Monero cratered 15% amid the delisting from major crypto exchanges like Bittrex as previously reported in the Monero news.
XMR is the worst-performing asset over the past 24 hours. Monero cratered 15% over the past day and pushed below the key support level amid the strong drop level with the drop coming as BTC did its best to hold the $29,000 region. Other altcoins are crashing as well despite Bitcoin’s move higher and showed more strength in the leading crypto assets. Monero seems to be dropping as a result of news that it was delisted from popular exchanges.
While there’s no formal reason announced about the delisting, many think that this makes no sense as Monero should be among the privacy rights. XMR is down by 15% over the past day after Bittrex announced it will be delisting the coin along with other privacy coins like Dash and Zcash. Bittrex announced:
“The following markets will be removed on Friday, January 15, 2021, 23:00 UTC. BTC-XMR, ETH-XMR, USDT-XMR, BTC-ZEC, ETH-ZEC, USDT-ZEC, USD-ZEC, BTC-DASH, ETH-DASH, USDT-DASH, USD-DASH. You must perform any trades with these tokens no later than Friday, January 15, 2021, 23:00 UTC. After the markets are removed, Bittrex generally seeks to provide users up to 30 days to withdraw any delisted tokens, but in certain instances the withdrawal period may be shortened. Users should withdraw any tokens before the posted withdrawal deadline.”
Dash and ZEC are also down on this news and many see this as a strong blow to the crypto’s bull cases. Speculating that this move is related to potential privacy concerns that are shared by the government with Jake Chervinsky, the popular crypto lawyer said:
“It’s deeply disappointing to see exchanges remove assets just because they have privacy-preserving features. There’s no law or regulation requiring this, just DOJ’s opinion that privacy is “indicative of possible criminal conduct.”
Erik Voorhees, the CEO of ShapeShift hinted that the motives are different than what others think:
“Jake… you might not realize why they are actually being removed. Some day I hope to be able to discuss it.”
As recently reported, Bittrex was the latest exchange that decided to delist privacy coins including Monero, Dash and Zcash. The exchange announced earlier today that it decided to remove these coins for reasons still not so clear but one can only assume.
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