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Monero succeeds in hard fork – XMR celebrates bear market rally

 


Monero is expected to become more important in the coming years. The Tornado Cash case clearly shows that data protection and privacy are in conflict with the law when illegal activities can be clearly identified. But it's different with Monero, because the principle of "privacy by default" applies here.


Every transaction is protected, making it simply impossible to ban individual wallets or track their transactions. A hard fork was carried out on Saturday as scheduled after the date in July had to be postponed. This gave Monero a number of upgrades. Among other things, the ring size was increased and transactions streamlined, which speeds them up a bit.


The hard forks that Monero regularly carries out do not split the blockchain. They only serve as a means to implement new features.


XMR price reacts neutrally

XMR has been in a bear market rally since July 19th, showing a similar pattern to Ethereum. While the upgrade brought some improvements to Monero, none of them are groundbreaking achievements. As a result, there wasn't much of a reaction from the markets.


The XMR course currently depends more on how the stock markets will develop. What the Fed is proposing has been crucial here since the beginning of the year. The FOMC Meeting Minutes on August 17 could give a first taste. After that, the next meeting is scheduled for the end of September. If inflation develops favourably, this could be taken as a positive signal.


A good indicator is the S&P 500, which is currently positive. However, should it tip over, it can be expected that the crypto market will follow suit. In the case of XMR, it is therefore more decisive for investors how monetary policy will be designed if XMR is only a purely speculative investment. In any case, Monero will be able to protect the privacy of its users, no matter how the course develops.

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