Bittrex announced yesterday that they will be delisting Monero, Zcash, and Dash
A few days after Bittrex announced they would be delisting XRP due to the SEC lawsuit filed against XRP and Ripple, Bittrex announced they would be delisting three privacy coins as well...
Specifically, Bittrex said they would be delisting Monero, Zcash, and Dash.
Their twitter announcement can be seen here:
(Source:
)https://twitter.com/BittrexExchange/status/1345056010981892096
- BittrexExchange
These are three of the most popular and highest market cap privacy coins in the world.
All three coins were down more than 10% on the news and this is likely just the beginning in terms of US based Exchanges delisting privacy coins as regulators continue to come down hard on the crypto space.
Could HIVE gain from this?
There is a lot of money coming out of these places that is ultimately going to need to find a new home.
Combined, we have billions coming out of XRP, Monero, Zcash, and Dash which is likely part of the reason bitcoin is doing so well.
One of the most popular pairs, if not the most popular pair, for the above coins is bitcoin.
So, as money comes out of these privacy coins and XRP, bitcoin continues to inflate.
Could this also eventually benefit HIVE?
Right now we are seeing some of the more controversial projects seeing massive outflows of value, as this continues, it is possible that the money involved migrates over to the more legitimate altcoin projects at some point.
keep in mind that when I say "legitimate projects", I mostly mean legitimate in the eyes of regulators...
While HIVE certainly has its own flaws, it is very difficult to make the claim HIVE is a security and it's not really 'private' either.
Both things should help HIVE remain standing when all the dust eventually settles.
So, while there may be some near term blood shed as more and more altcoin projects get delisted and targeted by the SEC, eventually it may be good news for the legitimate projects as money will likely be forced into them.
The headlines aren't fun in the short term, but in the longer term, these types of announcements may end up being great news for the more legitimate altcoins.
Stay informed my friends.
-Doc