $1.53, the TON/USDT pair could start a new uptrend toward the pattern target of $1.91.
The bears are likely to have other plans. They will try to guard the $1.53 level and tug the price below the moving averages. If they manage to do that, the pair could decline to $1.25 and eventually to $1.15.
The 4-hour chart shows that the $1.53 level may prove to be a stiff barrier for the buyers to cross. If the price turns down from this level but rebounds off the 20-EMA, it will suggest that the bulls are buying on minor dips. That could improve the odds of a break above $1.53. The pair may then rally to $1.70.
Instead, if the price turns down and breaks below the 20-EMA, it will signal that traders are booking profits near $1.53. The pair may then drop to the 50-SMA and subsequently to $1.33.
Monero’s (XMR) sharp rebound off the uptrend line for the second time in the past few days shows that the bulls are fiercely defending the level.
The XMR/USDT pair could reach the 20-day EMA ($148), which is likely to act as a formidable hurdle. If bulls do not give up much ground from this level, the prospects of a rally above the 20-day EMA increase. The pair may then climb to the 50-day SMA ($157), which could attract selling by the bears.
If the price turns down sharply from the 20-day EMA, it will suggest that bears continue to sell on rallies. The pair could then retest the uptrend line. The repeated retest of a support level tends to weaken it. If this level gives in, the pair may collapse to $125 and then to $115.
The bulls pushed the price above the moving averages on the 4-hour chart, indicating that the bears may be losing their grip. There is a strong resistance at $150 but if this level is scaled, the pair may reach $160. The rising 20-EMA and the RSI in the positive territory indicate a minor advantage to buyers.
The first sign of weakness will be a break and close below the moving averages. That could pull the price to the uptrend line. A break below this support could send the pair tumbling to $125.
Related: FTX suspends user accounts amid Kroll cyber breach concerns
Mantle (MNT) has been in a strong downtrend since topping out at $0.60 on July 20. The sharp downtrend sent the RSI into oversold territory, indicating that a relief rally was possible.
The outside-day candlestick pattern on Aug. 25 suggests that the buyers are attempting to seize control. The MNT/USDT pair could first rise to the 20-day EMA ($0.45), which is an important level to watch out for. If buyers overcome this obstacle, the pair could rise to the 38.2% Fibonacci retracement level of $0.48.
Contrarily, if the price turns down from the 20-day EMA, it will suggest that the bears continue to sell on every minor rally. That could result in a retest of the support at $0.41. If this level cracks, the pair may slide to $0.35.
The 4-hour chart shows that the bulls have pushed the price above the moving averages but are struggling to start a runaway rally. This suggests that the bears have not given up and they may pose a challenge at higher levels.
If the price breaks below the moving averages, it will signal advantage to bears. That will increase the possibility of a break below $0.41.
Alternatively, if the price sustains above the 20-EMA, it will indicate that the bulls are buying the minor dips. The pair may then attempt a rally to $0.47 and subsequently to $0.52.
Quant (QNT) rebounded off the strong support at $95 on Aug. 17 and rose above the moving averages on Aug. 26. This shows a strong demand at higher levels.
The bulls will try to sustain the momentum and push the price to the downtrend line. This level is likely to witness a tough battle between the bulls and the bears. If the price turns down from this level but rebounds off the 20-day EMA ($101), it will signal a change in sentiment from selling on rallies to buying on dips.
That could increase the likelihood of a rally above the downtrend line. If that happens, the QNT/USDT pair could start a rally to $120. This positive view could invalidate in the near term if the price turns down and plummets below the moving averages. The pair may then slide to the support at $95.
The moving averages on the 4-hour chart have turned up and the RSI is in the positive territory, indicating that bulls are on a comeback. The pair could rally to the downtrend line where the bears may again mount a stiff resistance.
On the downside, the moving averages are expected to act as strong supports. A break and close below the 50-SMA will indicate that the recovery may be over. The pair may then slump to $98.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin’s narrow range trading may end soon and if an upside breakout happens. Meanwhile, LTC, XMR, AAVE and MKR are showing strength.
