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Monero Price Analysis: XMR/USD could suffer a devastating blow after claims of tracing capabilities for law enforcement

  • XMR/USD is currently trading right below $90 after a rejection today following the market.
  • CipherTrace has just announced the first ‘Monero Tracing Capabilities’ for law enforcement.

For the most part, Monero has been following the steps of Bitcoin and others trading in a daily uptrend and consolidating for the past two weeks. The digital asset has already set a new 2020-high on August 21 at $105.99 and it’s now trading around $90.

Can someone actually track Monero?

The idea behind Monero is privacy, the recent announcement from CipherTrace would destroy the core concept of Monero and would have a devastating effect on its price. The official announcement states:

Our research and development team worked for a year on developing techniques for providing financial investigators with analysis tools. There is much work still to be done, but CipherTrace is proud to announce the world’s first Monero tracing capability. We are grateful for the support of the Department of Homeland Security’s Science & Technology Directorate on this project.

However, it seems that most users don’t believe this claim, especially after Dave Jevans had a debate with Justin Ehrenhofer and Dr. Sarang Noether over Monero and the tracing tool. For now, we can’t be sure whether this tool is really effective or not and the recent drop in price is most likely due to the overall market weakness.

XMR/USD daily chart

XMRUSD

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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