2023-06-26 16:11:00
After the last crazy week, the crypto market has calmed down a bit, but there is a niche market that went up almost 10% in the last 24 hours: private coins with a market capitalization of $18.6 billion started the week magnificently despite the tightening that is expected of the sector. Since the announcement of the BlackRock BTC ETF, the total crypto market capitalization has increased by 18%, reaching $1.2 trillion on June 23. However, the exchange rate movements over the weekend did not continue the upward trend, a small local low was noticed on Saturday, but BTC is still resting above $30,000. In contrast, the most well-known private coins such as Monero, Zcash and Mina have shown strong performance in the last 24 hours: Monero +2.17%, Zcash +4.89%, while Mina + It increased by 0.37%. During this time, tomiNet has been the best performing privacy coin in the industry top 10 – up 13.68% year-to-date. The essence of private coins is that they hide the sensitive data of the sending and receiving parties (such as the address of the wallet used for the transaction), and thus allow the actors to remain anonymous to a certain extent The Federal Action Task Force, an organization fighting global money laundering and terrorism issued a statement on June 23, according to which many countries still need to introduce the relevant directives that regulate digital assets and organizations that provide services related to digital assets (e.g. crypto exchanges). In the European Union, the MiCA regulation settles this issue, but the corresponding regulation has not yet been developed or accepted by nearly half of the organization’s members. The regulation is a particularly sensitive topic for private coins because it clearly states that the initiators and beneficiaries of transactions must be identifiable. Privacy coins cannot (or do not want to) meet these conditions, which is why the EU previously proposed their ban as part of the fight against money laundering. On June 1, Binance announced the removal of several such tools from certain European markets. These coins include Decred, Dash, Zcash, Horizen, PIVX, Navcoin, Secret, Verge, Firo, BEAM, Monero and MobileCoin. This decision was later reversed by Binance, and only a portion of the announced coins will be delisted, the rest will remain available to traders.
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