Bitcoin (BTC) has been trading in a narrow range for the past few days but that doesn’t take away the sheen from its stunning 84% rally in 2023. The strong recovery in Bitcoin’s price has boosted buying in several altcoins, which have risen sharply from their yearly lows.
As the second half of the year begins, the major question on every investor’s mind is, will the rally continue? CoinGlass data shows that July has seen only three negative monthly closes since 2013 and the biggest decline was 9.69% in 2014. This suggests that bulls have a slight edge.
A large part of the latest leg of the rally in Bitcoin and altcoins was fuelled by hopes that the United States Securities and Exchange Commission will approve one or more applications for a spot Bitcoin exchange-traded fund. Any adverse news on this front could turn the sentiment bearish and result in a sharp sell-off.
However, for now, Bitcoin and select altcoins are showing strength. Let’s analyze the charts of the top-5 cryptocurrencies that may continue their up-move over the next few days.
Bitcoin continues to trade near the stiff overhead resistance at $31,000. This suggests that the bulls are in no hurry to book profits as they anticipate another leg higher.
Usually, a tight consolidation near a crucial overhead resistance resolves to the upside The rising 20-day exponential moving average ($29,278) and the relative strength index (RSI) in the positive territory indicate that the road of least resistance is to the upside.
If bulls propel and sustain the price above $31,000, the BTC/USDT pair is likely to start the next leg of the uptrend. The bullish momentum may catapult the price above the immediate resistance at $32,400. If that happens, the pair may continue its northward march toward $40,000.
If bears want to make a comeback, they will have to sink and sustain the price below the 20-day EMA. The pair could then slide to the 50-day simple moving average ($27,622).
Both moving averages have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. The price has been stuck between $31,431 and $29,500 for some time.
Buyers will have to drive and sustain the price above the $31,431 hurdle to indicate the resumption of the up-move. Alternatively, a break and close below the $29,500 support may start a deeper correction toward $27,500.
Litecoin (LTC) skyrocketed above the descending channel and the overhead resistance of $106 on June 30, indicating the resumption of the uptrend.
The bears yanked the price back below the breakout level of $106 on July 1 but the bulls purchased the dip. If buyers sustain the price above $106, it increases the likelihood of the continuation of the rally. The LTC/USDT pair could then soar to the overhead resistance zone between $134 and $144.
Contrary to this assumption, if the price slips and sustains below $106, it will signal that bears are selling at higher levels. That could pull the price to the psychological level of $100 and then to the breakout level from the channel.
The 4-hour chart shows that bears are attempting to guard the $112 level with vigor but they are struggling to sustain the price below $106. This suggests that the bulls are buying at lower levels. The rising 20-EMA and the RSI in the overbought territory indicate that buyers have the edge.
If the price sustains above $112, the pair may start the next leg of the uptrend toward $126. The first support on the downside is at the 20-EMA and then at $98.
Monero (XMR) rose and closed above the downtrend line on June 23, invalidating the developing descending triangle pattern.
The failure of a bearish pattern is typically a positive sign as it traps several aggressive bears, resulting in a short squeeze. That could be seen in the XMR/USDT pair which surged from $150 on June 23 to $171 on June 27.
After the sharp rally, the price has been oscillating between $171 and $160 for the past few days. The consolidation is a positive sign as it shows that the bulls are holding on to their positions as they anticipate another leg higher.
If buyers shove the price above $171, the pair may start the next leg of the up-move. The pair may then skyrocket to $187. The bears will have to sink the price back below the 50-day SMA ($149) to seize control.
The 4-hour chart shows the formation of a symmetrical triangle, which generally acts as a continuation pattern. If buyers push and sustain the price above the triangle, it will suggest that the uncertainty between the bulls and the bears has resolved in favor of the buyers. That could signal the resumption of the up-move. The pattern target of this setup is $182.
This positive view will invalidate in the near term if the price turns down and plummets below the triangle. The pair could then plunge to $148.
Related: Why is Litecoin price up today?
