Tanya Abrosimova
Independent Analyst
- Monero loses nearly 10% of its value amid massive sell-off.
- Kidnappers demand $10 million to be paid in Monero.
Monero (XMR) crashed from $53.30 to as low as $47.27 within a couple of hours amid global cryptocurrency sell-off. The coin is down nearly 10% since this time on Wednesday, trading at $48.56 at the time of writing.
XMR/USD has stabilized after an initial sell-off, but the downside traction may be resumed if the coin fails to recover above $50.00 handle anytime soon. While the downside was caused mostly by technical factors, Monero is not in the best position for growth now.
Norwegian police released the news that Anne-Elisabeth Falkevik Hagen, the wife of one of the richest Norway men was kidnapped from her house in Oslo. The kidnappers want to get $10 million paid in Monero. The woman got missing at the end of October, but the news made public only now, 10 weeks after the incident.
It is not clear whether Tom Hagen, her husband and the owner of Norwegian power supply company Elkraft will pay the ransom, but this case is likely to worsen the reputation of Monero as a coin of criminals and kidnappers. Beware of Monero volatility and increased scrutiny from governments and law enforcement agencies.
XMR/USD, 1-hour
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?