In summary
- Monero hit $211.07, its highest value since May 2022, leading the privacy Cryptocurrency rally with a weekly rise of 30.6%.
- Cryptocurrencies such as Haven (+217%), Verge (+188%) and Zcash (+27.5%) also stood out in gains after the court victory over Tornado Cash.
- Privacy cryptocurrencies face regulatory scrutiny as their cryptographic techniques keep transactions anonymous and resistant to surveillance.
This Wednesday, privacy-focused cryptocurrency Monero soared to over $211.07, its highest value since May 2022.
At press time, Monero has retreated slightly from its local high, and is currently trading at $205.05, following an increase of 17.8% on the day and 30.6% on the week, according to CoinGecko.
Monero’s bullish momentum increases as privacy cryptocurrencies strengthen this week, with the category rising more than 12% in the last 24 hours alone, according to data from CoinGecko.
Cryptocurrencies like Haven (up 217%), Verge (up 188%), Zcash (up 27.5%), and Decred (up 30%) are leading the weekly gains for these types of privacy coins.
What are privacy-focused cryptocurrencies?
Privacy cryptocurrencies use various cryptographic techniques to protect transaction details from public view, including ring signatures, one-time addresses, and zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge).
Proponents of privacy cryptocurrencies argue that they provide a level of privacy equivalent to physical cash, and that the radical transparency of most blockchains makes cryptocurrencies unsuitable for transactions. This is because identities can be linked to wallet addresses, exposing your entire financial history.
However, privacy cryptocurrencies have also come under intense scrutiny from governments and law enforcement, who say their ability to protect transactions makes them a magnet for criminals. Consequently, numerous efforts have been made to crack the privacy of Monero. But, so far, there has been no sign of success.
The recent surge in the price of privacy cryptocurrencies comes after crypto privacy advocates scored a notable victory in court, with the US Fifth Circuit Court ruling that the Treasury overstepped its bounds in sanctioning the mixer. of Tornado Cash coins.
The decision, overturning a lower court ruling, held that immutable smart contracts like those used by Tornado Cash cannot be classified as property “because they are not capable of being owned.”
While Tornado Cash is a coin mixing service rather than a privacy cryptocurrency in its own right, its TORN token has skyrocketed from around $3.60 in November to a current price of around $18, briefly peaking at $33.64.
The regulatory crackdown on privacy cryptocurrencies like Monero has led to the cryptocurrency being removed from many exchanges, including Binance and Kraken. In June 2020, Coinbase CEO Brian Armstrong stated that while he personally wanted to list Monero on the exchange, “behind-the-scenes conversations” with regulators had convinced Coinbase to refrain.
Edited by Stacy Elliott.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
Disclaimer: Please note that the information provided on this page is for News purposes only and should not be considered investment or trading advice. ©Crypto.keynoteusa.com strongly recommends that you conduct independent research and/or consult with a qualified professional before making any investment decisions.