Aave (AAVE) has been trading inside a descending channel pattern for the past several weeks. The price turned down from the resistance line of the channel on June 25 but the bulls arrested the correction at the 20-day EMA ($61.69).
This suggests a change in sentiment from selling on rallies to buying on dips. The price has again reached the resistance line. The repeated retest of a resistance level within a short interval tends to weaken it.
The rising 20-day EMA and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers propel and sustain the price above the channel, the AAVE/USDT pair could start a new up-move toward $84.
The 20-day EMA remains the important support to watch on the downside. A break and close below this level will suggest that the pair may spend some more time inside the channel.
Both moving averages are sloping up on the 4-hour chart and the RSI is in the positive territory, indicating that buyers are in control. If bulls flip the downtrend line into support, the pair may rise to $76.
Alternatively, if the price sinks and sustains below the downtrend line, it will signal that bears remain active at higher levels. The pair may then slump to the moving averages. A break below the 50-SMA may open the doors for a possible drop to $62 and then to $58.
Maker (MKR) is attempting to start an up-move. The bulls purchased the dip to the moving averages between June 24 and 28, indicating demand at lower levels.
The 20-day EMA ($725) has turned up and the RSI is in the overbought territory, indicating that bulls have the upper hand. Buyers pushed the price above the downtrend line on July 2 but the long wick on the candlestick shows strong selling at higher levels.
A minor positive in favor of the buyers is that they have held their ground. This enhances the prospects of a rally above the downtrend line. If that happens, the MKR/USDT pair may soar toward $979. The first sign of weakness will be a drop below $772. That could start a deeper correction toward the 20-day EMA.
The pair closed above the downtrend line but the rally is facing selling at higher levels. The bears are trying to trap the aggressive bulls by pulling the price back below the downtrend line. If they do that, the pair could descend to the 20-EMA. This remains the key level to watch out for because a break below it will tilt the advantage in favor of the bears.
Contrarily, if the price turns up from the current level and breaks above $900, it will suggest that bulls have flipped the downtrend line into support. That could start a rally to $941.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Blockchain analytics platform Santiment says a handful of altcoins are experiencing mini-breakouts as Bitcoin (BTC) trades near $30,000. According to Santiment, Solana (SOL), Arbitrum (ARB), Monero (XMR) and XRP rival Stellar (XLM) are benefiting from the redistribution of profits from Bitcoin’s latest rally and from the frenzy around the recent spot Bitcoin exchange-traded fund (ETF) […]
The post Solana, Arbitrum, Monero and One XRP Rival Among Altcoins Enjoying Mini Breakouts – Here’s Why: Santiment appeared first on The Daily Hodl.
Binance betrayed our interests with its decision to delist privacy coins. In the long run, it may mean that users leave Binance in the dust.
Binance announced in May that it would delist so-called “privacy coins” such as Monero (XMR), Zcash (ZEC) and others in several countries, including France, Italy, Spain and Poland. The decision underscored the reality that some companies might step over their own feet to ban privacy tech — even where it is legal — out of a combination of risk aversion and compliance confusion.
Some Monero users have long advocated for keeping their tokens off exchanges, emphasizing that on-exchange transactions undermine user privacy by requiring personal identification data. And yet listing privacy coins on exchanges has its merits: It facilitates new user adoption, bolsters liquidity and contributes to price momentum.
European Union regulators recently enacted two significant crypto legal frameworks: Markets in Crypto-Assets rules and a Travel Rule. These mandates necessitate the collection of user data and identification information for withdrawal recipients. While these regulations might seem burdensome, privacy coin users and exchanges listing privacy coins can, in fact, comply.
Related: Are we still mad at MetaMask and ConsenSys for snooping on us?
Take Zcash, for instance. It offers a transparent send function and an option to privately share view keys in shielded transactions. Monero provides a similar view key feature. Discussions are underway among EU officials about a potential ban on privacy coins, but this is still in the early stages.
Binance’s overreaction is not a result of any clear regulatory mandate, and its actions also seem internally inconsistent. It delisted Secret’s SCRT governance token, which is not private itself but can be traded for a private coin. In contrast, Litecoin (LTC), which has a privacy feature, has not been delisted.
