The elusive privacy coin Monero (XMR) has once again emerged from a recent downfall, defying all odds and soaring to new heights. After receiving a harsh blow from the news of its delisting on the controversial crypto exchange Binance, XMR has made an impressive comeback, currently trading at $130.54 according to CoinGecko, marking a staggering 23% increase in just one day.
Although it has not fully recovered from its Binance-induced losses, with a 21% drop over the past seven days, the month-long picture is far from pretty. XMR has been hit hard, losing nearly 15% of its value in just 30 days.
This surprising surge in value comes after Binance, the world’s largest crypto exchange, announced its decision to remove XMR from its platform due to a lack of meeting their high standards. Binance stated that they delist tokens with low trading volume, liquidity, or signs of unethical or fraudulent activity, without explicitly stating the reason for XMR’s delisting.
In fact, this move by Binance was not entirely unexpected, as they had previously mentioned their monitoring of privacy coins like XMR. With a market cap of $2.3 billion, XMR is the largest privacy coin and ranks as the 42nd biggest cryptocurrency.
Privacy coins like XMR utilize complex cryptographic techniques to conceal transaction details, allowing users to make anonymous transactions. This sets them apart from popular digital assets such as Bitcoin (BTC) or Ethereum (ETH), where all transactions are publicly recorded on a blockchain.
However, this anonymity has also attracted the attention of law enforcement, who have been trying to find ways to track these transactions. In 2020, the Internal Revenue Service (IRS) offered a hefty reward of $625,000 for anyone who could break Monero’s privacy.
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