Monero Faces Delisting from Binance
On February 6, Binance announced that it would be delisting Monero (XMR) and three other cryptocurrencies from its services on February 20. This news caused a panic sell-off of Monero in the crypto market. However, this delisting was not unexpected, as it had been previously reported by Finbold on January 4.
Binance’s Delisting Process
Binance will remove four currently available Monero pairs on February 20, including XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT. The exchange will also disable Monero deposits the next day, but investors will have three months to withdraw their coins. The same delisting conditions apply to Aragon (ANT), Multichain (MULTI), and Vai (VAI).
Monero Price Analysis
The announcement of Binance’s delisting has had a significant impact on Monero’s price. XMR has experienced losses of over 35% since the news broke, dropping from $165.86 to as low as $107.36. Technical analysis suggests that if Monero fails to hold support levels at $100, it could drop to $75 or even $50 per coin in the coming weeks.
Market Reactions and Speculation
The full consequences of losing a major liquidity pool on Binance have yet to be realized by the market. This could lead to further sell-offs and panic events on other exchanges or ramp services. However, some Monero enthusiasts believe that the delisting could have positive effects on the open-source and decentralized landscape.
Hot Take: Uncertainty Ahead for Monero
The cryptocurrency market remains highly speculative and unpredictable. It is uncertain whether Monero will recover or drop further from its current position. Investors, users, and developers should exercise caution and be prepared for anything in the short- and mid-terms.
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