These actions from Binance might be less about European regulators’ demands and more about its unique circumstances. For instance, Binance is currently embroiled in a legal dispute with the Commodity Futures Trading Commission over alleged failures to uphold requisite Anti-Money Laundering measures.
Even in countries where privacy coins are banned outright, like the United Arab Emirates, savvy users can acquire them via virtual private networks to access peer-to-peer transfers or decentralized exchanges. Platforms like Sideshift.ai for Zcash and Bisq for Monero serve as gateways to these privacy coins. While such methods ensure privacy coins’ survival during prolonged periods of bans, they may slow the adoption among a broader user base who need crypto privacy tools for financial security and the exercise of their human rights.
The crypto industry should avoid creating its version of “Operation Choke Point,” a practice where the U.S. government discourages banks from doing business with crypto clients due to regulatory pressures. Crypto exchanges should refrain from banning privacy coins when there’s no legal obligation to do so, lest they create their own chokepoint.
Regulated exchanges manage to comply with U.S. Anti-Money Laundering laws — including Kraken, which lists Monero, as well as Gemini, which not only lists Zcash but allows customers to engage in shielded transactions on the platform.
Privacy tools in crypto are just that— tools. They are used by both everyday users and, in some cases, bad actors. But this doesn’t mean the tools themselves are inherently bad. Just like cash or the internet, these tools can be used for both legal and illegal activities. It’s important to differentiate between the tool and how it is used.
Related: Infura is to blame for MetaMask’s violation of the crypto spirit
The crypto industry is still in its early stages, and it’s crucial to establish a balanced regulatory environment that respects users’ privacy while also deterring and punishing illegal activities. Overly restrictive regulations could stifle innovation and discourage new users from joining the crypto space.
Privacy is a fundamental human right and an essential aspect of the crypto ecosystem. Regulatory bodies and crypto organizations should work together to create a regulatory environment that respects and protects user privacy while also ensuring compliance with laws and regulations. This will ensure the long-term sustainability and growth of the crypto industry.
Binance should retract its misguided delisting of privacy coins, take a better view of its actual compliance requirements in EU countries, and, even more than that, get active in advocating against the EU’s consideration of a future privacy ban. Privacy will become increasingly important in crypto, and Binance and other exchanges will be left behind if they don’t take privacy coins and privacy tools seriously.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Binance users in France, Italy, Poland and Spain will no longer be able to buy or sell 12 privacy tokens starting from June 26.
Cryptocurrency is going to become less private in Europe as the major exchange Binance is preparing to delist all privacy tokens in countries like France and Italy.
Starting from June 26, privacy tokens like Monero (XMR) or Zcash (ZEC) will no longer be available for trading for Binance customers in France, Italy, Poland and Spain.
A spokesperson for Binance told Cointelegraph that the new restrictions affect a total of 12 coins. The affected tokens include Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), BEAM (BEAM), Monero (XMR) and MobileCoin (MOB).
“While we aim to support as many quality projects as possible, we are required to follow local laws and regulations regarding the trading of privacy coins, to ensure we can continue to serve as many users as we can,” a representative of Binance said, adding:
“As part of Binance’s ongoing compliance processes, we have reached out to affected users, to notify them that they will no longer be able to purchase or trade privacy tokens on our platform after June 26th.”
In an email to French customers, Binance said that it was no longer able to offer enhanced anonymity crypto assets, or CAE, in several European countries due to local regulatory requirements.
This article is developing and will be updated.
It’s always been possible to store arbitrary data alongside blockchain transactions, but NFTs on Monero introduce a slew of new concerns.
Nonfungible tokens (NFTs) are finally on the most infamous privacy-focused blockchain, but not everyone is happy about it. Mordinals, or Monero Ordinals, are similar to Bitcoin Ordinals in that they allow anyone to inscribe data alongside transactions stored on the Monero blockchain.
From reduced privacy on the network to storing illegal content on an undeletable database, the Monero community is throwing around many concerns — but is there really anything to worry about?
