Monero and Zcash are surging ahead of Vice President Biden's crypto directive
Image Source: Finbold

Monero and Zcash are surging ahead of Vice President Biden’s crypto directive

Monero and Zcash are soaring this morning. It came following reports that Vice President Joe Biden was planning to sign an executive order regulating cryptocurrency. Monero and Zcash are surging ahead of Vice President Biden’s crypto directive

According to Reuters, Bloomberg News, and The Washington Post, US President Donald Trump will commission a “sweeping study” of cryptocurrency this week. It will include the prospects it poses for unlawful transactions and the steps the federal government should take to address them.

Monero and Zcash are surging ahead of Vice President Biden’s crypto directive

The executive order will also address whether the Federal Reserve should launch a central bank digital currency, direct the Treasury to investigate potential financial stability threats, mandate a study of crypto mining’s energy consumption, and direct the State Department to submit a report on how the US should coordinate with its allies.

It was unclear whether this was the cause of the privacy coin boom or if it was linked to Russian sanctions. But there was no doubting that the pump was triggered by anything. Monero jumped 20% in an hour and a half starting at 9.30 a.m. AEDT. It rose from US$169 to US$204, a seven-week high, up 29.2% from 24 hours ago.

The cryptocurrency market is up 1.8 percent

Monero and Zcash are surging ahead of Vice President Biden's crypto directive
Image Source: Finbold

Zcash was up 26.3 percent to $139, its highest since the meltdown on January 20.

Smaller privacy coins were treated with more respect. Dash’s stock had risen 11.2 percent to $95. Pirate Chain was trading at $1.11, up 7.4%.

Like most cryptocurrencies, these coins are primarily used to enable private transactions that cannot be tracked by blockchain records.

Secret Network, which is a platform for private smart contracts rather than a privacy coin, was up just 1.2 percent.

The total value of the cryptocurrency market was $1.81 trillion, up 1.8 percent from yesterday.

Bitcoin was up 1.5 percent to US$38,730, and Ethereum was up 3.1 percent to US$2,579, according to CoinMarketCap.

Terra was the top gainer among the top ten, jumping 9.0% to $85.

Monero and Zcash were the leading gainers in the top 100, followed by Ecomi (16.6%) and Dash.

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Also read: ”Cryptocurrency users should avoid centralized crypto exchanges ”, says Jesse Powell