Privacy coins like Monero shine as markets stutter under COVID – Decrypt

October 14, 2020 By admin

In brief

  • Markets were down after COVID-19 vaccination trials stalled.
  • Crypto markets held steady, losing less than 1%.
  • Privacy coins are up after a group of states called for back downs into encrypted services.

While Amazon and Apple helped prop up stocks in the US, Asian and European markets opened down as a COVID-19 vaccine struggles to make it through tests. 

The caution came after Johnson & Johnson said its COVID-19 Phase 3 trial had been paused due to an unexplained illness. 

When markets opened, the pan-European STOXX 600 was down 0.6%. Germany’s DAX dropped by 1.1%, and France’s CAC 40 was down 0.8%. The FTSE 100 was down by 0.6% in London.

Market watchers were hoping Q3’s earnings season would bring some cheer as JPMorgan Chase and Citigroup both announced better quarters than expected. But markets didn’t take it that way, as investors fear another quarter of dampened economic activity will put institutions under further strain. 

The S&P 500 was down by 0.3%, Dow Jones slid lower by 0.4%, the only positive note was Nasdaq, which closed up 0.3%.

Privacy comes to the fore 

Crypto had a slight dip in the past 24 hours, dropping 0.43%. Bitcoin lost just 0.6%, Ethereum 0.59% and XRP 1.3%. But there were some larger movements elsewhere in crypto land. 

Monero shot up 21% in the past 24 hours, continuing its run of good form that saw its price rise 80% in the last month. 

The movement comes thanks to the Five Eyes Alliance, a group of countries including the US, UK, Australia, Canada and India, called for back doors into encryption software. 

Monero, the biggest of the so-called “privacy coins” has been the