Binance Delists Monero: Privacy Coin Tanks 37% — And It's Not An Isolated Event
Portfolio Pulse from Murtuza Merchant
Binance announced the delisting of Monero (XMR) along with Aragon (ANT), Multichain (MULTI), and Vai (VAI) effective Feb. 20, 2024, causing a 37% drop in XMR's value. This decision, influenced by concerns over the token's contribution to the ecosystem and potential unethical activities, also affects trading pairs with BTC, ETH, USDT, and BNB. Binance may convert delisted tokens into stablecoins post-May 20, 2024. This follows a trend of exchanges delisting privacy coins, with OKX also planning to delist Monero and Zcash.
February 06, 2024 | 8:30 pm
News sentiment analysis
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NEGATIVE IMPACT
Monero (XMR) experienced a 37% drop in value following Binance's delisting announcement, indicating a significant negative impact on its short-term price.
The direct delisting announcement from Binance, a major cryptocurrency exchange, has led to a sharp decline in Monero's value, reflecting immediate negative sentiment among investors and traders.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
NEGATIVE IMPACT
Zcash (ZEC) may face increased scrutiny and potential delisting pressure following the trend of exchanges removing privacy coins like Monero, potentially impacting its short-term price.
Zcash, being a privacy coin similar to Monero, may experience negative sentiment and potential delisting actions from exchanges, mirroring the regulatory and market pressures faced by Monero.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Bitcoin (BTC) may experience indirect impact due to its association with Monero in trading pairs being delisted on Binance, though the effect is likely minimal.
While Bitcoin is indirectly affected through its trading pair with Monero being delisted, its broad market presence and diverse trading platforms mitigate significant short-term impact.
CONFIDENCE 75
IMPORTANCE 30
RELEVANCE 50
NEUTRAL IMPACT
Ethereum (ETH) may see a slight indirect impact due to its trading pairs with Monero being delisted on Binance, but the overall effect is expected to be minimal.
Ethereum's indirect association with Monero through trading pairs on Binance may cause minimal short-term impact, cushioned by its wide adoption and multiple trading venues.
CONFIDENCE 75
IMPORTANCE 30
RELEVANCE 50