Monero rebounds with 23% gain, marking recovery from news of Binance delisting

After losing much of its market price following news of an upcoming delisting, Monero ($XMR) partially recovered its value on Feb. 7.

$XMR maintained a market value above $160 for several days before Binance announced plans to delist the asset on Feb. 6. The price of $XMR plummeted to $100 alongside that news. Although initial losses were somewhat lower, the asset lost about 37% over approximately 12 hours.

Monero has now partially recovered since that price drop. $XMR is priced at $130 as of 9:00 p.m. UTC on Feb. 7. That growth represents gains of 20% over 24 hours, or gains of 27% from its lowest point the day before.

CoinGlass liquidation data indicates that $XMR saw $2.91 million of liquidations over 24 hours. This accounts for about 3.1% of the crypto market’s $92.4 million in liquidations over that period, dominated by Bitcoin (BTC) and Ethereum (ETH).

Binance has not yet delisted $XMR

Binance has not delisted $XMR but plans to do so on Feb. 20. It is unclear how $XMR prices will be affected as the policy is enacted.

Furthermore, the Feb. 20 deadline only ends $XMR trading. Binance will continue to allow $XMR withdrawals until May 20 and conversions of $XMR to stablecoins until May 21. This means that $XMR could flow out of Binance for months after the delisting. This could affect $XMR prices over an extended period and affect prices in a more gradual or less noticeable way.

It is also unclear whether Binance intends to delist $XMR permanently. The company noted that it “periodically reviews [s] each digital asset” based on several factors, seemingly allowing for $XMR to be relisted if it meets those standards.

Other exchanges have similarly delisted Monero. Kraken delisted $XMR for U.K. users in 2021. Huobi delisted $XMR and several other privacy coins in September 2022. OKX delisted $XMR and other privacy coins in December 2023.