Elliptic’s Report: Cross-Chain Crime Threatens the Growth and Reputation of Monero

Elliptic’s report on the surge in cross-chain crime, particularly the laundering of funds through cryptocurrencies like Monero (XMR), poses a severe threat to Monero’s growth. As the report highlights, privacy coins like Monero used in illicit activities have increased, negatively impacting Monero’s reputation and adoption. Criminals exploit privacy features for money laundering, inviting regulatory scrutiny and potential legal consequences.

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This may hinder privacy coins’ acceptance in mainstream markets. This negative association might deter investors and users from engaging with Monero, affecting its market value and hindering its growth prospects. The report’s emphasis on the growing utilization of privacy coins in cross-chain crime underscores the challenges faced by Monero and its potential obstacles in achieving widespread acceptance and integration into legitimate financial ecosystems.

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Monero Key Levels To Watch: October 10

The absence of bulls in the market drove the price from the $160.130 supply zone to the downside. The downtrend ended at the $126.510 major low as the price moved upward due to overwhelming buying pressure.

After a massive surge in price to $172.500, XMRUSD failed to continue upward. According to the RSI (Relative Strength Index), the market is approaching the overbought region. A downtrend will likely ensue as the price hits the diagonal resistance.

XMRUSD Key Levels

Resistance Levels: $155.640, $160.130, and $172.500
Support Levels: $149.360, $135.710, $126.510

XMR Metrics

Total Market Capitalization: $1.09T
Monero Market Capitalization: $2.84B
Monero Volume: $63M
Market Rank: #24

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