In January, Casey Rodarmor launched the Bitcoin Ordinals protocol, allowing anyone to inscribe arbitrary data alongside Bitcoin transactions. This enables users to attach data to a single satoshi. The Ordinals protocol keeps track of these satoshis, the linked data and their unique identifiers, facilitating nonfungible tokens on the network.
Mordinals are essentially a modified implementation of Ordinals on the Monero blockchain. While Ordinals require data to be stored in the “witness” part of a Bitcoin transaction, Mordinals use the “tx_extra” field that exists within each Monero transaction. This has technically been possible on Monero since 2014, but until now, there has been no support for it.
Criticisms against Mordinals closely mirror those levied against its Bitcoin counterpart, but with an additional focus on how it could impact Monero’s privacy. The Monero community values privacy above all else, and introducing NFTs on a network that strives to make its tokens as unremarkable as possible was never going to be easy.
To protect user privacy, Monero transactions are signed using “ring signatures,” which bundle a transaction with a set of fake ones. If an attacker with enough capital flooded Monero blocks with Mordinals, it would be trivial to distinguish actual transactions from the dummy NFTs. This is a genuine concern for Monero.
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In 2020, the United States Internal Revenue Service offered a $625,000 bounty to anyone who could help track Monero transactions, so it’s safe to say there’s a market for conducting such attacks.
Another common criticism against Mordinals is its potential impact on decentralization. As blocks get bigger, storage requirements for nodes increase, disincentivizing smaller nodes from staying online.
Of course, the protocol could be upgraded to allow nodes to prune these transactions. However, a blockchain relies on its nodes agreeing on the network’s state, and filtering out certain blocks or transactions could be construed as censorship.
Monero, unlike Bitcoin, has a dynamic block size, and the idea that Mordinals might cause the blockchain to expand abnormally is a legitimate concern in the Monero community. However, looking at on-chain metrics, it doesn’t appear that blocks are growing wildly faster.
Also, while Mordinals’ impact on privacy shouldn’t be taken lightly, some argue that the risks can be fixed through updates.
In a Twitter thread on Mordinals, Cake Wallet vice president Justin Ehrenhofer said that Monero should take steps to limit certain behaviors, as it has done for other privacy and fungibility risks. “The Monero network is strong because the privacy, security, and efficiency of XMR is prioritized first and foremost. Everything else needs to play nice with that goal,” he tweeted.
Some thoughts on #Monero #Ordinals (#Mordinals).
— Justin Ehrenhofer ️ (@JEhrenhofer) March 17, 2023
I don't like to blame people for using a network in a way that's allowed, but the Monero network should take steps, as it has done for other privacy and fungibility risks, to limit certain behaviors. A
In light of the privacy implications, he believes the best course of action is to limit the size of the tx_extra field within Monero transactions to 256 bytes. This could significantly increase the attack cost of flooding the network with dummy transactions while providing flexibility for future use cases.
“Some Monero holders view NFTs as a threat to privacy,” Apollo Greed, CEO of gaming merchant service firm QGlobe Games, told Cointelegraph. “Others recognize its potential value and believe that privacy can be maintained.”
According to Greed, there’s enormous potential for privacy-conscious NFTs in protecting financial data while selling in-game assets.
There’s also the possibility of Monero being used to store and sell illegal content. As an uncensorable privacy-focused blockchain, this could have dire consequences. But this has always been possible on Monero, though prior to Mordinals, this would have required some technical experience using Monero’s command-line interface.
There’s no doubt NFTs have drawn a lot of attention. Bitcoin (BTC) has nearly doubled in value since the introduction of Ordinals, and while there are undoubtedly other factors impacting its price, Ordinals has significantly raised activity on the network. By storing data on the blockchain instead of on the internet or InterPlanetary File System like most Ethereum-based NFTs, Mordinals (and Ordinals) could help lead to increased utility for NFTs.
In the Twitter thread mentioned above, Ehrenhofer said the concept of Mordinals was always a known possibility and was recently spurred by the success of Ordinals on Bitcoin and Litecoin.
