Monero (XMR) has seen price growth recently, nearing a new local high. This positive trend is driven by various factors, including recent privacy-related developments.
Monero Trades at $213
In the past year, Monero has outperformed major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). According to CoinMarketCap, XMR is trading at $213.66, following a 0.62% price increase. Earlier, it reached $216.3, representing a 110% spike from its lowest point in 2024. Current technical indicators suggest a likely bull season, potentially driving the price to $290, as seen in April 2022.
Tornado Cash and OFAC Sanction
In 2022, the crypto mixer Tornado Cash was sanctioned by OFAC for laundering over $7 billion in crypto. The situation shifted in 2024 when a court ruled that OFAC's sanctions were incorrect, citing the service's autonomy and smart contracts. Consequently, the US Treasury lifted the sanctions, positively impacting Monero's value.
Woes Faced by Privacy-centered Cryptocurrencies
The Tornado Cash situation negatively affected privacy-focused digital assets. Major exchanges like Binance and Coinbase delisted Monero. With Tornado Cash's reinstatement, exchanges might relist XMR, potentially affecting Dash (DASH), Zcash (ZEC), and Horizen (ZEN) as well.
Monero continues to strengthen its market position due to an improved privacy climate, likely influencing its future valuations positively.
