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Privacy is back on the agenda: Monero and Zcash surge on executive order leak

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Privacy coins have surged, with Monero posting +18% gains over the last 24-hours to lead the top-100. Similarly, Zcash posted an impressive performance, coming second ahead of Secret.

Privacy Coins
Top Privacy Coins (Source: CryptoSlate)

The last 24-hours have seen $108 billion of inflows into crypto markets. The chart below shows a gradual uptick from 22:00 (GMT) Tuesday, followed by a sharp rise around 03:00 (GMT). A plateau of activity since then puts the total market valuation at $1.835 trillion presently.

Total crypto market cap - 24-hours
Source: CoinMarketCap.com

Analysts have attributed this to a U.S Treasury leak ahead of President Biden’s executive order on digital assets, which is expected to be signed later on Wednesday. However, Treasury Secretary Janet Yellen prematurely posted a statement on the executive order, which has since been taken down.

Although crypto markets responded favorably to the leak, as evidenced by Monero’s rare pack leading position, the privacy-minded take a different view.

Monero spikes on Yellen leak

Yellen’s leak reveals the Biden Administration intends to take a “coordinated and…

Read more…

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