Monero (XMR) Price Rebounds After Binance Delisting
The price of privacy coin Monero (XMR) has experienced a significant increase after initially plummeting due to the news of its delisting from crypto exchange Binance. According to CoinGecko, XMR is currently valued at $130.54, reflecting a 23% surge in the past 24 hours. However, it has not fully recovered from its post-Binance losses, as it remains down by 21% over a seven-day period and has lost nearly 15% of its value in the last month.
Binance Delists Monero Without Specifying Reason
Binance, the world’s largest cryptocurrency exchange, recently announced its decision to delist Monero. The exchange stated that the coin no longer met their expected standards, citing low trading volume, liquidity, and potential unethical or fraudulent conduct as reasons for delisting. However, Binance did not provide a specific explanation for removing XMR from its platform. This move follows Binance’s previous indication that it was monitoring privacy coins like Monero for potential trading restrictions.
Privacy Coins and Their Unique Features
Monero is the largest privacy coin with a market capitalization of $2.3 billion, ranking as the 42nd largest cryptocurrency overall. Privacy coins like XMR employ various cryptographic techniques to ensure anonymous transactions, distinguishing them from transparent digital assets such as Bitcoin and Ethereum. While major cryptocurrencies record every transaction on a public blockchain, privacy coins obscure transaction details to enable anonymity. Consequently, law enforcement agencies have been exploring methods to trace privacy coin transactions.
Government Scrutiny on Privacy Coins
Privacy coins have attracted attention from government agencies seeking ways to monitor and regulate them. In 2020, the Internal Revenue Service (IRS) offered a reward of $625,000 to anyone who could break Monero’s privacy features. This ongoing scrutiny may contribute to the volatility and market fluctuations experienced by privacy coins like XMR.
Hot Take: Monero’s Resilience Amidst Delisting
The delisting of Monero by Binance initially had a negative impact on its price, causing a significant drop. However, XMR has shown resilience by rebounding and experiencing a notable price increase in the past day. While its recovery is not complete, this upward trend suggests that there is still demand for privacy coins like Monero despite regulatory challenges and exchange delistings.
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