Monero up 200% year to date, peaks in the last 2 years amid regulatory concerns


Privacy-centric cryptocurrency Monero (XMR) hit a 2-year high price after growing more than 200% year to date.

Monero continued to grow along with a general increase in bitcoin and alt prices. XMR hit $ 139 on October 26, its highest since September 2018.

The altcoin has grown by more than 200% year to date, with an increase in value of more than 50% occurring in the past seven weeks.

Speaking in an interview with CoinDesk last month, David Jevans, CEO of blockchain forensics firm CipherTrace said Monero was tracking the price of bitcoin.

He said:

Algorithmic speculators and traders appear to have fueled the rise in prices.

Despite the price increase, there are some regulatory concerns associated with the privacy-focused crypto asset. Last month the US Internal Revenue Service (IRS) announced a bounty for anyone who could develop a solution to track XMR transactions.

The bounty, valued up to $ 625,000, sought prototypes from private and private contractors to identify personal information belonging to users of the Monero wallet.

The proposal said,

IRS-CI is looking for a solution with one or more contractors to provide innovative solutions for tracking and attributing private currencies, such as expert tools, data, source code, algorithms and software development services.

The regulatory agency continued, citing an increase in the use of privacy coins for cybercrime, while noting the “limited investigative resources” available for tracking XMR transactions.

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