Monero’s Market Plummets 32% as Binance Announces Delisting, Sparking XMR’s Turbulence

Monero Faces 32% Value Slash as Binance Cuts Ties With Privacy Coin

The leading privacy-focused cryptocurrency by market valuation, Monero (XMR), experienced a sharp 32% decline within the last day after news broke that Binance intends to remove the coin from its platform. Citing non-compliance with its listing criteria, Binance announced that Monero, along with three other cryptocurrencies, will be taken off its exchange on Feb. 20, 2024.

Binance's Delisting Announcement Causes 32% Plunge in XMR Market Value

Monero (XMR) will soon vanish from the roster of the globe's leading cryptocurrency exchange by trade volume, as confirmed by a company announcement on Tuesday. Binance's list for removal also includes ANT, MULTI, and VAI, all scheduled for delisting on the same date, Feb. 20, 2024. Consequently, Binance will cease trading for pairs including XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT.

"At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect," the delisting announcement notes. "When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users."

Binance's decision to remove XMR from its listings follows Okx's lead from December. The announcement caused a significant 32% plunge in XMR's market value, as noted in the 24-hour statistics after the news went live. On Tuesday, Binance's trading of XMR with its USDT pair accounted for 29% of the total XMR volume, totaling $64,332,318. The day saw XMR's price fall sharply from an opening of $166.45 to a low of $108.

Technical Indicators Signal Caution for XMR Investors

Technical indicators paint a picture of caution for XMR investors. Oscillators, including the relative strength index (RSI) and the Stochastic, hover in bearish territories, suggesting a lack of upward momentum by bullish traders. The commodity channel index (CCI) and the momentum indicator signal stronger selling pressures, with the latter explicitly signaling negative action. Such mixed signals from the oscillators necessitate a vigilant approach from XMR traders, as they could precede either a stabilization or further declines.

XMR's moving averages (MAs) unequivocally advocate for a bearish outlook, with all monitored timeframes—from the 10-day to the 200-day averages—aligning in bearish regions. This consensus among the MAs reinforces the negative market sentiment observed, indicating that the path of least resistance for XMR's price is downwards. The combination of Monero's high trading volume accompanying the price drop and the lack of visible historical support levels further complicates the potential for a quick recovery, suggesting that investors and traders alike brace for potentially more turbulence ahead.

What do you think about Binance delisting Monero and the 32% plunge the coin recorded following the announcement? Share your thoughts and opinions about this subject in the comments section below.

Frequently Asked Questions

What is the value of a gold IRA

The benefits of a gold IRA are many. You can diversify your portfolio with this investment vehicle. You have control over how much money goes into each account.

You can also rollover funds from other retirement accounts to a gold IRA. If you are planning to retire early, this makes it easy to transition.

The best thing is that investing in gold IRAs doesn't require any special skills. They're available at most banks and brokerage firms. You don't have to worry about penalties or fees when withdrawing money.

However, there are still some drawbacks. The volatility of gold has been a hallmark of its history. Understanding why you invest in gold is crucial. Are you seeking safety or growth? Are you trying to find safety or growth? Only once you know, that will you be able to make an informed decision.

You might want to buy more gold if you intend to keep your gold IRA for a long time. A single ounce isn't enough to cover all of your needs. You may need several ounces, depending on what you intend to do with your precious gold.

A small amount is sufficient if you plan to sell your gold. Even one ounce is enough. You won't be capable of buying anything else with these funds.

How much gold should your portfolio contain?

The amount of capital required will affect the amount you make. A small investment of $5k-10k would be a great option if you are looking to start small. Then as you grow, you could move into an office space and rent out desks, etc. You don't need to worry about paying rent every month. It's only one monthly payment.

Also, you need to think about the type of business that you are going to run. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. You should also consider the expected income from each client when you do this type of thing.

Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. So you might only get paid once every 6 months or so.

Before you can determine how much gold you'll need, you must decide what type of income you want.

I suggest starting with $1k-2k gold and building from there.

What proportion of your portfolio should you have in precious metals

To answer this question we need to first define precious metals. Precious metals are those elements that have an extremely high value relative to other commodities. This makes them very valuable in terms of trading and investment. Gold is by far the most common precious metal traded today.

