The three largest privacy coins — Monero (XMR), Dash (DASH), and Zcash (ZEC) have all seen major price drops yesterday, January 1st, 2021. The crash comes as a consequence of an announcement published by Bittrex, which said that privacy coins will soon be delisted.
The crypto industry becomes even more chaotic
The world’s largest cryptocurrency has hit a new all-time high today, January 2nd, after reaching $29,805. Meanwhile, other coins, such as XRP, have seen massive drops in the last week or two. Of course, in the case of XRP, the crash comes due to the recent SEC lawsuit, and the fact that the coin has been delisted from a number of exchanges.
Now, according to Bittrex’s announcement, a similar fate is to befall the three largest privacy coins — Monero, Dash, and Zcash, and they are reacting in a very similar way.
Bittrex will delist privacy coins
Recently, Bittrex revealed that it plans to delist the three cryptos on January 15th, 2021, giving its users two weeks to set their affairs in order. On this date, the exchange will remove 11 trading pairs, including BTC/XMR, ETH/XMR, USDT/XMR, BTC/ZEC, ETH/ZEC, USDT/ZEC, USD/ZEC, BTC/DASH, ETH/DASH, USDT/DASH, and USD/DASH.
The exchange seems to be in a hurry to delist the coins, as it said that it generally aims to allow users 30 days to withdraw the tokens before it delists them. However, it kept the right to make this withdrawal period shorter, if it decides that there is a need to do so.
So far, the exchange did not reveal its reasons for the move. However, the move still had major consequences for the mentioned coins. At the time of writing, Zcash’s price is down 10.60% ($58.03), Monero’s price has dropped by 14.68% ($136.02), and Dash’s price is down by 11.86% ($88.54).
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