Monero traders eye $513 liquidity sweep as XMR’s price faces over-leveraged derivatives

Popular privacy tokens have recorded diverging performance over the past 24 hours. Monero [XMR] fell by 5.1%, while Zcash [ZEC] was up by 9.8% at the time of writing, compared to Bitcoin's [BTC] 0.9% gains. In fact, the world's leading crypto saw a price jump to $83.4K at the start of the New York session on Tuesday, 20th October. At the same time, Monero's price bounced by 3.2% from $607 to $627. Why is Monero down today? On-chain investigator ZachXBT reported that 87% of the inflows to the non-custodial crypto exchange and swap service, FreedomXMR (FXMR), were illicit. Labelled a centralized laundering service, the investigator found that the swap service deployed on Hyperliquid Core was directly linked to illicit activity.

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