Home Ethereum Top Crypto Economy Privacy Coins Take a Hit After US Government Bans Tornado Cash

Top Crypto Economy Privacy Coins Take a Hit After US Government Bans Tornado Cash

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Top Crypto Economy Privacy Coins Take a Hit After US Government Bans Tornado Cash

Following the US authorities’ ban on the use of Ethereum mixing service Twister Money, the crypto economy’s high-secret money lost more than 8% in USD the following night after the news broke. ‘prohibition. The highest private cash like monero and zcash managed to pare losses two days later, but in the last 24 hours the highest private cash by market cap is currently around $6.44 billion, down 3% from the previous day.

While high-secret cash saw some recovery, most beat the market last week when OFAC sanctioned crypto mixing service Twister Money

Last week was a bad week for financial privacy advocates, as the US government’s Office of International Asset Management (OFAC) sanctioned the Ethereum (ETH) mixing service Twister Money and a slew of associated addresses. based on ETH.

The ban led to removal of Github code and suspensions, a “superstar dusting”, the Twister Money Discord server erasure, and the enforcement of Dutch regulations arresting the 29-year-old developer, known as Alexey Pertsev.

Nonetheless, the ban did not lead to any increase in the vital value of one of the top privacy funds and, in fact, many of the top privacy tokens plunged following the official US government announcement.

The Crypto Economy's Top Privacy Coins Take a Hit After US Government Bans Tornado Cash
15-minute XMR/USD chart on August 15, 2022. Since the ban on August 8, private species like XMR, ZEC and many others have been very unstable.

The most private coin by market capitalization, monero (XMR), lost 8.82% in the 24-hour period from late August 8 night to early buy and sell prices on August 8. morning of August 9. Zcash (ZEC) adopted the same sample, losing 8.75% against the US greenback after the ban.

Many of the most private species in terms of assessment saw a similar sample lose between 5% and 15% after the ban. However, many of the high-secret crypto assets were recovered from the losses felt last Monday about two days later.

Monero has gained 0.3% since last week and seven-day stats show zcash up 5.9% against the US greenback. But on Aug. 15, the $6.44 billion market capitalization of all top private cash was down 3% from the day before.

While private cash with the largest market caps has seen lackluster characteristics compared to crypto assets like Ethereum (ETH), some private cash has jumped double digits over the past seven days.

Double-digit gainers include zclassic (ZCL) which jumped 76%, zero (ZER) rose 74.5% and lethean (LTHN) rose 60.8% this week. The main losers in the private coin economy this week were navcoin (NAV) which lost 40.4%, private bitcoin (BTCP) lost 26.3% and daps coin (DAPS) fell 19 .7%.

Tags on this story

$6.44 billion, 3% loss, non-public bitcoin, daps coin, double digits, beneficial properties, lethean, losses, market caps, markets, Monero, Monero (XMR), Navcoin, OFAC, costs, privacy , private cash, privacy tokens, prohibition of use, prohibition, Sanctions, Twister money, US authorities, Valuations, xmr, Zcash, zcash (ZEC), zclassic, ZEC, Zero

What do you think of private money fluctuating in value after US authorities banned Twister Money? Let us know what you think about this topic in the comments section below.

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Jamie Redman

Jamie Redman is the Chief Information Officer at Bitcoin.com News and a money-tech reporter residing in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a passion for Bitcoin, open-source code, and decentralized goals. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com Information regarding disruptive protocols that are multiplying immediately.




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