Haven Protocol (XHV) shows strong signs of bottoming out after crashing 90%
Haven Protocol (XHV) showed signs of returning to its bullish form as its price doubled in just five days of trading.
XHV's price surged by up to 107% week-to-date to climb above $3.60 on March 11, its highest level in more than three months. Interestingly, the move upside followed a period of aggressive selloffs that saw XHV's value dropping from nearly $20 in November 2021 to as low as $1.60 in early February 2022 — an approximately 90% decline.
Interestingly, the move upside followed a period of aggressive selloffs that saw XHV's value dropping from nearly $20 in November 2021 to as low as $1.60 in early February 2022 — an approximately 90% decline.
Traders started returning to the Haven Protocol market against the prospects of two macroeconomic scenarios: U.S. President Joe Biden's executive order that focuses on cryptocurrencies and hardline western sanctions on Russian oligarchs amid an escalating military standoff between Ukraine and Russia.
In the order titled "Ensuring Responsible Development of Digital Assets," President Biden directed federal agencies to submit reports on cryptocurrencies and consider introducing new regulations for the sector.
Meanwhile, western powers decided to cut Russia out of the Swift global banking system while imposing targeted sanctions on some of the country's wealthiest individuals.
Crypto investors priced in the effects of these two updates, deciding to bid up the prices of privacy-enabled digital assets that promise to secure financial transactions from regulatory watchdogs.
As a result, Monero (XMR), Kyber Network (KNC), Tornado Cash (TORN) and other privacy coins outperformed the crypto market massively this week.
Privacy coins have surged, with #Monero posting +26% gains over the
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