More need for privacy-enabling functions in technology today might offer a further kick to these privacy-focused coins.
See CryptoSlates privacy coin list here.
The post Privacy coin narrative gains steam regardless of Bittrex delistings: XMR, ZEC, DASH gain 20% appeared initially on CryptoSlate.Title: Privacy coin narrative gains steam despite Bittrex delistings: XMR, ZEC, DASH gain 20% Sourced From: cryptoslate.com/privacy-coin-narrative-gains-steam-despite-bittrex-delistings-xmr-zec-dash-gain-20/Published Date: Mon, 11 Jan 2021 10:05:20 +0000
Early this year, privacy-focused coins were relatively dealt a death blow by Bittrex, a popular crypto-asset exchange.
In a statement, the exchange said that it would be delisting the trading pairs that relate to three privacy-focused altcoins: Monero (XMR), ZCash (ZEC), and DASH (DASH).
No point was discussed for the proposed delistings, though many were quick to presume that it was because of the privacy advantages they enable. Jake Chvervinsky, a legal representative working for Compound Labs, composed:” Its deeply frustrating to see exchanges eliminate assets simply due to the fact that they have privacy-preserving functions. Theres no law or guideline requiring this, just DOJs opinion that privacy is “indicative of possible criminal conduct.”
In the wake of the announcement, the 3 coins targeted by the exchange plunged by 15-25 percent, falling in spite of Bitcoin relocating to brand-new all-time highs.
Numerous believed this pattern would continue as other exchanges were anticipated to do the same.
This didnt take place: in fact, on the day of the delistings were announced, Gemini co-founder Tyler Winklevoss doubled down on the dedication to supporting privacy coins.
Today, these same coins that plunged earlier this year are beginning to rally, outpacing Bitcoin, Ethereum, and all other cryptocurrencies except for some DeFi plays.
Personal privacy coins rise higher
According to CryptoSlate market data, personal privacy coins are amongst the best-performing cryptocurrencies in the past 24 hours.
Horizen (ZEN), a privacy-focused coin, has actually gotten 45 percent in the past 24 hours and is now up by almost 100 percent in the previous 7 days.
By a similar token, ZEC, XMR, and DASH have all gained over 20 percent in the previous 24 hours. All three are still trading around the prices they were at prior to the Bittrex statement, showing the impact the delistings had on the marketplace sentiment around privacy coins.
There are some traders that argue there is a technical part to the continuous personal privacy coin rally, it appears that personal privacy coins are benefiting from a global boost in personal privacy in basic.
This morning, Chamath Palihapitiya kept in mind that he is relocating to Signal now that WhatsApp has actually started to wear down the privacy rights that users had on the platform prior.
Numerous other popular investors, Twitter personalities, and Silicon Valley innovators made similar remarks about Whatsapp in specific and about personal privacy in general.Starting in Feb, WhatsApp will start sharing all kinds of information with Facebook. They just killed their best feature– privacy.
Please no longer text me on WhatsApp. Download @signalapp
— Chamath Palihapitiya (@chamath) January 10, 2021