October 11th, 2024
Privacy coins like Monero (XMR) and ZCash (ZEC) have faced widespread delistings in 2024, with 60 removals from exchanges, the highest since 2021, due to increasing regulatory pressure.
The mainstream adoption of web3 protocols and digital assets, which has been facilitated by increased regulations, has significantly impacted privacy tokens led by Monero (XMR).
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Last week’s overall outflows were largely driven by two funds. Those are Ark Invest/21Shares’ Bitcoin fund (ARKB) and Grayscale’s Bitcoin ETF (GBTC).
Meanwhile, Monero confirmed that it is collaborating with Cake Wallet, adding that the integration of Monero into Keystone Hardware Wallet has commenced.
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The EU Innovation Hub identified privacy coins, along with layer 2 initiatives, zero-knowledge proofs, crypto mixing services, and non-compliant crypto exchanges as tools that facilitate the laundering of funds by bad actors.
The surge comes soon after popular digital asset analyst KALEO speculated that the token’s market capitalization could “easily” reach $10 billion during the next bull cycle.
The pressure on privacy-centric crypto projects including LocalMonero and Tornado Cash has recently escalated amid notable Web3 hacks.
Crypto exchange Binance said that it decided to delist XMR and other coins as they do not meet their requirements or the industry changes.