Monero (XMR) just like other altcoins has been tasting the sour bear run of market. But in this harsh condition there is good news for Monero (XMR), Different exchanges including Binance, Bitterex and Poloniex has reduced the withdrawal fee from 0.04 XMR to 0.0001 XMR.
The current upgrade of Monero (XMR) blockchain has been a great news out of nowhere for the XMR users, because the market has been down for a while now. The Beryllium Bullet (Hard Fork) will greatly enhance the extent of security and anonymity. This update has driven the XMR community to higher levels and it will be a major gear for the adoption of XMR in coming days.
With this update in the blockchain of Monero, there has been seen a lower transaction fees and a boost in the speed of confirmation of transaction. This has been all due execution of Bulletproofs, this new Beryllium Bullet has a bulletproof which reduces transaction size of one output to 2kb and two outputs to 2.5kb. This previously was 7kb and 13kb for one and two outputs, respectively. This almost reduces the transaction fees by 95%.
Exchanges Reduces Withdrawal Fees
So, the exchanges are impressed with this update of Monero (XMR). Exchanges including Binance, Bittrex, Bitfinex and Poloniex have reduced the withdrawal fees from 0.04 XMR to 0.0001 XMR. Binance in a tweet announced the lowering of withdrawal fees, Binance tweeted:
Poloniex also reduced XMR withdrawal fees, while tweeting, “thanks for raising this. We have updated our fees for XMR.” Similarly, Bittrex and Bitfinex also announced the reduction of withdrawal fees in a tweet on twitter. So, the exchanges looks to praise the bulletproof feature upgraded by Monero blockchain.
A Welcome News for XMR users
Monero (XMR) community has something to cheer about in this bearish market. Where the coin has been struggling to overcome the –1% downward trend from last seven days, at the time of writing. Though the users and exchanges have appreciated this new bulletproof feature, which enhances the security, speed and anonymity of the coin.
Different analysts see this as a good sign for XMR, as this will help the coin in long term run. This is a good site for Monero, which will help grow its adoption. Despite the downward trend of market, the price of XMR has been quite stable, which is a good sign for XMR to head into future. This shows that Monero has somehow resisted the bearish run of market and it a signal to the surge of XMR price in future.
At the time of writing, Monero (XMR) was trading with a price of $102 USD with a market cap of $1.7 billion and a trade volume of $19.5 million. XMR has been trading between a $100 and $105 mark for about two weeks know. This has been due to bear market, but it has been in this range, which shows the stability of the coin and with this news there is a lot of chance that XMR will surge back again.