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Monero And Zcash Take Off With 15% Gains, Here’s What May Have Spurred The Rally

Privacy coins, Zcash (ZEC) and Monero (XMR), have been outperforming larger cryptocurrencies in the last 24 hours. The sudden surge on the price of these cryptocurrencies seems to be responding to recent developments around the Russia-Ukraine conflict, and the signed of an executive order from the U.S. Joe Biden administration.

Related Reading | Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act

At the time of writing, Zcash (ZEC) records a 11.7% profit trading at $142, while Monero (XMR) records a 15.5% profit trading at $195. These cryptocurrencies have been following the general sentiment in the crypto market flipping towards a more positive stands as Bitcoin breaks above $41,000.

FTX’s Privacy Index with moderate gains on the daily chart. Source: Tradingview
Zcash And Monero React To A FED Coin

As mentioned, the U.S. President Joe Biden has signed an executive order which has surprise for its positive approach to cryptocurrencies and digital assets. As the war between Russia and Ukraine ranges on, the International Community has quickly imposed financial sanctions of Putin, the Russian elite, and its banking system.

As Coin Center’s Executive Director Jerry Brito said, mainstream media have been pushing a negative narrative around cryptocurrencies. Classifying them as “dangerous”, and with the potential to allow Russia to evade sanctions. Fortunately, some U.S. government officials have also look at the other side of the coin.

The core message in this executive order, as Brito said, is a serious acknowledgment from the U.S. Federal Government of cryptocurrencies as legitimate assets. The crypto market seems to have gotten used to negative or nothing messages from the U.S., thus, why this news could have been translated into a relief rally.

Jake Chervinsky, Head of Policy at the 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.

In addition to the total surge in cryptocurrencies, privacy coins like Zcash and Monero seem to have benefited from the shift in narrative. The executive order also contemplates the creation of a U.S. Central Bank Digital Currency (CBDC).

This assets have been perceived as the oppositive of Bitcoin, Zcash, and Monero. Rather than give individuals power over their finances, they seem to provide governments with absolute control and oversight on the national currency. Thus, why some investors might have decided to increase their ZEC and 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

Privacy About To Gain More Relevance?

Other privacy coins have seen a similar rally with Dash (DASH) recording a 12.8% increase over the past day. Oasis Network (ROSE), Secret (SCRT), Horizen (ZEN), and Keep Network (KEEP) averaging a similar profit during the same period.

In low timeframes, data from Material Indicators suggest retail investors have been leading ZEC and XMR rallies. Investors with bid order of around $100 injected close to $1 billion in liquidity for the ZEC/USDT trading pair.

Related Reading | Monero (XMR) Readies For A Breakout As It Touches Important Milestone

The XMR/USDT trading pair has seen a similar story. Retail investors are also leading the rally in lo timeframes.

Retail Investors (yellow line on the chart) leading the rally above all other classes. Source: Material Indicators

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Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act

Monero (XMR) is trading at $172.80, down 4.61% with a low of $171.473 and a high of $183.58 in the last 24 hours.

The crypto has a market capitalization of $3,126,923,853, and a price nearing the $170 resistance threshold.

According to Coindesk’s price research, bearish swings are back, and price increases have been slower than in previous months because of the downward trend.

Monero is going bearish again following a decrease in the XMR/USD market, as a result of negative news coming from Canada.

Monero (XMR) Bullish Indicators

At the time of writing, technical analysis by CoinCodex shows that short-term sentiment on XMR has become neutral, with 17 indicators flashing bullish signs versus 12 bearish signals.

According to TradingView data, the daily simple and exponential moving averages are showing buy signals, while the relative strength index (RSI) was at 55.4 as of February 16.

A reading of 30 or less on the RSI suggests that the market is experiencing an oversell.

XMR total market cap at $2.964 billion in the daily chart | Source: TradingView.com

Related Reading | Monero Featured In Last Week Tonight, Essential Tool In “Ransomware Economy”?

Due to adverse market movement, the cryptocurrency has shown a slow decline. The price has been falling in the previous hours as the negative trend rises.

Experts describe Monero’s overall market position as “less lucrative.”

Canadian Emergencies Act Deals Blow On XMR

Canadian Prime Minister Justin Trudeau’s imposition of the country’s Emergencies Act is taking a heavy toll on several cryptocurrencies, including Monero (XMR).

The crypto joins a list of other key digital assets the Canadian government bans in the face of ongoing protests in Ottawa by the Canadian Freedom Convoy (CFC).

Related Reading | Monero (XMR) Readies For A Breakout As It Touches Important Milestone

Authorities want to reduce the amount of money protesters allegedly utilize, which comes from assets and contributions of digital currencies like Bitcoin, Cardano and Monero.

An emergency measures act has been passed to ban future funding to trucker-based activists who are opposing the country’s COVID-19 vaccine mandate.

Monero (XMR), according to reports, is being used to sponsor the protesters, who have so far received $870,000 to $1.1 million in cryptocurrency donations.

Because of its decentralized status and low charges, a good number of donors choose to pay for their donations using cryptocurrencies such as Monero.

Monero (XMR) Seen To Make Strong Rally

Meanwhile, analysts anticipate that the value of XMR will likely climb between now and the end of 2022.

Based on current data and the coin’s recent successes, the majority of cryptocurrency experts predict that the price of Monero will rise in the near future.

The combination of technology and positive crypto market dynamics gives XMR a strong possibility of becoming one of the most traded cryptocurrencies this year.

Monero is in high demand as a mode of payment on the dark net, primarily because it provides a high degree of anonymity in terms of transactional information.

