Monero (XMR) has made headlines in recent years. Ranked 29th in market capitalization among the most valuable cryptocurrencies, the altcoin is the leading cryptocurrency among privacy-focused altcoins. As of the time of writing, XMR has a market value of 3 billion dollars and is trading at $163.3.
OKX’s Bold Move
Although Monero (XMR) continues to exist within this structure, it appears to be facing the threat of losing most of its liquidity and investors due to increasing regulatory pressures on financial privacy. The cryptocurrency was recently delisted from certain local exchanges in various countries. The issue did not remain limited to local exchanges and suddenly became a global concern.
On December 27, rumors began to circulate that Binance would delist Monero in January. On December 29, some sources stated that OKX would remove XMR and other privacy-focused coins from its listings in the first week of 2024.
In particular, Binance holds a significant position for Monero, housing approximately 25% of all its existing volume. OKX, on the other hand, has a small share of about 2% in multiple pairs. If these rumors come to pass, losing so much liquidity could be a challenging blow to XMR and its investors. Such an event could affect the availability of other exchanges directly or indirectly connected with both exchanges in the markets and could also harm the altcoin.
Monero (XMR) Price Analysis
Following all these developments, XMR experienced a 6% price drop in the last 48 hours, trading at $163, due to the rumors and subsequent news related to OKX. This negative price movement once again drew attention to XMR. Despite the overall market downturn, Monero suffered a harsher blow and lost its 26th place in market value ranking.
What’s more interesting is that XMR had actually been indicating an upward trend since August 2023. Moreover, the real economic impacts of being delisted from major global markets may not have been felt yet.
Considering all these factors, XMR may face liquidity issues more clearly as it adapts to changes in the market in the coming weeks. Furthermore, if it can somehow prove its resilience in such a negative scenario, this could greatly increase Monero’s adoption and investors’ confidence.