The debate on what to do with tx_extra has been ongoing for years, and the community appears to have at least partially aligned itself with the Ehrenhofer, having since merged a patch to limit tx_extra’s size to 1,060 bytes. While it’s still four times larger than his suggestion, this still makes it much harder for someone to attack the network.
On the one hand, tx_extra exists to ensure future interoperability with decentralized applications and other blockchains. The alternative, removing tx_extra and adding a specialized field that cannot be abused, could kill certain projects in development, like the upcoming Serai DEX.
No one knows who created the Mordinals software, and there’s a theory that the entire project is a stunt being pulled by someone within the Monero community to lobby for the removal of tx_extra. During an episode of the Monero Talk podcast, community member Ofrnxmr spoke about a post he saw on the Monero Research Lab (MRL) forums by a user named “Tx_extra” in late 2022.
The user suggested removing the tx_extra field from Monero transactions, and when no action was taken, they began uploading MRL logs to Monero in a similar fashion to how Mordinals works. When asked to stop, they again raised the topic of removing the tx_extra field.
Even if this theory is true, completely preventing users from storing arbitrary data on blockchains will never be possible.
A 2017 study funded by the German Federal Ministry of Education and Research shows how Bitcoin has been used to store illegal content and share malicious code since long before Ordinals existed
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When Ordinals launched, Rodarmor wrote about two key missing features required for NFTs to thrive on Bitcoin: provenance and markets. Provenance is the ability to determine who owns an inscription, and markets are necessary venues for NFTs to be bought and sold.
These features go against Monero’s broader ethos of anonymity and decentralization. There are parts of the community who would love to see Monero compete with the likes of Bitcoin and Ethereum, but as long as the network’s values conflict with how NFTs are valued, Mordinals are unlikely to gain much traction without introducing some serious utility.
While most coins are reeling under pressure, Bitcoin and select altcoins such as ADA, ATOM, LDO, and ARB are showing promise.
The S&P 500 Index (SPX) closed the week with a nominal loss of 0.29% but Bitcoin (BTC) is on target to finish the week with a deeper cut of more than 5%. The weakness in Bitcoin pulled several altcoins lower, indicating weakening sentiment.
A silver lining is Bitcoin’s solid bounce on May 12. Several analysts anticipate Bitcoin to start a recovery but monitoring resource Material Indicators sounded cautious.
In a recent analysis, they said that the lack of a strong bid from the whales at lower levels could be a concerning sign. They believe that the bullish perspective will invalidate if Bitcoin sustains below the 200-week moving average.
Over the next few days, the progress on the debt ceiling talks between leaders from Congress and the White House is expected to take center stage. The uncertainty and risks of a potential U.S. default could keep the rally in the equities markets under check but it is difficult to predict how Bitcoin and altcoins will react to all the chaos.
Bitcoin has started a corrective phase and most altcoins have broken below their respective support levels. Only a handful of cryptocurrencies are looking positive on the charts. Let’s analyze the chart of the top five cryptocurrencies that may turn up in the near term.
The long tail on Bitcoin’s May 12 candlestick shows that the bulls are aggressively buying the dips to the neckline of the inverse head and shoulders (H&S) pattern.
Buyers will try to push the price back into the triangle but may face stiff resistance from the bears. The downsloping 20-day exponential moving average ($27,959) and the relative strength index (RSI) below 41 indicate that bears have a slight edge.
If the price turns down from the 20-day EMA, the bears will again attempt to sink the BTC/USDT pair below $25,250. If they can pull it off, the selling may intensify and the pair could crash to $20,000.
On the upside, the bulls will have to clear the hurdle at the resistance line to regain control. The pair may then retest the overhead resistance at $31,000.
After facing stiff resistance at the 20-EMA, the bulls have cleared the obstacle. This indicates that the bulls are trying to seize control. The pair may first climb to the 50-simple moving average and then to $28,400.
On the contrary, if the price turns down sharply from the current level, it will suggest that the bears are trying to flip the support line of the triangle into resistance. The pair may then plunge to the crucial support at $25,250.
