Privacy coins ZEC, XMR, and Dash have all shown signs of increasing despite the Bittrex exchange delistings. At the start of the year, the exchange announced that it will start delisting privacy-focused cryptocurrencies so let’s take a closer look at the price analysis in our altcoin news.
Privacy-focused coins were hit hard after Bittrex decided to delist privacy coins ZEC, XMR, and Dash gained 20% as per the announcement where the exchange said it will delist all trading pairs that pertain to these coins. Nothing more was said about the proposed delistings but many were quick to assume that it was because of the privacy benefits they offer. Jake Chverinsky who is a lawyer working for Compound Labs said:
“It’s deeply disappointing to see exchanges remove assets just because they have privacy-preserving features. There’s no law or regulation requiring this, just DOJ’s opinion that privacy is “indicative of possible criminal conduct.”
Right after the announcement, these three coins targeted by the exchange dropped by 15-25 percent in spite of bitcoin hitting new all-time high levels. Many believed that this trend will continue as other exchanges were expected to follow the step of Bittrex. But this didn’t happen. On the day of the delistings, Gemini’s co-founder Tyler Winklevoss commented on the commitment that it is important to support privacy coins. These coins today are starting to rally and are even outpacing BTC and ETH and all other cryptocurrencies except some stronger players in DeFi.
According to the data, privacy coins are among the best performing cryptocurrencies in the past 24 hours. For example, Horizen which is also a privacy-focused coin, increased by 45% in the past 24hours and is now up by 100 percent in one week. Similarly, Dash, ZEC, and XMR have all gained about 20 percent in the past 24hours and all three were trading around the same prices before the Bittrex announcement.
Starting in Feb, WhatsApp will begin sharing all kinds of data with Facebook. They just killed their best feature – privacy.
Please no longer text me on WhatsApp. Download @signalapp
— Chamath Palihapitiya (@chamath) January 10, 2021
Although there are some traders that argue there’s a technical component to the privacy coin rally, it seems that the privacy coins are benefiting from the global increase in privacy in general. Chamath Palihapitiya noted that he will be moving to Signal since Whatsapp decided to erode the privacy rights of the users. other prominent investors made similar comments about Whatsapp’s decision and about privacy in general.
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