Privacy Coins Drop 10% After Bittrex Announcement

Bittrex's announcement today damaged the markets of the privacy coins.

2 min read

Jan 1, 2021

Prices of the popular privacy coins went into freefall after Bittrex’s announced today that it will delist Monero, Dash and Zcash later this month.

As Decrypt reported earlier today, the exchange announced that it will delist Monero (XMR), Dash (DASH), and Zcash (ZEC) on January 15, 2021, at 23:00 UTC.

The sudden announcement sent the prices of these privacy coins into a downward spiral. Since the announcement by Bittrex, the price of XMR is down by 12.4%, ZEC is down 9.5% and DASH is down 8.7%, according to CoinGecko. That's an average drop of 10%.

The following markets are scheduled to be removed:

BTC-XMR, ETH-XMR, USDT-XMR

BTC-ZEC, ETH-ZEC, USDT-ZEC, USD-ZEC

BTC-DASH, ETH-DASH, USDT-DASH, USD-DASH

Bittrex did not specify why it delisted these coins.

Several exchanges, such as US-based ShapeShift, South Korea’s Bithumb, and the Netherlands-based exchange, LiteBit, have already delisted or refused to list privacy coins to comply with governments concerned with money laundering.

Founded in 2014, Seattle-based Bittrex currently carries 327 coins with 640 trading pairs on its platform.

Decrypt has reached out to Bittrex for comment on the delisting and will update this piece should we hear back.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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