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October 31, 2020
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Monero leads privacy coin rally

Global markets retreated after tests of the COVID-19 vaccine were paused, while privacy cryptocurrencies like Monero were the center of attention.

While Amazon and Apple helped boost stocks in the North American market, European and Asian markets opened in a downturn with the current vaccine fight against COVID-19 through testing. The caution comes after Johnson & Johnson announced that phase 3 testing of the COVID-19 vaccine has been paused due to an unknown disease. However, as we will see later, the Monero cryptocurrency appears to have benefited from other factors and is currently in a rally.

Overview of markets around the world

When the markets opened, the STOXX 600 index was down 0.6%. The German DAX fell 1.1% and the French CAC 40 was negative by 0.8%. The FTSE 100 was down 0.6% in London.

Some market watchers expected the third-quarter earnings season to bring some excitement, as both JPMorgan Chase and Citigroup reported better-than-expected results. However, the markets did not see it this way and investors fear that another quarter of reduced economic activity will bring even more problems to the institutions.

The S&P 500 fell about 0.3% and the Dow Jones index slipped to a negative 0.4%. The only positive note is on account of Nasdaq, which closed with an increase of 0.3%.

Privacy comes to the fore

Crypts declined slightly in the last 24 hours, falling 0.43%. THE Bitcoin lost just 0.6%, the Ethereum fell 0.59% and the XRP lost 1.3%. However, we have had some major moves in the crypto world.

THE Monero rose 21% in the last 24 hours, continuing its great performance – which was able to raise the currency’s price by 80% last month.

Monero leads privacy coin rally 25

The rise was due to the Five Eyes Alliance, a group of countries including the United States, United Kingdom, Australia, Canada and India, which is unofficially interested in cryptographic software.

THE Monero, greater among the so-called “privacy coins”, has been the target of investors looking for a refuge from the growing surveillance of the State.

Other privacy currencies like Zcash, Dash and Verge are also attracting investors.

Not everything is flowers…

However, these investors should be careful, said Hester Peirce, SEC commissioner. Hester said regulators are paying much more attention to cryptocurrencies, especially in view of the recent BitMEX cryptocurrency exchange.

“When there are American users of a product or service, there will be a closed siege from American authorities.”

THE Fidelity Digital Assets, the Fidelity group’s cryptocurrency affiliate, said in a report that Bitcoin has almost no relationship to returns produced from other asset classes, including gold and American stock.

In addition, your report, part two of the Company’s Bitcoin Investment Thesis, suggested that it could be a small part of a broader investment portfolio.

This is an additional sign that institutions are heating up towards digital gold and are taking note of their ability to provide unrelated returns despite external conditions.

Source: Decrypt

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