Monero’s Link to a High-Profile Hack Raises Concerns and Market Risks

Monero’s link to a high-profile hack raises concerns and market risks. The revelation of Monero’s involvement in a high-profile hacking case, with the accused demanding ransom in the cryptocurrency, may negatively impact XMR’s price. The Finnish investigation, uncovering the intricate process of converting Bitcoin to Monero, adds complexity and raises concerns globally.

CRYPTO BREAKING NEWS
Finnish Authorities Reportedly Track Monero Transactions In High-Profile Hacking Case. Finnish authorities have reportedly traced transactions involving Monero (XMR), a privacy-focused digital currency, in connection with a high-prof… check us out @… pic.twitter.com/cYHQ3qOlnw

— InnovatekMobile (@Neome_com) January 29, 2024

 
Monero’s privacy features, while attracting users, now face heightened regulatory scrutiny. The association with illicit activities and potential regulatory actions could create a negative sentiment among investors, leading to a decline in demand for Monero. This news further underscores the challenges privacy-centric cryptocurrencies face in maintaining market trust amid increasing attention from authorities and calls for stricter regulations.

Key Monero Levels To Watch – January 29

Until late December last year, XMRUSD was in a bullish trend. Currently, the MA Cross signals that the market is in a bullish move. This came long after a change of character to the downside.
 
The price is undergoing a major retracement into the premium zone. The overall bearish trend is likely to resume as the Stochastic Oscillator leaves the oversold region.

XMR Key Levels

Resistance Levels: $174.90, $180.80, $187.50 
Support Levels: $146.20, $141.20, $135.70

Market Metrics

Total Market Capitalization: $1.57T
Monero Market Capitalization: $3.0B
Monero Volume: 73M
Market Rank: #29

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