Featured image from Reddit, chart from TradingView.com

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Monero (XMR) Readies For A Breakout As It Touches Important Milestone

Privacy coin Monero (XMR) usually spends its time in the shadows, which is exactly the way its community likes it. Till date, it is still impossible to penetrate the privacy that the digital asset offers, making it the go-to choice for investors who are trying to keep their crypto transactions and holdings a secret. Recently though, the cryptocurrency is breaking out onto the radars of more investors as it shatters an important milestone.

As more crypto users are discovering their transactions are not as hidden as they might have thought, they are moving towards coins like Monero that offers the privacy they desire. This has seen the number of users rise on the blockchain and total transactions carried out has soared, more than doubling in just the first quarter of 2022.

Monero (XMR) Surpasses 20 Million Transactions

Monero is no doubt the leading privacy coin in the crypto space and it has once again proven this with its recent milestone. The coin seems to have exploded in popularity in just the first two months of 2022 as the number of transactions carried out has doubled from 2021. Last year, the number of transactions recorded was sitting at 8.65 million. With less than two months into the new year, the volume of transactions tells a new story.

Related Reading | Bitcoin Hits Two-week High Imitating The Stock Rally

Growing almost 150% in just a matter of months, the number of Monero transactions has crossed 20 million. Data from Blockchair shows that there have been a total of 2,554,175 blocks mined over the lifetime of the privacy digital asset, landing on more than 20,023,000 transactions carried out in the same time period.

This number is important for a digital asset like Monero whose sole utility is being untraceable. It spells more usage from crypto users as they move towards keeping their crypto footprints hidden. It also points towards more adoption of the coin, and as the market rises out of the ashes of the last burn, it may mean significant growth for the digital asset in relation to price.

Growing With The Market

Like most cryptocurrencies, the price of Monero (XMR) had suffered when the market had crashed. This saw the cryptocurrency crashing from its high of almost $525 to the low $140, around which its value has trended for the past week. However, with the recent market recovery going into last weekend, Monero has followed along and has posted a recovery, up 16% in the past 24 hours alone.

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This does not mean that the digital asset is out of the woods though. Sentiments around the cryptocurrency continues to skew greatly in the bearish territory, and sell signals continue to overpower the asset. According to data from Barchat, Monero’s sell indicators have taken hold with 88% pointing towards sell. The 50-day, 100-day, and 200-day MACD Oscillator also point towards sell.

XMR recovers to $176 | Source: XMRUSD on TradingView.com

On the short term though, the 20-day moving average has turned towards buy. Coupled with the increased adoption and growing volume recorded, this trend is expected to continue and drive the price of the digital asset up in its wake. With a strong close above $180 by end of day, next significant support will be at $200, at which point, bulls will be able to sink their claws firmly into the asset.

Featured image from CoinJournal, chart from TradingView.com

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Kraken Is Delisting Top Privacy Coin Monero (XMR) For UK Users

It seems UK users will soon be unable to access Monero on one of the leading crypto exchanges. There have always been concerns around the Bitcoin competitor regarding the absolute privacy that the digital asset confers. Until now, it remains impossible to track/trace Monero transactions, making it the ultimate privacy coin, and governments are worried that individuals will use this to evade taxes.

Another concern is around the use of the cryptocurrency as a criminal tool, although there is no definitive way to tell if this is true. However, it remains high enough on the list of concerns that even countries where cryptocurrencies are not illegal are clamping down on the cryptocurrency. The latest is the UK as regulations have pushed Kraken to remove access for its citizens.

Delisting Monero Over Regulations

In an email sent out to users that were posted on Reddit, Kraken outlines the reason for the delisting. The email explained that the crypto exchange was trying to be in compliance with UK regulations and as such, it will no longer be supporting Kraken (Payward Ltd) on its platform. The delisting will happen in a week and will affect trading activities around the privacy coin.

Related Reading | Cardano Leads Altcoins As Market Marks 13th Consecutive Week Of Inflows

Kraken announced in the email that as of November 26th, UK users will no longer be able to trade Monero (XMR) on the platform. All trading activities will cease including Instant Buy/Sell Services, order book trading on the XMR/BTC, XMR/USD, and XMR/EUR pairs.

In addition to halted trading services, UK users will also not be allowed to fund their balances with Monero on the exchange after November 26th. However, users will be able to withdraw all of their current Monero balance to other wallets or exchanges.

XMR trading at $234 | Source: XMRUSD on TradingView.com

Margin trading is also affected and will slowly go into effect. On November 23rd, UK users will no longer be able to increase their Monero margin positions on the exchange but they can reduce it. Three days after, on November 26th, the exchange will force liquid all open margin positions and cancel all open orders.

In closing, the Kraken team said; “We appreciate your understanding and we apologise for any inconvenience caused. Should you have any questions, please do not hesitate to contact our support team.”

Why The Crackdown?

Monero is one of the few cryptocurrencies that manage to confer absolute privacy to their investors. This has made it the coin of choice for investors who want to be in control of their own money. As this Reddit user eloquently puts it, it’s “One of the few coins that truly makes your money your own. Security without compromising privacy, something that was unheard of only a few years ago.”

Related Reading | New Record For Bitcoin Lightning Network As Adoption Grows

Monero is a cryptocurrency that has maintained the privacy component behind the creation of cryptocurrencies. It puts the investor in complete control and makes it impossible for a third party to interfere or see where the funds are going, and since governments cannot track it, then they cannot tax it. Hence the crackdown on privacy coins to limit their use by residents.

Featured image from Kraken Blog, chart from TradingView.com