Monero (XMR), which lost most of its market value following news of its upcoming delisting, partially regained its value on February 7th.
XMR maintained a market price above $160 for several days before Binance announced plans to delist the asset on February 6th. With that news, the price of XMR plummeted to $100. Although initial losses were slightly lower, assets were down by about 37% in about 12 hours.
Monero has now partially recovered since its price drop. The price of XMR is $130 as of February 7th at 9pm UTC. This increase represents a 20% rise in 24 hours, or a 27% rise from the previous day's low.
According to CoinGlass liquidation data, XMR experienced $2.91 million in liquidations in 24 hours. This represents approximately 3.1% of the $92.4 million in liquidations in the cryptocurrency market over the same period, dominated by Bitcoin (BTC) and Ethereum (ETH).
Binance has not yet delisted XMR
Binance has not delisted XMR, but plans to do so on February 20th. It is unclear how the implementation of this policy will affect the price of XMR.
Additionally, the February 20th deadline only ends XMR trading. Binance will continue to allow XMR withdrawals until May 20th and exchange of XMR to stablecoins until May 21st. This means that XMR may leave Binance for several months after delisting. This can affect the XMR price over a long period of time, and may affect the price in a more gradual or less noticeable way.
It is also unclear whether Binance intends to permanently delist XMR. The company said it “regularly reviews it.” [s] It appears that “each digital asset” is based on several factors, and if those criteria are met, XMR will be allowed to relist.
Other exchanges have similarly delisted Monero. Kraken delisted his 2021 XMR for UK users. Huobi delisted his XMR and other privacy coins in September 2022. OKX delisted XMR and other privacy coins in December 2023.
Monero market data
At the time of press February 7, 2024, 10:55 PM (UTC)Monero ranks 40th in terms of market capitalization, and the price is Up 23.72% Over the past 24 hours.Monero's market capitalization is $2.36 billion The trading volume for 24 hours is $249.91 million. Learn more about Monero ›
Overview of the virtual currency market
At the time of press February 7, 2024, 10:55 PM (UTC)the value of the entire cryptocurrency market is $1.69 trillion in 24 hour volume $50.31 billion. Bitcoin dominance is currently 51.19%. Learn more about the cryptocurrency market ›
