- Top privacy tokens like Zcash, Dash, and Monero are soaring this week.
- Iran has started asking oil tankers to pay $1 per barrel to cross the Strait of Hormuz.
- Some crypto analysts recommend using privacy tokens that cannot be tracked.
Privacy tokens are soaring this week, with Zcash, Dash, and Monero leading the gains. Zcash price jumped to $385 on Friday morning, its highest level since January 28. It has jumped by 93% from its March low.
Similarly, Dash price soared to $38.8, its highest level since February 15, while Monero rose to $345, up from its year-to-date low of $276. This rebound is mostly due to the ongoing crypto market rally, which has persisted since the US and Iran announced a ceasefire.
The rally is gaining momentum as investors buy the dip in privacy tokens. These tokens surged late last year but resumed a downward trend this year as the momentum faded. Crypto investors are optimistic that a similar rally will occur again.
Zcash, Dash, and Monero are Soaring as Iran Seeks Crypto for the Strait of Hormuz
Another likely reason is a Financial Times report that Iran is considering asking oil shipping companies to pay tolls at the Strait of Hormuz in cryptocurrencies and the Chinese yuan. The country is seeking for $1 per barrel that passes by the Strait.
FT noted that the country has opted for Bitcoin to circumvent US sanctions since cryptocurrencies are harder to track than fiat currencies. The challenge with Bitcoin is that its transactions are recorded on the public ledger, and governments have tracked them in the past.
Therefore, some crypto analysts recommend using privacy-focused tokens such as Zcash, Monero, or Dash. Zcash uses a technology that allows shielded addresses, which are difficult to track.
Similarly, Monero uses stealth addresses for receiver privacy and ring signatures for sender privacy. It also uses Ring Confidential Transactions, which hide the transaction amount using Pedersen commitments.
To be clear, it is unclear whether Iran will opt for these privacy coins, as their prices are often volatile, and some have low volume. Also, it is unclear whether Iran will continue to charge these tolls in perpetuity.
In a Truth Social post, President Donald Trump warned Iran against taking tolls at the Strait of Hormuz. This post came as companies in the oil and gas industry complained to Trump about having to pay tolls.
According to Politico, these companies are wondering why they are paying tolls while the Trump administration has insisted it won the war. It is still unclear whether the Trump administration can do anything to end these tolls.
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