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Monero Reaches 2-Year High, Taking YTD Gain to 200%

Regulatory scrutiny is likely garnering more attention for monero amid an upward-trending broader market.

Oct 26, 2020 at 3:42 p.m. UTC
Updated Sep 14, 2021 at 10:23 a.m. UTC

The privacy-centric monero (XMR) continues to rally despite lingering regulatory concerns.

  • The cryptocurrency rose to $139 early Monday, the highest level since September 2018, according to data compiled on the CoinDesk 20.
  • At press time, monero was changing hands at $135, up 200% on a year-to-date basis.
  • Monero has rallied by over 50% the past seven weeks.
  • A month ago, the U.S. Internal Revenue Service (IRS) announced a bounty to anyone who can develop solutions to trace monero's transactions.
  • "The U.S. Internal Revenue Service (IRS) wants the same level of insight [into monero] as they have over digital dollars in bank accounts; however, cryptographers and researchers are always going to be one step ahead on privacy," the protocol's maintainer, Riccardo "Fluffypony" Spagni, told CoinDesk.
  • The European Union's law enforcement agency Europol cited popular privacy-enhancing cryptocurrency wallets and other technologies as "top threats" in Europol's "2020 Internet Organized Crime Threat Assessment" published earlier this month.
  • Regulatory scrutiny has likely garnering more attention for monero amid an upward-trending broader market.
  • "Speculators, algorithmic traders look to have fueled the price rally," David Jevans, CEO of blockchain forensics firm CipherTrace, told CoinDesk earlier this month.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, 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.

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