Monero Makes a Comeback After Price Drop

After facing a sharp decline due to the announcement of its delisting by Binance, Monero (XMR), a cryptocurrency prized for its privacy features, has made a remarkable recovery. According to CoinGecko, Monero's price has surged to $130.54, marking an impressive increase of more than 23% in just one day. Despite this recent boost, the coin has not yet fully recovered from its post-Binance losses, showing a 21% decrease over the past week and nearly a 15% drop in value over the past month.

The world's largest cryptocurrency exchange, Binance, declared on Tuesday that it would remove Monero from its listings, a move that affects coins enabling anonymous transactions. Binance cited a failure to meet its "high standards" as the reason for the delisting, mentioning low trading volumes and liquidity or evidence of unethical or fraudulent activity as general criteria for removal. However, the specific reasons for Monero's delisting were not disclosed.

In January, Binance revealed it was monitoring Monero and other privacy coins to decide whether to continue allowing trades. Monero, with a market capitalization of $2.3 billion, stands as the largest privacy coin, ranked 42nd in overall cryptocurrency market size. Privacy coins like XMR employ cryptographic methods to hide transaction details, offering anonymity to users, which contrasts with major digital assets like Bitcoin (BTC) or Ethereum (ETH) that record every transaction on a public blockchain. This privacy feature has attracted the attention of law enforcement agencies, striving to trace these transactions.

In 2020, the IRS even announced a $625,000 reward for anyone who could breach Monero's privacy, highlighting the challenges and controversies surrounding privacy-focused cryptocurrencies.