Monero Slumps amid Qubic Mining War
Monero (XMR) is down 11.9% this week to $266.50, significantly underperforming the broader crypto market, where Bitcoin (BTC) has gained 1.9% to $116,543. The sharp drop in XMR is mainly linked to the ongoing Qubic-XMR mining conflict, which has sparked concerns over a potential 51% network hashrate takeover. Since these concerns surfaced in late July, Monero has shed 21% of its value.
Despite dipping to $256.4, which marks the midpoint of its current upward channel, XMR quickly rebounded suggesting resilience and the potential for a steeper recovery. If the support around $275.0 continues to hold, this could pave the way for a move higher, with an eventual target around $325.0.
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