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After the US government banned the use of ethereum mixing service Tornado Cash, the crypto economy’s top privacy coin lost more than 8% in USD value the next evening following the ban announcement. Top privacy coins such as monero and zcash managed to recover their losses two days later, but in the last 24 hours, the top privacy coins by market cap today are around $6.44 billion, down 3% from the previous day.
Last week was a bad week for financial privacy advocates, as the US government’s Office of Foreign Asset Control (OFAC) sanctioned the ethereum (ETH) mixing service Tornado Cash, and a large number of associated ETH-based addresses.
Banning led to Github code removal and suspensions, a “celebrity bash”, the Tornado Cash Discord server deletion, and Dutch law enforcement arrested the 29-year-old developer known as Alexey Pertsev.
However, the ban did not lead to any significant price increases in some of the top privacy coins, and in fact, most of the leading privacy tokens took a dive after the US government made the official announcement.
The top privacy coin by market cap, monero (XMR), lost 8.82% in the 24-hour period from late evening on August 8th to early morning trading on August 9th. Zcash (ZEC) followed the same pattern, losing 8.75% against the US dollar after the ban.
A large selection of the top privacy coins by valuation saw a similar pattern, losing anywhere between 5% and 15% after the ban. However, most of the top crypto assets for privacy regained some of the losses felt last Monday, about two days later.
Monero is up 0.3% since last week and seven-day statistics show that zcash is up 5.9% against the US dollar. Although on August 15, the $6.44 billion market cap of all the top privacy coins lost 3% since the previous day.
While the privacy coins with the largest market caps have seen weak gains compared to crypto assets like ethereum (ETH), some privacy coins have jumped by double digits over the past seven days.
Double-digit gains include zclassic (ZCL) which jumped 76%, zero (ZER) rose 74.5%, and lethean (LTHN) surged 60.8% this week. The biggest losers in the privacy coin economy this week were navcoin (NAV) which lost 40.4%, bitcoin private (BTCP) fell 26.3% and daps coin (DAPS) fell 19.7%.
What do you think about privacy coins fluctuating in value after the US government banned Tornado Cash? Let us know what you think about this topic in the comments section below.
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