Binance Removes Monero From Its Platform Along With 3 Other Altcoins
Binance has recently disclosed its decision to delist Monero (XMR) along with three other cryptocurrencies, effective February 20.
This announcement led to a significant downturn in Monero’s value.
This move by Binance was somewhat anticipated, with prior reports from Finbold hinting at such action back on January 4. At that time, Binance had tagged XMR for monitoring, indicating potential future actions, which were eventually confirmed a month later.
As part of the delisting process, Binance will cease trading for four Monero pairs – XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT – on February 20. Additionally, Monero deposits will be disabled the following day, giving investors a three-month window to withdraw their holdings.
In addition to Monero, Binance is also removing Aragon (ANT), Multichain (MULTI), and Vai (VAI) under similar conditions, prompting investors to seek alternative trading platforms.
Monero’s value has taken a hit, plummeting over 35% from its pre-announcement price to a low of $107.36 from $165.86.
Technically, Monero’s price has found support just below the $100 mark. Failure to maintain these levels could lead to further declines, potentially reaching $75 or even $50 per coin in the coming weeks.
The ramifications of losing a significant liquidity source on Binance are yet to be fully grasped by the market, which could lead to more selling pressure as events unfold, possibly impacting other exchanges and liquidity providers.
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Cryptocurrency markets are known for exaggerated reactions driven by fear, uncertainty, and doubt (FUD). The initial sell-off may have pushed Monero’s price into oversold territory, as indicated by the Relative Strength Index (RSI).
Interestingly, some members of the Monero community have expressed optimism about the delisting, foreseeing positive developments in the decentralized landscape that could favor XMR in the long run.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
