The Kraken exchange triggered a bearish trend in the Monero (XMR) market and brought down the anonymous cryptocurrency’s rate by 8%.
On October 2, Kraken announced plans to remove Monero trading pairs from the European platform. The XMR delisting is scheduled for October 31, but traders have been given until December 31 to withdraw their coins. After that, any remaining XMR will be converted to Bitcoin.
Today, the price of Monero corrected after its recent decline. However, the news of the upcoming delisting of the cryptocurrency nipped the upward trend in the bud and led to a decrease in the value of the asset by 8% to $ 139, which is the lowest figure since the end of May 2024. But it is worth noting that the bearish trend has long dominated the Monero market. Unlike most of the most popular cryptocurrencies, XMR has fallen in price by 15% since the beginning of 2024.
Monero exchange rate change over the last 24 hours
Kraken representatives explained the delisting of XMR by regulatory measures in force in the European Union. Back in March of this year, the European Parliament adopted amendments to the law on combating money laundering, prohibiting anonymous cryptocurrency payments. Therefore, not only Monero fell into disgrace, but also other digital assets that allow transaction participants to maintain confidentiality. These include, for example, Dash (DASH) and Zcash (ZEC)
