Bitcoin News and Finance
Leading Privacy Crypto Monero Bounces Back: XMR Surges 25%, Defying Delisting Woes Skip to main content

Leading Privacy Crypto Monero Bounces Back: XMR Surges 25%, Defying Delisting Woes

Leading Privacy Crypto Monero Bounces Back: XMR Surges 25%, Defying Delisting Woes

After the leading privacy crypto token monero experienced a substantial 32% price decline on Tuesday, the coin’s value swiftly saw recovery the next day, surging by 25% within the last 24 hours. Binance, Kraken, and Kucoin are witnessing significant activity in monero’s daily trading volume, amounting to $256.91 million over the past 24 hours.

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.

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.

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 its valuable,” Broze remarked on X. “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 X, 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.

What do you think about monero’s comeback on Wednesday? Share your thoughts and opinions about this subject in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory