Cryptocurrency markets are sending mixed messages during U.S. business hours on Tuesday. While major players prefer Bitcoin (BTC)Ethereum (ETH), XRP, Cardano (ADA) are stuck in a holding pattern, and some altcoins are facing a different fate.
For example, Monero has taken a hit after the largest cryptocurrency exchange, Binance, announced that it would delist its XMR trading pair. This move, likely due to regulatory concerns, caused the price of Monero to plummet.
So while some altcoins are reflecting Bitcoin’s cautious consolidation, others like Monero are feeling the sting of the bearish news.
Binance to delist XRP: Can XMR weather the storm?
Prominent cryptocurrency exchange Binance has announced its intention to delist its popular privacy token, XMR, on February 20th. According to a communication from the company, Monero no longer meets the listing criteria, along with Aragon (ANT), Multichain (MULTI), and Val (VAI).
“If a coin or token no longer meets this standard or the industry changes, we will conduct a more detailed review and may potentially be delisted.” Binance said In response to this news, they issued a statement.
Holders of these tokens have until May 20th to withdraw their funds, but trading will be halted on February 20th.
Monero, like other privacy-oriented cryptocurrencies, hides the details of transactions made on the network. This makes it difficult for regulators and law enforcement to track activity on the protocol. Cryptocurrency exchange OKX will also delist XMR and other tokens such as DASH and ZCH.
A rush to sell XMR by investors caused a massive sell-off, with the token’s value dropping 27% to $115 in 24 hours. Monero price has not experienced this price level since May 2022 and it looks like the freefall could continue to $100 during US trading.
The Relative Strength Index (RSI) is currently in oversold territory, so investors could be bracing for a rebound. To get the most out of your next steps, it’s important to look out for strong support.
Also read: 3 Low-Cost Ethereum Alternatives to Buy for the 2024 Bull Run: SOL, DOT, AVAX
Binance to list DYM: Is Dymension ready to rise?
As Monero bids farewell to Binance, the exchange will welcome another token called Dymension from 15:00 (UTC) on February 6th. The corresponding trading pairs are “BTC, USDT, FDUSD, TRY in the spot market)”.
“In preparation for the start of trading, users can now start depositing DYM into their Binance accounts,” Binance said in a statement. blog post. “DYM’s withdrawal functionality will be available on 2024-02-07 15:00 (UTC). As highlighted by Binance, the listing fee for Dymension (DYM) is set at 0 BNB. ”
upon coin market capDymension is up 233% to $14, but the token is far behind decentralized exchange PancakeSwap (CAKE) at $1.54.
as report, the platform known for powering RollApps, is expected to launch its mainnet shortly after listing on Binance, giving investors reason to speculate on its potential upside. Additionally, recent listings on Binance have had a significant impact on tokens such as BONK, MANTRA, and JUP.
Although past performance does not guarantee a massive breakout, investors can potentially profit by speculating within reason. Therefore, investors should be cautious and watch out for volatility.