Thanks to the rocky relationship between Monero and the powerful authorities who stand in opposition to privacy coins, XMR crypto holders have voiced skepticism toward the way centralized entities handle their favorite coin.
Indeed, talk is heating up among Monero users regarding a lack of transparency over how CEXs handle XMR transations. These users assert that CEXs do not accurately or openly disclose the XMR reserves that they hold on their platforms. Moreover, XMR bulls are quite angry that many of these CEXs are barring the trading of XMR altogether. Of course, these actions fall in line with bearish regulators’ desires to derail privacy coins.
This chatter is fueling a fair bit of XMR price action today. Over the weekend, Monero users had coordinated a “bank run” set for this morning. The bank run sees Monero users withdrawing XMR holdings from centralized trading platforms en masse, to see whether the exchanges are being truly accurate in their reserve figures.
As we get into the day, it looks like this event has begun. Trading volume of the XMR crypto is up 140%, with over $350 million in XMR trading hands. It appears that Monero users are primarily targeting Binance (BNB-USD), KuCoin (KCS-USD), Gate.io, Kraken and Huobi as a part of the run. Indeed, these platforms are seeing the highest trading volumes. Meanwhile, the action is helping to lever the coin up by about 7%, taking prices over $250.
Monero defies crypto market slump with 10% XMR price rally (CryptAp.us)
XMR steals the show. The altcoins suffered just as badly as bitcoin yesterday, but most have calmed today with minor gains. Ethereum dropped by $300 in days to $3,200 but has remained above that line following a slight increase. Monero has stolen the show from the mid-cap altcoins with an 8% increase. As a result, XMR jumped to its highest price line since early January at $240. Monero Faces 8% Surge as Capitalization Suddenly Spikes by $150 Million: Analysis. (cryptopotato.com)
Monero shines during crypto markets decline. Privacy-focused cryptocurrency Monero (XMR) rallied by nearly 9.5% in the past week compared with the crypto market’s decline of 8.5% in the same period. The XMR/United States dollar pair has broken above a strong multi-month resistance trendline, hinting at more upside ahead. Monero’s market capitalization has risen by almost 85% to $4.30 billion since February. While technical indicators suggest that it could grow further in the second quarter. (CoinTelegraph)
Monero at 3-Month High, appeal boosted by sanctions. Bitcoin Maintains $42K, Monero at 3-Month High After 8% Spike. There are speculations about entities using Monero as a means of bypassing sanctions which could have boosted the appeal of the token among investors. The American research group Brookings also warned that Monero could be used as a part of a sanction-evasion scheme. (Cryptonews.net)
Monero (XMR) biggest weekly gainer. Monero (XMR) is the biggest weekly gainer among major cryptocurrencies as 48 of the 50 biggest digital coins were down week-on-week. XMR hit its three-month high of $244.30 on Sunday and is up 11.2% week-on-week, making it the biggest gainer among the fifty major cryptocurrencies by market capitalisation. The second biggest weekly gainer among the top 50 coins, dogecoin (DOGE) added 1.6% in that period. Meanwhile, the rest of the top 50 cryptocurrencies pack barring stablecoins were in red over the last seven weeks of trading. Bitcoin (BTC) lost 8.3% in the same period while ether (ETH) is down 9.2%, data from CoinMarketCap.com show. (Capital.com)