However, many other types of precious metals exist, including silver and platinum. The price volatility of gold can be unpredictable, but it is generally stable during periods of economic turmoil. It is not affected by inflation or deflation.

All precious metals prices tend to rise with the overall market. However, the prices of precious metals do not always move in sync with one another. If the economy is struggling, the gold price tends to rise, while the prices for other precious metals tends to fall. Investors expect lower interest rates which makes bonds less appealing investments.

Contrary to this, when the economy performs well, the opposite happens. Investors prefer safe assets such as Treasury Bonds and demand fewer precious metals. Because they are rare, they become more pricey and lose value.

You must therefore diversify your investments in precious metals to reap the maximum profits. You should also diversify because precious metal prices can fluctuate and it is better to invest in multiple types of precious metals than in one.

What is a Precious Metal IRA (IRA)?

A precious metal IRA lets you diversify your retirement savings to include gold, silver, palladium, rhodium, iridium, osmium, osmium, rhodium, iridium and other rare metallics. These are “precious metals” because they are hard to find, and therefore very valuable. They are great investments for your money, and they can protect you from inflation or economic instability.

Precious metals often refer to themselves as “bullion.” Bullion is the physical metal.

Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.

You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. This ensures that you will receive dividends each and every year.

Precious metal IRAs have no paperwork or annual fees. Instead, your gains are subject to a small tax. You can also access your funds whenever it suits you.

Can I own a gold ETF inside a Roth IRA

Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).

A traditional IRA allows for contributions from both employer and employee. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.

An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.

A Individual Retirement Annuity (IRA), is also available. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions made to IRAs are not taxable.

What are the benefits of a Gold IRA?

You can save money on retirement by putting your money into an Individual Retirement Account. It's not subject to tax until you withdraw it. You have total control over how much each year you take out. There are many types and types of IRAs. Some are better suited to college savings. Others are made for investors seeking higher returns. Roth IRAs permit individuals to contribute after the age 59 1/2. Any earnings earned at retirement are subject to tax. But once they start withdrawing funds, those earnings aren't taxed again. This type of account might be a good choice if your goal is to retire early.

An IRA with a gold status is like any other IRA because you can put money into different asset classes. Unlike a regular IRA that requires you to pay taxes on the gains you make while you wait to access them, a gold IRA does not have to do this. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.

Another benefit to owning IRA gold is the ability to withdraw automatically. This means that you don't need to worry about making monthly deposits. To ensure that you never miss a payment, you could set up direct debits.

Finally, gold remains one of the best investment options today. Because it isn’t tied to any specific country, gold’s value tends to stay stable. Even in times of economic turmoil gold prices tend to remain stable. Therefore, gold is often considered a good investment to protect your savings against inflation.

Statistics

• This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
• Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
• (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
• Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
• If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)

External Links

forbes.com

• Gold IRA: Add some sparkle to your retirement nest egg
  
• Understanding China's Evergrande Crisis – Forbes Advisor
  

finance.yahoo.com

• Barrick Gold Corporation (GOLD) Stock Price, News, Quote & History – Yahoo Finance
  

bbb.org

• BBB: Trust is the Best (r)
  

law.cornell.edu

• 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
  
• 26 U.S. Code SS 408 – Individual retirement account
  

How To

3 Ways to Invest Gold for Retirement

It is crucial to understand how you can incorporate gold into your retirement plans. There are many ways to invest in gold if you have a 401k account at work. You may also want to consider investing in gold outside of your workplace. One example is opening a custodial accounts at Fidelity Investments if an IRA (Individual Retirement Account), if you already own one. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.

These are three easy rules to remember if you invest in gold.

1. Buy Gold with Your Cash – Don't use credit cards or borrow money to fund your investments. Instead, cash in your accounts. This will protect you from inflation and help keep your purchasing power high.
2. Physical Gold Coins: You should own physical gold coins, not just a certificate. The reason is that it's much easier to sell physical gold coins than certificates. Physical gold coins are also free from storage fees.
3. Diversify Your Portfolio. Never place all your eggs in the same basket. Also, diversify your wealth and invest in different assets. This helps to reduce risk and provides more flexibility when markets are volatile.

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