Why is the Price of Monero Falling? And Why do I Think it Will Rise Again?
In the seemingly frantic narrative of those against cryptocurrencies, we see how the detractors of anything that could involve the blockchain rejoice when the price of a cryptocurrency goes down. Among the detractors of cryptocurrencies we see governments and bankers who know very well what they are doing, and only think about their own interests, but there are also many ordinary people who do not have the slightest idea of what cryptocurrencies mean for the economy and for the world, but who still oppose them.
What's happening with Monero
This is what is happening with Monero (XMR), whose price is currently falling sharply, since, Binance, the largest cryptocurrency exchange in the world, announced that it was going to eliminate it from its available cryptocurrencies. Now, all this has generated an impressive FUD, the result of the fear of people who believe that this is a negative fundamental, or in other words, negative news for said cryptocurrency.
But is what is happening to the Monero cryptocurrency really something negative? Seen a priori, it would seem so. And to the inexperienced eye and the uninformed person it may seem that now what is coming for the price of XMR is a spiral of endless decline that will lead to total bankruptcy and with it, all the holders of said cryptocurrency.
But, as with many things in life, in the crypto market you have to learn to look beyond simple appearances. Since it will be this quality that will allow us to be better investors in the long term, obtaining, thanks to this, greater profits than those obtained by most people.
Why is Binance delisting Monero (XMR)?
But let's get into the context of things, and ask why Binance, the world's largest cryptocurrency exchange, is removing Monero (XMR) from its list of cryptocurrencies available for transactions. That is when we can do a double analysis of the situation. In a first analysis, we could think that this is happening due to the very nature of Monero, because being a privacy currency, it has mechanisms to make it difficult for its holders to know.
Yes, that could be what Binance could object to in this regard, but it turns out that if so, then XMR should never have been listed on that exchange, since its nature has always been the same, and it has not changed at all. So it cannot reasonably be objected that this is the cause of Monero go out Binance.
Now, in a second analysis we could go deeper into the reasons for this event that is hitting the price of Monero hard. The reason could be the pressure that the US is putting on the exchange to only maintain cryptocurrencies whose owners are traceable. Because let's be clear, the US does not like the anonymity of cryptocurrencies at all, and since they removed the Ex-CEO of Binance Changpeng Zhao, and blamed him for several financial crimes; they are much more attentives of what is happening in the famous exchange.
So all this pressure is what makes Binance remove from its lists any cryptocurrency that can preserve the quality of anonymity.
What can be concluded from this analysis?
Anonymity is something that is at the very essence of cryptocurrencies, or at least, it should be, because that was the purpose for which Satoshi Nakamoto created Bitcoin in the first place. So the current KYC processes and tracking policies of cryptocurrencies go against the very essence of cryptocurrencies, which is to keep the hands of governments and any kind of snooper out of our money.
That is why although the price of Monero is currently falling, I think that it will rise again at any moment, and that it will not go bankrupt. Because when people start to realize that all this happened because the US government does not want any cryptocurrency that allows the anonymity of its holders, then they will understand that it is the perfect cryptocurrency to have.
This will then cause the price of Monero to rise to important levels again. Therefore,** I conclude that although there is so much FUD regarding Monero at the moment, there is no better time to buy XMR.** Of course, this is just my opinion on this matter and you should not be guided by what I or anyone else thinks about it, but by what you think, dear reader, because at the end of the day, we are talking about your money. I'm just saying what I think, and what I think is that I will invest in Monero right now.
But as I already said, we still have to be careful, because what is also obvious is that the US government "crusade" to harm cryptocurrencies that do not submit to its designs and extreme scrutiny will continue incessantly. But from the analysis of what happens in these cases, great profit opportunities will always emerge.
What do you think about the topic discussed? Please comment.
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I totally agree and considering that Binance, the largest exchange in the world, is under the sights of the North American authorities.
Although Monero's privacy may have been a factor, regulatory pressure, especially from the United States, could also be involved. This situation is perceived as another attack on the crypto ecosystem.
But the essence of Monero as a privacy-focused currency remains attractive. As the reasons behind Monero's removal from Binance become clearer, confidence in the cryptocurrency could be restored and its price could recover.
Greetings from Venezuela
Lo más difícil de la situación es como una decisión afecta el valor de la misma, sin embargo estaremos viendo nuevos acontecimientos relacionados con el tema