Monero Price Jumps 40% Following $330.7 Million Bitcoin Hack
On-chain researcher ZachXBT identified a potential reason for the 40% surge in privacy coin Monero (XMR) early Monday: a hack involving the draining of 3,520 bitcoin (BTC) worth approximately $330.7 million, which was then swapped for XMR.
- A spike in volatility was noted due to increased buy orders in the XMR-BTC order book.
- No significant rise in active wallets or network activity was observed, complicating initial assessments of the price surge's cause.
- Liquidity for XMR has been limited as major exchanges delisted it to combat dark net markets, making substantial buys more impactful on prices.
- Order depth for XMR is considerably smaller than for similar market cap tokens.
- XMR is currently trading over $300.
