Over the last 24hrs, privacy coins Zcash and Monero have outperformed other cryptocurrencies. These cryptocurrencies’ sudden price rises may be due to the recent events in Russia and Ukraine, as well as the signing of an executive order by the U.S. Joe Biden Administration.
Related Reading | Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act
Zcash (ZEC), which trades at $142, has a profit of 11.7%, while Monero is at 15.5% at $195. The general sentiment of the cryptocurrency market has been shifting towards more positive positions as Bitcoin surpasses $41,000.
Zcash And Monero React To A FED Coin
The U.S. president Joe Biden signed an executive order that surprised many for its favorable approach to digital assets and cryptocurrencies. The International Community quickly placed financial sanctions on Putin and the Russian elite and their banking systems as the conflict between Russia and Ukraine continues.
As Coin Center’s Executive Director Jerry Brito saidThe mainstream media is pushing a negative narrative about cryptocurrency. Classifying them as “dangerous”, and with the potential to allow Russia to evade sanctions. However, there are some officials in the U.S. who see the positive side.
Brito explained that this executive order is a clear acknowledgment by the U.S. Federal Government regarding cryptocurrencies being legitimate assets. It seems that the crypto market has become used to hearing negative and non-existent messages from America, so this news could have been translated to a relief rally.
Jake Chervinsky Head of Policy, Blockchain Association commented the following on Biden’s executive order and why it has been perceived as bullish by market participants:
Anyone worried that President Biden’s executive order would spell doom & gloom for crypto can fully relax now. The main concern was that the EO might force rushed rulemaking or impose new & bad restrictions, but there’s nothing like that here. It’s about as good as we could ask.
The shift in narrative seems to have helped privacy coins Zcash (and Monero) to outperform the overall surge in cryptocurrency. In addition to the total surge in cryptocurrencies, the executive order contemplates creating a U.S. Central Bank Digital Currency.
They have been viewed as the antithesis of Bitcoin, Zcash, Monero, and Zcash. These assets seem to be giving governments complete control of the nation’s currency, rather than giving individuals financial power. Hence why investors might decide to boost their ZEC/XMR holdings.
POTUS: “My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC”
FedCoin 🚨
Worth noting this entire executive order on digital assets is heavy on CBDCs, doesn’t mention Bitcoin pic.twitter.com/PuXtVI34hD
— Alex Gladstein 🌋 ⚡ (@gladstein) March 9, 2022
Is Privacy More Important Than Relevance?
Dash (DASH), another privacy coin, has seen an identical rally. It recorded a 12.8% rise over the previous day. Oasis Network(ROSE), Secret, SCRT, Horizen (ZEN), Keep Network [KEEP] all recorded similar profits over the same time period.
Material Indicators data suggests that retail investors are leading rallies in ZEC/XMR over short time frames. A bid order of $100 was enough to inject close to $1 million in liquidity into the ZEC/USDT trading pairs.
Similar Reading| Monero (XMR), Prepares for A Breakout, As It Touches An Important Milestone
Similar results have been seen in the XMR/USDT trade pair. In lo timeframes, retail investors also lead the rally.
