Why Is Monero (XMR) Up Today? Probably Because of a Large BTC Hack: ZachXBT

On-chain researcher ZachXBT might have decided why privateness coin Monero (XMR) surged as a lot as 40% early Monday: Someone most likely received hacked.

ZachXBT reported that 3,520 bitcoin (BTC) ($330.7 million) was drained from an handle after which swapped for XMR.

Market information exhibits a spike in volatility coming from an extra in purchase orders for the XMR-BTC order e-book.

Market observers initially had a onerous time figuring out what induced the main spike as metrics resembling energetic wallets and community exercise hadn’t risen accordingly.

Liquidity for XMR has been restricted in the course of the previous few months as main exchanges delisted the privateness token in a bid to struggle darkish internet markets. The lack of liquidity would have made any sizeable purchase a catalyst for outsized pricing features. CoinGecko information exhibits that the order depth for XMR is considerably smaller than for tokens of comparable market cap.

XMR is buying and selling for over $300 in keeping with CoinDesk markets information.