Monero Price Soars 31%

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The price of the privacy-centered cryptocurrency Monero (XMR) has registered a sharp increase today probably driven by the recently announced US tax plan.

While the altcoin had already enjoyed good profits since the collapse of the crypto market in March, XMR has risen over 31% over the past day.

As it was reported earlier today by CNBC, a new taxation plan has been proposed on the US by its president Joe Biden with the aim of fighting tax evasion. The proposal includes the obligation of reporting any business transaction above $10,000.

Monero (XMR) is one of the favorite cryptocurrencies of users in terms of privacy, as it was specifically designed with privacy in mind. Taking this into account, the price of the cryptocurrency might have jumped as it could be viewed by users as a way to face this new tax requirements.

The coin has seen is price increase from $230 to $304 overnight, which represents a 84% rebound since it crashed to $165 on Wednesday.