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Privacy coins are losing ground after the delisting of Bittrex

Monero, Zcash and Dash lose 10% on average

While the entire sector of cryptocurrency recorded significant increases, under the incessant push of Bitcoin, the temporary exception of the so-called privacy corners. That is tokens which aim to give their users unusual levels of confidentiality, close to anonymity.
Monero, Dash e Zcash, in fact, they were forced to leave much on the ground after theannouncement of Bittrex, relating to their delisting from the popular exchange, which will take place on January 15th. After the notification of the event, the price of XMR fell by 12,4%, ZEC recorded a decrease in the order of 9,5% and DASH 8,7%, according to data from CoinGecko.

Privacy coin - The privacy coins are losing ground after the delisting of Bittrex

Bittrex does not explain the reason for its decision

The announcement of the exchange platform, however, was not followed by any explanation for what was decided. However, it should be noted that previously several exchanges, starting with Shapeshift in the United States, from Bithumb (Korea of the South), e LiteBit (Netherlands), had given birth to a similar measure in order to comply with the KYC (Know Your Customer) and AML (Anti Money Laudenring) regulations.
It is therefore assumed that Bittrex's decision is to be ascribed to the desire to comply with the legislation implemented by governments in order to combat money laundering.

Is the storm coming for privacy coins?

Bittrex is therefore yet another platform which decides to join the crusade against privacy coins implemented by some governments. In particular from those of the United States and Russia, whose agencies are moving with great decision against Monero and his sisters. In particular by entrusting the task to specialized companies to create tools capable of breaking down the confidentiality levels of these tokens. As ciphertra by, a company which has launched a system capable of tracing all the steps that see XMR as the protagonist. To which is added the move to give rewards to anyone who demonstrates that they can demolish their privacy. How did theInternal Revenue Service (IRS) of the United States, promising a bounty of 625 thousand dollars to that effect.

Monero increasingly protagonist of ransomware

The crusade of governments is explained precisely by the increasingly significant importance of privacy coins within the criminal economy. Symbolized in particular by the fact that Monero is the currency of choice for hackers who carry out ransomware. Importance deriving precisely from the fact that, with all evidence, they ensure precious levels of anonymity to prevent the authorities from tracking them down after their raids. A preference which, however, is partially denied by some reports published in recent months.

The Rand Corporation report

The thesis relating to privacy coins as protagonists of illegal transactions was in particular refuted by a study conducted by Rand Corporation, having its object the link between the criminal economy and cryptocurrencies. From which it emerges that to dominate in illegal transactions on the Dark Web, it is above all Bitcoin and Bitcoin Cash, which together make up 59% of them. While 12% goes to Ether, another virtual currency which, too, is not opposed by the authorities.
Quite surprising results, which finally lead us to ask ourselves what are the reasons for this evident disparity in the eyes of public opinion and monetary authorities. An issue that, moreover, could become even more controversial, given the fact that other cryptocurrencies are also moving towards stronger privacy. It remains to be seen whether they will confirm this orientation in light of recent exchange decisions.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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