🚨🚨🚨 Breaking News: Kraken Delists Monero (XMR), Causing a 14% Price Drop! 🚨🚨🚨
🔑 Key Update for XMR Holders:
Kraken has announced that it will delist Monero (XMR) from its platform for users in the European Economic Area (EEA), citing regulatory pressure from government authorities.
🔍 What You Need to Know:
Effective Date: Starting Oct. 31, all Monero trading pairs, including XMR/EUR, XMR/BTC, and XMR/USDT, will be closed. This means users will no longer be able to trade Monero on Kraken.
Important Deadlines:
Open orders: All existing orders will be canceled on Oct. 31, and funds will be returned to user wallets.
Withdrawals: Users have until Dec. 31, 2024, to withdraw their XMR coins. After this deadline, any remaining Monero will automatically be converted to Bitcoin at the market rate.
📉 Market Impact:
Price Drop: Following the announcement, Monero’s price fell by 14% to below $150.
Market cap shrunk by $280 million, dropping from $2.84 billion to $2.56 billion.
Historical Context: Earlier this year, Binance also delisted Monero, which caused its price to plummet from $165 to around $104.
📊 Current Price: As of now, Monero is trading at $141.41, showing a 4% recovery in the last 24 hours but with a 30.9% drop in trading volume.
💭 Community Reactions:
Some believe Monero’s strong privacy features will help it remain resilient despite being delisted from major platforms.
Crypto influencer Klaus stated on X that wealthy investors will continue to support Monero for its privacy, regardless of price fluctuations.
⛔ What’s Next?
Keep a close eye on Monero’s performance as more exchanges may take similar actions. Could this privacy coin survive the ongoing regulatory challenges?
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