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