The privacy coin Monero (XMR) experienced a sudden decline in its market value following the release of a new security update, Fluorine Fermi, on October 9. This update was designed to enhance user protection from espionage nodes and malicious groups that could potentially reveal the identities of transactions.
The new CLI v0.18.4.3 update includes an advanced peer selection algorithm designed to help nodes avoid suspicious networks and encourage users to connect to more secure peers, enhancing transaction privacy and overall network performance.
Despite the extensive media coverage of the update, Monero’s price fell 0.8% over the course of 24 hours, hitting a daily low of $328, while the current trading price is $336.81.
Analysts explained that the decline reflects short-term fluctuations caused by the network and miners adapting to the new consensus rules, stressing that the price may find stability at the $335 support level before attempting to retest the resistance range between $340 and $342.
They noted that any break below $333 could lead to a further drop to $328, given the current cautious mood in the markets.
