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Monero Price Analysis: XMR Keeps Growing

Monero Price Analysis: XMR Keeps Growing

This analysis brought to you by RoboForex.

The Monero preserves the current impulse and keeps going upwards. On Tuesday, October 27th, it is trading around 134.85 USD.

Since a week ago, the XMR has renewed the highs again. On D1, the Monero is forming another bounce off the support level. The goal of the correction in the uptrend is the nearest support level. Also, the quotations are aiming at breaking through 0.0% Fibo. The MACD histogram is nearing zero, while the signal lines are forming a Black Cross that will signal another correction. If you look closer at the XMR/USD chart, you will see that the pair is going to correct, then secure its positions, and renew the highs. The aim of the growth is currently at 145.00 USD.

On H4, the Monero is also forming a bounce off the resistance level. Judging by the previous movements, the pair might go on correcting to the nearest support level. The Stochastic is forming a Black Cross near the overbought area, while the price on the chart has decreased to play off the signal. Looking at all this, we may suppose that the correction to the support level remains the priority. Upon performing it, the pair may resume the uptrend. As on D1, the goal is at 145.00 USD.

The XMR did get a fundamental impulse for growth. The company has implemented an update improving the scalability of the network. Also, the network node called Oxygen Orion was optimized.

During the update, the developers used a ring signature CLSAG, which is top-important for the transition of Monero to a high-performance network.

The update provides for cutting down on the time of transactions by 10-25%, which is a serious step for Monero. The XMR is aiming (in the long run, of course) for the first place in the rating of confidential financial assets; however, this needs further work.

Apart from scalability and performance, the update also improved certain safety issues. One of the previous software editions called Dandelion ++ was improved. Investors will definitely be happy about the improvement of safety.

For now, Monero is managing to avoid the requirements of the Drug Enforcement Administration and Internal Revenue Service which are struggling to make all the transactions in the network under their control.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

 

Disclaimer

Any predictions contained herein are based on the author's particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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North Carolina residents to soon have access to Binance.US services

North Carolina residents to soon have access to Binance.US services

Quick take

1 minute read

  • Binance.US is getting ready to launch its services available to North Carolina residence. 
  • Binance published a statement earlier this month Catherine Coley saying that the digital asset marketplace is now available for residents in North Carolina.

Binance.US is getting ready to launch its services available to North Carolina residents. The subsidiary of the major crypto platform Binance published a statement earlier this month on the 12th of November to CT with the CEO, Catherine Coley saying that the digital asset marketplace is now available for residents in North Carolina.

This would allow them to buy, trade and earn cryptocurrency.

“[North Carolina] is a state that has been involved in building the banking industry and evolving technology,” stated Coley.

It is also worth noting that North Carolina is home to the research triangle park. For those that don’t know, this is a well-known high tech research and development company that includes Cisco systems as well as other consulting companies in relation to blockchain.

In regards to this, they further say:

“Research Triangle Park and the robust school systems in the state have it positioned to meaningfully impact the blockchain industry [...] the state can begin to build more companies that have easy access now to cryptocurrencies.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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IRS crackdown on Coinbase users who are dodging their tax

IRS crackdown on Coinbase users who are dodging their tax

Quick take

1 minute read

  • The tax office of David W Klasing has just issued a public release morning the United State IRS is cracking down seriously with users on the Coinbase platform.
  • The dual licensed tax lawyers employed at the company say that they have been tracking an increase in IRS enforcement activity against users on the platform you are not complying with their requirements for tax and reports.

A specialised Californian tax company, the tax office of David W Klasing has recently issued a public release stating the United States internal revenue service (IRS) is cracking down seriously with users on the Coinbase platform.

The dual-licensed tax lawyers employed at the company say that they have been tracking an increase in IRS enforcement activity against users on the platform who are not complying with their requirements for tax and reports.

The company has heeded a warning saying people who are not paying the tax on the platform “end up facing serious civil and criminal trouble down the line”. They further say:

“If you have failed to report holding Bitcoin or other virtual currencies on your past returns or filed an incomplete or misleading picture of your cryptocurrency holdings, the time to act to correct this is now. Once an audit or criminal tax investigation has begun, it will be too late to amend your returns or take advantage of a voluntary disclosure program.”

A transparency report was released by the exchange earlier this year in October which was highlighted by the law company saying that it should “serve as a major wake-up call“ to users of the exchange.

For those that don’t know, this report clearly indicated that both the IRS and its criminal investigation unit were filing information requests with the platform.

The uptick in the enforcement activity against Coinbase uses from the IRS on those who don’t their taxes would appear to confirm that the exchange is cooperating closely with federal authorities in the United States as the company has further said:

“This data [in the October report] makes it clear that the IRS is requesting information from Coinbase for the express purpose of checking it against its own taxpayer data and looking for discrepancies where holdings on Coinbase have not been reported on taxpayers’ returns.”



For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto exchanges boom in Cuba during the pandemic

Crypto exchanges boom in Cuba during the pandemic

Quick take

1 minute read

  • Cryptocurrency has been going at an immense rate over the course of 2020. 
  • With the coronavirus pandemic in full swing and the economic crisis that came as a result still ongoing, crypto is looking as a tasty alternative for mini all over the world.

Cryptocurrency has been going at an immense rate over the course of 2020. With the coronavirus pandemic in full swing and the economic crisis that came as a result still ongoing, crypto is looking as a tasty alternative for many all over the world.

Cuba is one such country that has been seeing a spike in its crypto activities over the course of this year. This comes as there is an absence of related regulation in the country according to senior executives at local crypto companies.

Earlier this month, the nation recorded a massive spike in Google queries relating to bitcoin which suggested an increase in crypto activity in the nation.

Speaking to CT, a local crypto exchange Bitremesas said that the platform has been slowly but surely growing over the course of this year and has seen a noticeable influx in its user activity in recent times. The creator of the exchange, Erich Garcia said “By now, the use of the service is increasing at 200% every month.” 

Mario Mazzola, another founder of a different local exchange known as Qbita, said:

“Bitcoin usage and volume in Cuba is exploding right now.”

Cryptocurrency regulations in Cuba are next to none. They are completely deregulated according to local enthusiasts. Some say that they are neither legal nor illegal but the government in Cuba has favourably looked to the industry in the past.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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84% of lost funds on the KuCoin exchange now recovered according to CEO

84% of lost funds on the KuCoin exchange now recovered according to CEO

Quick Take

1 minute read

  • CEO of KuCoin exchange confirms 84% of lost assets have been recovered.
  • The exchange was hacked earlier this year in September.

After losing $280 million in a malicious attack earlier this year in September, the KuCoin crypto exchange finally recovered a “majority“ of the funds.

The co-founder founder and chief executive officer of the platform, Johnny Lyu published an announcement earlier this month on the 11th of November saying that the platform has recovered 84% of the stolen assets in crypto.

On top of this, he went on to say that the recovery process has involved “on chain tracking, contract upgrade and judicial recovery“.

Before we finish though, it is worth saying that we aren’t financial advisors and this is not financial advice. Please do your own research before investing in a cryptocurrency.

It will be interesting to see how this plays out however, it is good news that so much of the lost funds have been recovered.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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