The bears have once again taken strong hold over the crypto market as the downtrend continues for Bitcoin. Monero (XMR) is not left out, as the privacy coin has declined by more than 18 percent over the last one week, with the last 48 hours being particularly bad.
Over the last 24 hours, XMR has dropped 10 percent of its value and now trades at $80.17 apiece. Consequently, Monero now has a market cap of $1.33 billion and is now the 10th most valuable cryptocurrency. Regardless of the current state of things, technical analysis pits the coin up for some growth in the coming days.
According to the scholastic oscillator, the 10-day EMA target of XMR could see the coin hike up to $129, before stabilizing around $120. For what it is, these predictions do not always come out true, however, Monero is currently in the oversold region which means a bull run is not far away.
Looking past the poor market performance, Monero has been in the news for some commendable reasons.
Bail Bloc Donates Monero (XMR) to Bail Out Immigrants in ICE Detention
Bail Bloc, a crypto initiative based in the United States has started using cryptocurrency raised through charity to help people get out of U.S Immigration and Customs Enforcement (ICE) detention, this was announced by the co-founder of Bail Bloc via a tweet.
Bail Bloc was launched last year as an initiative of the crypto industry to contribute funds to be used to help foreign nationals (to the United States) escape confinement. Last week, the online activist group confirmed that it has been donating privacy coin, Monero (XMR) to bail immigrants by ICE.
ICE is a law enforcement agency of the United States that monitors cross-border crime and illegal immigration. In 2017, the agency conducted 143,470 overall administrative arrests, 92 percent of which resulted in a criminal conviction or a pending criminal charge.
Immigrants in ICE detention are required to pay a bond in exchange for their release, although less than half of those in detention are given a bond hearing. Immigrants who are not granted a bond or cannot afford to pay the bond, remain in detention until their court hearing, and this can take months or even years.
The aim of the Bail Bloc initiative is to help charged immigrants pay their bail with money raised through cryptocurrency mining. Since its launch last year, the activist group has released a desktop/laptop application that uses (from 10 percent by default to 50 percent optionally) of a users’ computer power to mine Monero (XMR) once it is installed.
According to Bail Bloc, it exchanges Monero for USD monthly, the money is then donated to the Immigrant Bail Fund in New Haven, Connecticut. The organization chose XMR because it is an ASIC-resistant cryptocurrency, this means that consumer computers are able to mine the coin “in a financially viable way,” while computers designed with the sole purpose of crypto mining cannot.