Monero hard-fork update could have a major impact on its price
The new Monero upgrade improves the efficiency of the room.
The price dropped slightly after a huge bull run leading up to the update
Atomic swaps are expected to emerge soon when governments crack down on privacy-focused cryptocurrencies.
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The Monero privacy corner has seen a huge price hike this year, along with a software update via a hard fork and the possibility of atomic swaps.
The rise in the price of Monero has been attracting attention for weeks. A planned software upgrade seems to have at least partially fueled the enthusiasm.
On October 17, Monero released the Oxygen Orion update via a hard fork. This update provides a number of bug fixes, improved security, and better performance. Perhaps the most important of these features is the CLSAG upgrade.
CLSAG is an upgrade to MLSAG, Monero’s ring signing feature. Ring signatures are a popular crypto device used in privacy corners
Essentially, MLSAG is a ring signature technology that allows a user to protect the identity of a transaction by mixing it among many signatures. A third party cannot know for sure which transaction came from where, as it will appear to have many signatures.
The CSLAG update uses a more efficient version of the ring signature technology. These transactions will use less memory and therefore be 10-20% faster, according to Monero. In addition, the CLSAG update has been checked and audited.
Monero is also likely to add atomic swaps to its blockchain, which could also be viewed as bullish by investors.
Monero Atomic Swaps CCS proposal is now fully funded!
Monero CCS Funding Required: “Monero Atomic Swaps Implementation Funding”
The Monero Price
Monero has registered a gain of almost 400% since the March lows, with the last few months being particularly lucrative. The week ending October 11 saw a 23% price increase at Monero. Meanwhile, Zcash, another piece of privacy protection, saw a 17% jump in the same time frame.
Interestingly, the price of Monero has dropped since October 12, even after the (planned) update. The long-term gains are still quite large.
Privacy corners like Monero and ZCash had a good week, + 23% and + 17%
October 15 saw a record 24-hour volume level for Monero, at over $ 1 billion, according to an active member of the Monero Trader community. A few events seem to be at the origin of the rise in prices.
24h volume at all peaks. We have reached over $ 1 billion USD in 24 hour volume. We averaged around US $ 100 million last year.
Part of it is regulation. The U.S. Attorney General and Internal Revenue Service have said they will subject cryptocurrencies to further scrutiny. Additionally, the US Department of Homeland Security recently claimed it was able to unmask Monero users, although this has been questioned by the community. Still, there is a $ 625,000 bonus to anyone who can crack Monero.
While the secure conversion of Monero to spendable fiat is always a hindrance to privacy, some users probably see the privacy room as a haven from taxes or law enforcement.
Likewise, in the United States, three BitMEX executives were recently accused of illegally managing a derivatives exchange, and China arrested an official at the OKEx exchange for possible fraud. This caused a pause in the currency giant’s withdrawals.
Monero was also caught in the sights of Europol, which said the privacy room was often used for criminal activity.
As many governments open up to the idea of central bank digital currencies, it is reasonable to expect a crypto crackdown.