Is Monero Safe?
Monero (XMR) prices are down 0.5% to $168 this week, teetering on the edge of the uptrend support. While a sharp dip below this level is unlikely, the overall crypto market is currently under pressure. Bitcoin has experienced an 8.0% loss, falling to $40,800 over the last ten days. However, Bitcoin still retains upside potential as long as it stays above the $40,000 support level.
XMR faces security challenges following a hack that resulted in the theft of 2,675.73 XMR (approximately $460,000) from the Community Crowdfunding System (CCS) wallet. The incident also revealed some traceability, which could undermine Monero's reputation for providing untraceable transactions. These security concerns have dampened the impact of the broader crypto rally on Monero. Despite a 65% rally in Bitcoin, Monero's prices only rose by 14.0-15.0%. Nevertheless, the altcoin has upside potential if prices recover above $175, and security issues are addressed.
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