After the US government banned the use of ethereum mixing service Tornado Cash, the leading security coins of the crypto economy lost more than 8% of their USD value the following evening following the ban announcement. Top cryptocurrencies like monero and zcash managed to recover their losses two days later, but in the last 24 hours the top cryptocurrencies by market capitalization are now around $6.44 billion la, down 3% from a day earlier.
While the top privacy coins recovered a bit, most beat the market last week when OFAC punished crypto mixing service Tornado Cash.
Last week was a bad week for financial privacy advocates, like the US government’s Office of Foreign Assets Control (OFAC). punished ethereum (ETH) mixing service Tornado Cash and a large number of associated ETH-based addresses.
However, the ban did not lead to any significant price increases for any of the top security coins and in fact most of the top privacy tokens fell in price after the government The United States made an official announcement.
The top security coin by market cap, monero (XMR), lost 8.82% in the 24-hour period from late August 8 to early morning session Aug 9. Zcash (ZEC) followed the same pattern, losing 8.75% against the US dollar after the ban.
A series of top privacy coins by valuation have seen a similar pattern depreciate between 5% and 15% following the ban. However, most of the top security crypto assets recouped some of their losses last Monday, about two days later.
Monero has gained 0.3% since last week and seven-day stats show zcash has gained 5.9% against the US dollar. Although on August 15th, the $6.44 billion market capitalization of all the top privacy coins has lost 3% since a day earlier.
While the privacy coins with the largest market capitalization have seen a lackluster gain compared to crypto assets like ethereum (ETH), several privacy coins have gained double digits in the past seven days.
Double-digit gainers include zclassic (ZCL) up 76%, 0 (ZER) up 74.5% and lethean (LTHN) up 60.8% this week. The biggest losers in the private crypto economy this week are navcoin (NAV) losing 40.4%, bitcoin private (BTCP) down 26.3% and daps coin (DAPS) down 19.7% .
What do you think of privacy coins that fluctuated in value after the US government banned Tornado Cash? Let us know your thoughts on this topic in the comments section below.
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