By: Isha Das
The privacy-focused cryptocurrency, Monero (XMR), bounced back with a 23% gain, marking a recovery following its price drop due to news of a proposed delisting from Binance. After maintaining its value above $160, the cryptocurrency plunged to $100 on the news from Binance. However, Monero managed to pull itself back to a price of $130, indicating a growth of 20%, or a 27% gain from its lowest point.
Binance, which intends to delist XMR on February 20, has not yet implemented the change. Although the expiry will cease XMR trading, Binance will continue to allow withdrawals and conversions of XMR to stablecoins until May. This could trigger a steady outflow of XMR from Binance, influencing its prices for a prolonged period and impacting the price movement in a more gradual manner.
Many other exchanges have followed in a similar vein to delist Monero in alignment with compliance policies and government regulations. This is not the first setback for XMR, as the cryptocurrency witnessed similar delisting from Kraken for U.K. users in 2021, as well as from Huobi and OKX in 2022 and 2023 respectively.
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