The bears have once again taken a strong hold on the encrypted market while the downward trend continues for Bitcoin. Monero (XMR) is not excluded, as private money has declined by more than 18 percent in the last week, with the last 48 hours particularly negative.
In the last 24 hours, XMR has lost 10% of its value and is now trading at $ 80.17 apiece. As a result, Monero now has a market capitalization of $ 1.33 billion and is now the 10th most valuable cryptocurrency. Regardless of the current state of affairs, technical analysis places the currency for some growth in the coming days.
According to the school oscillator, XMR's 10-day EMA goal could see coins rising to $ 129 before stabilizing around $ 120. For what it is, these forecasts are not always true, however, Monero is currently in the oversold region, which means that a bull run is not far.
Looking beyond the poor performance of the market, Monero has been in the news for some commendable reasons.
Bail Bloc donates Monero (XMR) to save immigrants in the ICE detention
Bail Bloc, an encrypted initiative based in the United States, began using the cryptocurrency created for charity to help people out of the United States detention for immigration and customs (ICE), as announced by the co-founder of Bail Bloc via a tweet.
Bail Bloc was launched last year as a "crypto industry initiative to help with funds to be used to help foreign nationals (in the United States) escape from imprisonment. Last week, the group of online activists confirmed that they had donated private money, Monero (XMR) to free the immigrants from the ECI.
The ICE is a United States police agency that monitors cross-border crime and illegal immigration. In 2017, the agency conducted 143,470 administrative arrests overall, 92% of which resulted in a criminal conviction or a pending criminal charge.
Immigrants in the ICE detention are required to pay an "obligation" in exchange for their release, even if less than half of those in detention receive an audition. Immigrants who have not been granted an "obligation" or who can not afford to pay the bond remain in detention until their hearing, which may take months or even years.
The aim of the Bail Bloc initiative is to help the accused immigrants to pay the deposit with the money raised through the extraction of cryptocurrencies. Since its launch last year, the activist group has released a desktop / laptop application that uses (from 10 percent by default to 50 percent optional) a user's computer power to extract Monero (XMR) once installed .
According to Bail Bloc, he exchanges Monero for USD monthly, and the money is then donated to the Immigrant Bail Fund in New Haven, Connecticut. The organization chose XMR because it is an ASIC-resistant cryptocurrency, which means that consumers' computers are able to extract money "in an economically viable manner", while computers designed for the sole purpose of encrypting extraction can not.