- U.S. Appeals court lifted sanctions on Tornado Cash and ruled in its favor
- Subsequently, TORN climbed by 387.51% in the last 24 hours
As a seasoned researcher with over two decades of experience in the financial industry, I have witnessed numerous market events that have shaped the trajectory of various assets. The recent ruling by the U.S Appeals Court in favor of Tornado Cash and the subsequent surge in the price of TORN is undeniably one such event.
As a result of the court decision that supported Tornado Cash, the price of TORN skyrocketed by more than 1000%. This rapid increase caused the altcoin’s value to soar from $3.60 to a peak of $40 in a very short period of time.
Currently, the token is being traded at approximately $18, showcasing a staggering increase of 412% within the past day. Remarkably, this surge occurred even amid a temporary dip in value as depicted on the price charts.
Court lifts sanctions on Tornado Cash
As an analyst, I am reporting that a recent decision made by a U.S Federal Appeals Court has overturned the sanctions imposed on Tornado Cash (TORN) by the U.S Department of the Treasury. This court ruling asserts that the Treasury overstepped its jurisdiction in enforcing sanctions against a technology designed to anonymize cryptocurrency transactions, which is a key aspect of its functionality.
According to the court’s ruling, Tornado Cash’s smart contracts do not fall under the category of property. Consequently, they are exempt from any applicable sanctions, as determined by the court.
2022 saw the U.S. Treasury taking action against Tornado Cash, claiming it aided more than $7 billion in questionable financial activities. Notably, approximately $455 million of these funds were traced back to thefts perpetrated by North Korea’s Lazarus Group.
What does whale activity suggest?
Between the 8th and 11th of November, approximately $455,000 worth of TORN tokens were amassed by savvy investors at roughly $2.70 per token, as recorded through transactions on the MEXC exchange. This significant price increase has resulted in substantial potential profits that have yet to be realized.
At the current price at which it was last reported, the “smart” investors’ positions earned an estimated $384,000 in potential profits – A stunning 540% increase on their initial investment.
The price surge also highlighted the strong market reaction to the court’s ruling – A sign of renewed confidence and interest in Tornado Cash and its token.
TORN Technical Analysis
Looking at the last 4 hours of Tornado Cash’s price activity, we see a robust upward trend. Currently, it is being traded around $18.69, having pulled back approximately 55% from its peak of $40.
As a crypto investor, I noticed that the Alligator’s lines were aligning favorably for an uptrend, indicating potential upward momentum. Furthermore, the TSI and Awesome Oscillator both signaled strong buying activity with increasing positive momentum on the charts, which further bolstered my confidence in this bullish outlook.
If the cost consistently stays over $20, it might indicate an upward trend that could potentially reach $40. Conversely, if it fails to maintain this level, a drop back to approximately $10 may occur.
Tornado Cash sees massive volume and activity surge
It appears there was a significant increase in the number of large transactions for Tornado Cash (TORN) over the past 24 hours. The amount reached an impressive peak of 101,510 TORN – a seven-day record high.
It’s important to note that as the volume increased significantly, so did the price, rising from around $1.00 to $13.00. This suggests a high level of trading activity and indicates a strong demand from buyers.
The increase in this hike’s trading activity suggests a rise in involvement from significant market participants, contributing to the recent surge in the altcoin’s price.
A sudden change in past behavior patterns could indicate either a speculative surge or substantial underlying factors boosting the need for it.
Ultimately, the number of new addresses for Tornado Cash soared by an impressive 4,180%, and the number of active addresses skyrocketed by over 979%. This significant increase suggests a surge in user engagement.
At the same time, the number of zero-balance accounts saw a significant increase of approximately 2122.22%, which might suggest some activity such as wallet reorganization or previously inactive accounts being reactivated.
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2024-11-28 11:04