Monero (XMR) Skyrockets in Popularity Despite LocalMonero Shutdown, Reports Santiment

  • Monero (XMR) is witnessing an increase in discussions across social media platforms following the announcement of LocalMonero’s closure.
  • This surge in attention coincides with the ongoing government efforts to regulate privacy-focused assets.
  • LocalMonero, a Monero-based peer-to-peer exchange, is shutting down due to a mix of internal and external factors.

Monero (XMR) is in the spotlight following the announcement of LocalMonero’s closure, sparking discussions about the future of privacy-focused assets amidst increasing regulatory scrutiny.

LocalMonero Shuts Down

LocalMonero, a peer-to-peer (P2P) exchange based on Monero (XMR), announced its closure via a blog post, citing a mix of internal and external factors. After nearly seven years of operation, the platform is winding down its exchange operations, immediately ceasing new sign-ups and ad postings. This triggered an increase in discussions around Monero. Trading will be halted from May 14, and the website is slated to go offline on November 7, 2024. Users have been advised to withdraw funds from their arbitration bond wallets before the deadline to avoid potential forfeiture of their assets.

Monero Community Reacts

Despite the closure, the LocalMonero team expressed confidence in Monero’s future. They highlighted the ecosystem’s maturation over the years, the coming launch of Monero DEXs like Haveno and Serai, and the development of new privacy features such as Full-Chain Membership Proofs (FCMP). Privacy advocate “Seth For Privacy” lamented the closure, describing it as an “incredibly sad day.” He noted LocalMonero’s rise as a no-KYC Monero ecosystem, emphasizing the absence of a direct fiat-to-XMR alternative.

Privacy Coins Under Scrutiny

LocalMonero’s closure aligns with the increased pressure from law enforcement on crypto privacy projects. Many view this move as another setback for privacy coins and protocols, particularly in light of Kraken’s decision to cease Monero support for customers in Ireland and Belgium in April. The recent arrests of the founders of Bitcoin mixer Samourai Wallet and Tornado Cash developer Roman Storm on charges related to money laundering have fueled concerns within the crypto community. In response to these developments, several crypto privacy projects have either shut down or restricted access to U.S. citizens.

Conclusion

Monero (XMR) exhibited a mixed reaction to the closure of LocalMonero, witnessing both buying and selling activities in the past 48 hours post-announcement. Currently valued at $129.27, it shows a slight decline from today’s peak of $133.70, indicating a 3% decrease for the day as of the time of writing. The closure of LocalMonero and the increased scrutiny on privacy coins highlight the challenges faced by privacy-focused assets in the current regulatory environment.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

spot_imgspot_imgspot_imgspot_img

PRO Analysis

Covalent (CQT) Coin: Comprehensive Blockchain Data Analysis and Future Price Predictions

Covalent emerges as a groundbreaking software integrating...

MOCA Coin: An In-Depth Look at Its Potential and Latest Price Analysis

MOCA Coin, LayerZero v2 protokolünde geliştirilen ve...

Ethereum Price Analysis: Potential Drop to $2,700 as Resistance Holds Strong

Ethereum's price trajectory has seen significant volatility,...

Bitcoin Price Analysis: Is BTC Poised for a Breakout Despite Current Downtrend?

Bitcoin's recent price movements have left many...

XX Coin: An In-Depth Analysis of its Privacy, Security Features, and Price Predictions

In today's rapidly evolving digital landscape, new...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin Transaction Fees Hit Lowest Since November 2023 as Network Activity Drops

Bitcoin transaction fees have been steadily declining in the months following the most recent halving event. Recent data indicates an 18%...

MakerDAO (MKR) Announces $1 Billion Tokenized Treasury Investment, Attracts BlackRock and Boosts MKR Price by 13%

Decentralized finance (DeFi) project MakerDAO (MKR) has drawn attention with a substantial $1 billion fund. MakerDAO announced...

Coinbase Report Highlights Uncertainty Around Bitcoin and Ethereum Markets in Q3 2024

The latest report from Coinbase, the largest cryptocurrency exchange in the United States, sheds light on the current state of the crypto...