Cardano’s (ADA) solid rebound off the uptrend line on May 11 suggests that lower levels continue to attract strong buying.
The bulls will try to resume the recovery by propelling the price to the 20-day EMA ($0.38). This level may act as a minor barrier but if bulls overcome it, the ADA/USDT pair could soar toward the neckline of the inverse H&S pattern. This level is likely to witness a tough battle between the bulls and the bears.
Another possibility is that the price turns down from the 20-day EMA and drops to the uptrend line. The repeated retest of a support level at short intervals tends to weaken it. That may open the doors for a potential fall to $0.30.
The bulls pushed the price above the moving averages, indicating that the bears may be losing their grip. The 20-EMA has started to turn up gradually and the RSI is in the positive zone, indicating that the bulls are on a comeback.
If buyers pierce the overhead resistance at $0.37, the pair could pick up momentum and rally to $0.40 and later to $0.42. Conversely, if the price turns down from $0.37, the pair may slide to the uptrend line.
Cosmos (ATOM) snapped back from the $10.20 support on May 10, indicating that the bulls are buying the dips to this level.
The bears are trying to halt the relief rally at the 50-day SMA ($11.28) but the bulls have not given up much ground. This enhances the prospects of a rally above the 50-day SMA. If that happens, the ATOM/USDT pair could rally to the downtrend line.
This is an important level for the sellers to guard because a break above it will invalidate the bearish descending triangle pattern.
The critical support to watch on the downside is $10.20. If it cracks, the descending triangle will complete and the pair may then plummet to $8.50.
The 4-hour chart shows that the relief rally is facing selling at higher levels but the price action is forming a possible inverse H&S pattern that will complete on a break and close above $11.30. The pair may then start an up-move to $12 and subsequently to $12.50.
Alternatively, if the price turns down and breaks below the 50-SMA, it will suggest that the bears are in control. The pair may then slump toward the vital support at $10.20. A bounce off this level could keep the pair inside the boundaries of $11.30 and $10.20 for a while longer.
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Lido Dao (LDO) rebounded off the $1.60 support and has reached the overhead resistance at the 20-day EMA ($1.95).
The bears are trying to protect the 20-day EMA but the bulls have not given up. This suggests that the buyers expect the recovery to continue. If bulls drive the price above the 20-day EMA, the LDO/USDT pair could rally to the downtrend line. This level is likely to attract strong selling by the bears.
If buyers arrest the next decline above the 20-day EMA, it will suggest a change in sentiment from selling on rallies to buying on dips. The pair could then start a sustained recovery above the downtrend line.
On the downside, the bears will have to sink and sustain the price below $1.60 to indicate the resumption of the downtrend.
The 4-hour chart shows that the bulls are trying to propel the price above the overhead resistance at $1.98. If they succeed, the pair will complete a bullish double bottom pattern. This reversal setup has a target objective of $2.39. If this level is also crossed, the pair may reach $2.60.
Contrarily, if the price turns down from the current level or $1.98 and breaks below the moving averages, it will suggest that bears are active at higher levels. That may keep the pair stuck between $1.57 and $1.98 for some time.
Arbitrum (ARB) has been finding support near the psychologically important level of $1, indicating that the bulls are aggressively buying the dips.
On the upside, the bears have been attempting to stall the recovery at $1.20 but a minor positive in favor of the bulls is that they have kept up the buying pressure. That increases the likelihood of a break above $1.20. If that happens, the ARB/USDT pair could rise to $1.40 and later to $1.50.
This positive view will invalidate in the near term if the price turns down sharply from $1.20. That will point to a possible consolidation between $1 and $1.20 for a few days.
The 20-EMA on the 4-hour chart has started to turn up and the RSI is in the positive territory indicating that the selling pressure is reducing. Buyers will try to strengthen their position by pushing the pair above $1.20. If they do that, the pair will complete a double bottom pattern, which has a target objective of $1.35.
The first sign of strength for the bears will be a break and close below the 20-EMA. That could pull the pair to $1.05. A slide below $1 will signal the resumption of the downtrend.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
