Stellar (XLM) & Monero (XMR) – The cryptocurrency market has yet to fully recover after the drop it took this past weekend.
News broke on Friday that Japan will be tightening its cryptocurrency regulations and panic selling occurred dropping the entire market to a 2018 year-low of just over $235 billion. Currently, Bitcoin (BTC) is trading just above $6,000, and Ethereum (ETH) is hovering around the $425 mark.
Let’s a take a look at two popular altcoins and their latest updates.
Stellar has flown under the news radar lately, as it has yet to make any major announcements in 2018 – unlike many of the other altcoins.
However, the Stellar Foundation is still steadily at work building up the Stellar Network. There have been rumors that KIN is looking at using Stellar’s technology for their platform, but nothing has been officially announced yet.
The latest developments from the Stellar Foundation is that the project is working on acquiring Chain. Chain is a San Francisco-based startup company that’s focus is on building smart economies using cryptographic ledgers to improve financial services and products. When finalized, the deal is expected to cost the Stellar Foundation at least 2.2 billion XLM.
Chain then has the option of “HODLing” the coins of liquidating them – which would cause a sharp fall in the price of XLM. With Stellar’s on-going partnership with IBM, it is highly unlikely that the startup will dump the XLM anytime soon.
At press time, XLM is trading at $0.184 a coin, down -4.32%, in 24 hours.
Monero and the other ‘privacy’ coins have been in trouble lately, as governments across the globe are tightening their belt on anonymous cryptocurrencies.
Robert Novy, Assistant Director of the U.S. Secret Service, told the press recently:
“WE SHOULD … CONSIDER ADDITIONAL LEGISLATIVE OR REGULATORY ACTIONS TO ADDRESS POTENTIAL CHALLENGES RELATED TO ANONYMITY-ENHANCED CRYPTOCURRENCIES.”
This isn’t the only issue the project has faced as of late though, as Monero has faced crypto-jacking and compromised mining malware.
Monero-enthusiasts were thrilled when the Monero wallet was launched a few months ago, but it has had its share of complications too. The complaints were not of its security or privacy but on its lack of speed and its user experience design.
It remains unknown what the future holds for Monero and these other privacy coins as governments continue their regulation crackdowns.
At press time, XMR is trading at $126.58 a coin, down -1.71%, in 24 hours. Monero remains the 12th largest cryptocurrency by its market cap.
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