Biden’s Crypto order, Privacy coins Monero, ZCash witness a surge within 1.5 hours

• Privacy coins like Monero and ZCash witnessed a significant surge that was over a month high for both of them. 

• The reason for this surge can be Biden’s anticipated executive order on cryptocurrencies or Sanctions against Russia. 

• The Executive order would talk about crypto regulations, CBDCs, potential threats, etc. 

The year 2022 was to witness regulations and taxations for the crypto industry, and it’s clear that these things make a significant impact on the prices of the asset class. 

Recently, news came that Biden might sign an executive order regulating cryptocurrencies. It seems like it has already started affecting Privacy coins like ZCash and Monero, which have surged this morning.

Reportedly, US President Joe Biden would order a sweeping review this week, which would contain the potential opportunities for illegal transactions and how the federal government should deal with them. 

The order would further address if the Federal Reserve should launch a Central Bank Digital Currency (CBDC) and ask the Treasury to take care of the possible threats on financial stability and look into the amount of energy consumption mining demands. And will also require the State Department to report on how the US should fine-tune with their allies. 

Although the surge in these privacy coins was because of this news or because of the Sanctions against Russia is not clear. But Monero surged by 20% within an hour and a half reaching around $204 from $169, which was a seven-week high for it. At the time of writing, the coin is trading at $201. 

This led to a lot of Twitter users interested in the crypto industry discussing what’s causing the pump. 

Whereas another privacy coin ZCash witnessed a surge of 26.3%, reaching $139 and even going $143, these were over a month high. Currently, the coin is trading at $141.57. 

Other comparatively smaller private coins were also up, like Dash and Pirate Chain. 

Privacy coins are a type of virtual currency that allows private and anonymous transactions without making the source and destination known to others. It hides the user’s real wallet and address. Anonymity and Un-traceability are two factors that make Privacy coins distinct from others. 

Whereas Secret Network, a platform for Private Smart Contracts, was also up by around 1.2%. And the overall crypto market also witnessed a bit of increase, with Bitcoin going up from around $38,000 to $41,000. And Ethereum trading at $2,724, which was earlier at the $2,500 level. 

These are just the price fluctuations that came within 90 minutes of Biden’s crypto order news. And it would be interesting to note what changes the crypto industry would further see in terms of prices and regulations. 

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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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