The majority of privacy-focused cryptocurrencies are facing high sell pressure despite bull momentum in this innovative sector.
Privacy cryptocurrencies are mainly designed to help users to maintain financial privacy. Unlike Ethereum & Bitcoin, the transactions in privacy-focused cryptocurrencies remain untraceable. Many bad actors use privacy-focused cryptocurrencies e.g Zcash (ZEC), Dash (DASH), Oasis Network (ROSE), Decred (DCR), Aleph Zero (AZERO), Beldex (BDX), etc in suspicious activities so that law enforcement agencies can’t easily trace identity.
In the last week, the trade price of the majority of such privacy-focused cryptocurrencies crashed, despite the bull momentum in the crypto sector.
The current trade price of the top privacy coin Monero (XMR) is $165 & this trade price is 7.9% down over the last 7 days of trade price.
The current market capitalization of all privacy-focused cryptocurrencies is nearly $3 billion but soon this figure will face downfall.
The panic sell pressure among the crypto Investors for these cryptocurrencies surged because of the rumours & some confirmed news which confirmed that such cryptocurrencies will not get any support on top crypto exchanges.
Just a couple of days ago, the OKX crypto exchange announced a delist plan for all the privacy-focused cryptocurrencies, including XMR Coin.
OKX will delist most anonymous coin pairs.
#OKX recently announced its decision to remove 20 spot trading pairs by January 5, including major privacy coins like Monero ( $XMR ), Dash ( $DASH ), and Zcash ( $ZEC ).
— Biz Crypto (@0xbizcrypto) December 30, 2023
Following this news, some rumours surfaced in the Crypto community & claim that Binance will delist Monero in January 2024 because the exchange faced huge legal hurdles & now the team is planning to remove controversial crypto assets & services.
It will not comply
— monerobull (@monerobull) December 28, 2023
However XMR delist from OKX is not a very big panic for XMR coin investors but it will create a very big level of panic if Binance delists this cryptocurrency because Binance alone has approximately 25% of Monero’s entire volume, while OKX has around 2% in multiple pairs.
In the last couple of months, the majority of the Crypto exchanges providing services in the UK & US delisted privacy coins following the order from the enforcement agencies of corresponding jurisdictions.
Read also: Infamous crypto entrepreneur SBF will not face a second court trial
Leading privacy crypto token Monero (XMR) at the verge of a big crash
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