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Monero Bounces Back: XMR Surges 25% in Defiance of Delisting Woes

February 8, 2024 | by stockcoin.net

monero-bounces-back-xmr-surges-25-in-defiance-of-delisting-woes

Monero, the leading privacy cryptocurrency, has made a remarkable recovery after experiencing a sharp decline. In defiance of delisting woes and a 32% price drop, Monero has surged by 25% within the last 24 hours. This resurgence is reflected in the significant trading volume on Binance, Kraken, and Kucoin, amounting to $256.91 million over the past day. Despite this bounce back, Monero still remains down by more than 18% over the past week and 20.9% year-to-date. The delisting of Monero by several exchanges has sparked conversations about the importance of privacy and decentralization in the cryptocurrency space.

Monero Bounces Back: XMR Surges 25% in Defiance of Delisting Woes

Monero’s Quick Bounce Back

Monero (XMR) experienced a sharp decline on Feb. 6, 2024, plunging to levels not witnessed since June 2022. The top privacy coin saw a significant 32% decrease, reaching a low of $100.40 per unit on Binance during Tuesday’s trading sessions. This downturn followed Binance’s announcement of XMR’s delisting scheduled for Feb. 20. Privacy coins have increasingly become targets, with Okx’s decision to remove XMR in December, along with seven other assets, preceding Binance’s move.

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Delisting Woes and Privacy Coins

Delisting poses challenges for crypto projects and their supporters, as it complicates the acquisition of the digital currency. Nonetheless, the delisting took place after the beta release of a tool by Samourai Wallet developers, facilitating bitcoin<->monero atomic swaps and enabling enthusiasts to obtain XMR in a decentralized manner. In response to XMR’s decline, buyers have entered the market, driving the price up by 25% in the past 24 hours.</->

Monero Bounces Back: XMR Surges 25% in Defiance of Delisting Woes

Monero’s Price Rebound and Performance

Despite this rebound, XMR remains down by more than 18% over the past week and down 20.9% year-to-date. Monero has also garnered attention on various social media platforms. Mudit Gupta from Polygon expressed disappointment regarding XMR’s delisting. “It was predictable but still sucks to see Monero being deleted from exchanges. Monero (well, Bytecoin) is how I got into crypto. I came here for privacy and stayed for decentralization,” Gupta said.

Gupta added:

“The right to privacy is fundamental. If privacy was outlawed, only outlaws will have privacy.”

Founder of the Conscious Resistance Network, Derrick Broze, weighed in with his perspective. “They are coming for monero and this is why it’s valuable,” Broze remarked on Twitter. “Agorists and counter-economists need to embrace monero and promote adoption.” Furthermore, there’s buzz around a potential litecoin<->monero atomic swap service. A user on Twitter, known as “Untraceable,” recently highlighted four methods for acquiring XMR independently of centralized platforms, including the use of Samourai Wallet’s bitcoin<->monero atomic swaps functionality.</-></->

Market Activity in Monero

Binance, Kraken, and Kucoin are witnessing significant activity in monero’s daily trading volume, amounting to $256.91 million over the past 24 hours.

Delisting Woes and Privacy Coins

Delisting of Monero and other privacy coins poses challenges for crypto projects and their supporters. It complicates the acquisition of the digital currency and limits the trading options for investors. However, the recent delisting of Monero coincided with the beta release of a tool by Samourai Wallet developers. This tool facilitates bitcoin<->monero atomic swaps, allowing enthusiasts to obtain Monero in a decentralized manner. This decentralized acquisition of digital currency tools and solutions ensures that individuals can continue to access Monero independently of centralized platforms.</->

Additionally, Samourai Wallet’s atomic swap functionality opens up new possibilities for Monero. Atomic swaps allow for the direct exchange of one cryptocurrency for another without the need for intermediaries or centralized exchanges. As the technology continues to develop, it may further enhance the privacy and accessibility of Monero, making it an attractive option for those seeking financial privacy and autonomy.

Monero’s Recent Rebound and Current Performance

Following the sharp decline and delisting announcement, Monero has experienced a significant rebound in its price. Over the past 24 hours, Monero’s price has surged by 25%, defying the woes of delisting. This quick bounce back indicates that there is still strong demand for Monero despite the challenges it faces.

However, it’s important to note that Monero’s overall performance has been less impressive. In the past week, Monero has declined by more than 18%, and it is currently down by 20.9% year-to-date. These numbers highlight the volatility and uncertainty in the cryptocurrency market, as well as the challenges faced by privacy coins like Monero.

Reactions and Opinions

The recent developments surrounding Monero have elicited various reactions and opinions from the crypto community. Mudit Gupta from Polygon expressed disappointment at Monero’s delisting, emphasizing the importance of privacy and decentralization in the cryptocurrency space. On the other hand, Derrick Broze, the founder of the Conscious Resistance Network, sees Monero’s value in its ability to resist censorship and promote financial autonomy.

There is also buzz around a potential litecoin<->monero atomic swap service, which could further enhance the accessibility and usability of Monero. Users on social media platforms have discussed different methods for acquiring Monero independently of centralized platforms, including the use of Samourai Wallet’s atomic swap functionality.</->

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Conclusion

Despite the challenges posed by delisting and a decline in price, Monero has demonstrated its resilience by quickly bouncing back. The recent rebound in Monero’s price indicates that there is still strong demand for this privacy-focused cryptocurrency. However, it is essential to recognize the broader context of Monero’s performance, which has been less impressive over the past week and year-to-date.

The reactions and opinions from members of the crypto community highlight the ongoing debates and discussions surrounding privacy coins and the future of financial privacy. As decentralized acquisition tools and solutions continue to evolve, they provide individuals with alternative ways to access Monero independently of centralized platforms.

Overall, the recent developments in Monero’s market activity, the challenges of delisting, and the rebound in price illustrate the dynamic nature of the cryptocurrency market and the continual evolution of privacy-focused cryptocurrencies.

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