Underground digital markets starting to use Bitcoin again
In a surprising turn of events, the popular cryptocurrency Monero (XMR) has defied the suggested trend of a significant decrease in volume, as reported by Coindesk. According to on-chain data from BitInfoCharts.com, Monero's volume has shown a consistent, albeit gentle, long-term increase.
This increase in volume is evident despite a lower number of exchanges offering Monero trading pairs. Major exchanges such as Binance, Kraken, OKX, and Bitcoin.de have either delisted or not listed Monero due to regulatory concerns or delisting. On the other hand, a few exchanges like Kucoin, Bitfinex, MEXC, and Coinbase still support Monero trading.
The Monero community, however, is relying on alternative methods for "cashing out" their Monero. Atomic swaps and exchanging against vouchers have become popular, allowing users to bypass the traditional exchange route.
The peak in Monero's on-chain volume in April 2024 was due to the "Black Marble" attack, which attempted to de-anonymize Monero through a transaction flood. Despite this setback, Monero continues to offer the highest degree of anonymity in the crypto world, thanks to its ring signatures, zero-knowledge proofs, and other technologies.
Interestingly, a recent report by Eric Jardine, a cybercrime researcher at Chainalysis, suggests a return to using Bitcoin in darknet markets after a shift towards Monero. However, the extent to which darknet markets are moving away from Monero is difficult to determine without significant effort.
Despite these challenges, Monero's price has risen significantly over the past twelve months. From $123 to $216, Monero's value has more than doubled. In Bitcoin terms, Monero's value has increased from 0.0017 BTC to 0.0025 BTC.
The largest cryptocurrency exchanges that offer Monero trading pairs include Binance, MEXC, OKX, Coinbase, Bitget, Kucoin, CoinEx, and Bitpanda. Binance leads with over 600 cryptocurrencies available, MEXC offers more than 1,750 coins, and CoinEx more than 1,240, making them among the top exchanges listing Monero against other cryptocurrencies as of 2025. These exchanges vary in fee structures, features, and regulatory environments, with Binance being the largest by volume but not European-based, and Bitpanda serving German-speaking users with strong educational features.
However, Jardine believes that the delisting of Monero from major exchanges has hurt its effectiveness as a means of payment due to lack of liquidity and availability. The thesis that darknet markets might be moving away from Monero due to regulatory concerns and delisting makes logical sense, but the resilience shown by Monero's volume suggests otherwise.
In conclusion, while Monero faces challenges in the form of delistings and a potential shift away from darknet markets, its on-chain data and rising price indicate a robust and growing community. The future of Monero remains uncertain, but its unique features and growing popularity make it an interesting player in the cryptocurrency market.
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