I love this as an illustration of forces at work. XMR is overtly dangerous to state surveillance capacity -- it's an in-your-face flaunt of what the state wants to do. That will elicit certain reactions from the state, and those reactions will have price and liquidity consequences.

Who can say how this will play out on the timescale of decades -- maybe XMR having to be a true grassroots cryptocurrency will work out to its benefit in the long run. But in the short and medium term, this is a predictable outcome, and it will probably get worse (e.g., more de-listings, more price shocks) before it gets better.

If btc core devs went hard at privacy, you should expect similar. Would that be good or bad? Depends on who you ask, I guess.