Home Altcoins News Cryptocurrency Market Shaken as Binance Announces Delisting of Monero and Other Tokens

Cryptocurrency Market Shaken as Binance Announces Delisting of Monero and Other Tokens

In a move that reverberated across the cryptocurrency landscape, Binance, one of the world’s largest cryptocurrency exchanges, announced the impending delisting of Monero (XMR) and several other tokens. This decision has sparked a flurry of activity in the market, with traders and investors closely monitoring the fallout.

Monero, a privacy-focused cryptocurrency known for its anonymity features, has seen its trading value plummet by a staggering 32% in the past 24 hours following Binance’s announcement. At the time of writing, XMR is trading at $121.90, marking a significant decline from its recent peak of $166.

The decision to delist XMR stems from Binance’s commitment to upholding listing criteria and adapting to changes in the industry. While specific reasons for delisting were not disclosed, non-compliance with listing standards was cited as a primary factor. Binance regularly conducts reviews of listed assets to ensure they meet established criteria and remain aligned with industry trends.

As a result of the delisting announcement, Binance will cease trading for XMR pairs including XMR/BTC, XMR/BNB, XMR/USDT, and XMR/ETH. This move has further contributed to the downward pressure on Monero’s price and trading volume.

Analysts have wasted no time in assessing the technical indicators for XMR, including the Relative Strength Index (RSI), Stochastic, and Commodity Channel Index (CCI). Bearish sentiments prevail, with indicators suggesting strong selling pressure and a lack of historical support or resistance levels.

Meanwhile, other tokens affected by Binance’s delisting announcement include ANT, VAI, and MULTI. While ANT has seen a modest 2.09% gain in the last 24 hours, VAI and MULTI have experienced declines of 0.59% and 37.27% respectively. The impact on these tokens underscores the broader implications of exchange delistings in the cryptocurrency market.

Despite the turmoil, there is speculation that Binance may reconsider its decision to delist these tokens in the future. However, until February 20, 2024, when the delistings take effect, uncertainty looms over the fate of Monero and its counterparts.

Looking ahead, investors are bracing for further volatility as the market adjusts to these developments. The coming days will provide valuable insights into the resilience of cryptocurrencies and the ability of exchanges to adapt to evolving regulatory and industry dynamics.

Binance has simultaneously ceased trading for XMR pairs such as XMR/BTC, XMR/BNB, XMR/USDT, and XMR/ETH. The repercussions of this decision are twofold – XMR has lost its monetary standing on the trading board, and analysts are delving into technical indicators to predict its future.

Technical indicators, including the Relative Strength Index (RSI), Stochastic, and Commodity Channel Index (CCI), are being scrutinized. Both RSI and Stochastic suggest bearish sentiments prevailing in the near future, while CCI reflects strong selling pressure. Moreover, the absence of historical support or resistance levels for XMR complicates predictions, leaving holders uncertain about its future trajectory. Some predictions estimate that Monero may close 2024 at its lowest point of $133.79.

As the cryptocurrency landscape continues to evolve, it serves as a reminder of the inherent risks and opportunities in this burgeoning asset class. While delistings and price fluctuations may test investor resolve, they also underscore the importance of diligence and adaptability in navigating the ever-changing market terrain.

In conclusion, Binance’s decision to delist Monero and other tokens marks a significant milestone in the cryptocurrency market’s ongoing evolution. How these developments shape the future of digital assets remains to be seen, but one thing is certain: the journey ahead promises to be as unpredictable as it is transformative.

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Evie is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs.

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