- Qubic controlled majority hashrate, raising serious network decentralization concerns.
- XMR broke resistance, with indicators showing strong inflows and cooling volatility.
- Kraken paused deposits, ensuring safety amid potential 51% attack fears.
Monero (XMR) advanced sharply in value while facing renewed concerns over its network security. At press time, Monero trades at $260.94, with a market capitalization of $4.81 billion.
Trading volume rose to $93.16 million, marking an 88% increase within 24 hours. Despite the rally, analysts reported that a mining pool briefly dominated the network.
Kraken confirmed it paused Monero deposits after detecting that Qubic, a mining entity, controlled more than 50% of the hashrate. Reports showed Qubic mined over 80% of the blocks during the episode.
The group described the move as a computing “test” but admitted the risk to decentralization. Monero’s hashrate peaked at 2.71 GH/s during this period.
Kraken stated that withdrawals and trading remained active, while deposits would resume only after security reviews.
Technical Breakout Above Key Resistance
Chart analysis on TradingView highlighted a breakout above a descending channel that had persisted since August 8. The rally followed a rebound from $232 to above $262.
Technical indicators reflected strong inflows, with the Chaikin Money Flow reading 0.31. Volatility eased as the Relative Volatility Index declined from 93 to 64.
Market analysts identified $257 as a critical support zone. A failure to hold that level could return XMR to a bearish setup. Conversely, maintaining above support would validate the bullish breakout and sustain momentum.
Liquidations and Sentiment Trends
CoinGlass reported that long liquidations dominated the latest trading move. Data revealed heavy long exposure between $250 and $234, totaling more than $1 million. Short positions appeared only near $266, suggesting limited interest in betting against the price.
Market sentiment data from CFGI showed a neutral reading, signaling a balanced outlook. Observers noted that inflows and volume growth pointed to renewed trader confidence following Qubic’s clarification. Monero’s circulating supply stood at 18.44 million XMR, near its capped supply.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
