Monero (XMR) is the worst performing crypto asset in the last 24 hours. The privacy-conscious coin is down 15% over the past day and has slipped below key support levels on a sharp decline.
Graph of the price history of XMR over the last week from TradingView.com
The decline is due to Bitcoin doing its best to hold the $ 29,000 region. Other altcoins appear to be stuttering despite the surge in BTC, showing the strength of the leading cryptocurrency.
Monero appears to be falling on news that it is being dropped from a popular exchange.
While no formal reason was disclosed with this news, many think it doesn’t make sense as Monero should be under privacy law.
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Monero Craters 15%
XMR is down 15% in the past 24 hours after Bittrex announced it would support the cryptocurrency, along with a few others being put in the same range as Monero.
“The following markets will be removed on Friday, January 15, 2021, 11:00 PM 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 execute all trades with these tokens by Friday, January 15, 2021, 23:00 UTC at the latest. After the markets are removed, Bittrex will generally attempt to give users up to 30 days to withdraw delisted tokens. In certain cases, however, the withdrawal period may be shortened. Users should withdraw all tokens before the specified withdrawal deadline. “
DASH and ZEC are also up to date as many see this as a blow to the bull cases and the viability of the cryptocurrency.
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A deeply disappointing move?
Jake Chvervinsky, an attorney in the field, speculated that this move was related to potential government privacy concerns:
“It is deeply disappointing to see exchanges remove assets simply because they have privacy features. There is no law or regulation that requires this, only the DOJ’s opinion that privacy is “an indication of possible criminal behavior”.
Erik Voorhees, CEO of ShapeShift, hinted that the motives may be different than he thinks. Voorhees wrote:
“Jake… you may not see why they’re actually being removed. One day I hope to be able to discuss it. “
He did not elaborate on what he meant by that.
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Featured image from Unsplash Chart from TradingView.com Price tags: xmrusd, xmrbtc Monero (XMR) Craters 15% on delisting from Leading Exchange