Bitcoin Price Surges Above $95,000 Following Tornado Cash Court Victory
The price of Bitcoin is currently above $95,000 after a 2.70% rise from the previous day's close. This recovery follows a two-day decline that saw it drop to $90,000 on November 27th.
The surge in Bitcoin's price coincided with a significant court victory for Tornado Cash, as a US Appeals Court overturned a 2022 decision, ruling that the Treasury Department exceeded its authority by sanctioning the crypto mixing platform. Coinbase supported Tornado Cash and celebrated this legal win.
In light of the Tornado Cash ruling and positive macroeconomic conditions, an analyst predicts Bitcoin could reach between $250,000 and $500,000 within 12 to 24 months. Charles Hoskinson, founder of Cardano, stated on Twitter/X that Bitcoin serves as the store of value for the Internet and will maintain this role with the addition of a DeFi layer.
BREAKING: #Cardano $ADA Founder Charles Hoskinson says "it is my belief that #Bitcoin will go to $250,000 to $500,000 within 12 to 24 months, because of inflows and interest. $BTC is the store of value for the Internet, and will remain in that role now that it has a DeFi layer." pic.twitter.com/1txPQV61Nl
— Angry Crypto Show (@angrycryptoshow) November 26, 2024
Tornado Cash Court Victory Boosts Bitcoin Price
Paul Grewal noted on Twitter/X that Tornado Cash's court victory represents a "win for privacy," asserting that the Treasury Department's sanctions were unlawful. This ruling is seen as a victory for the crypto sector and advocates of freedom.
Privacy wins. Today the Fifth Circuit held that @USTreasury's sanctions against Tornado Cash smart contracts are unlawful. This is a historic win for crypto and all who care about defending liberty. @coinbase is proud to have helped lead this important challenge. 1/6
— paulgrewal.eth (@iampaulgrewal) November 26, 2024
This victory adds to a series of successes for the crypto industry, contributing to the upward movement in Bitcoin's price. The market also anticipates crypto-friendly policies from incoming US President Donald Trump.
Hoskinson Remains Bullish On BTC
Analysts view Bitcoin's recent losses as a retracement rather than a reversal of trend. Hoskinson maintains a bullish outlook, predicting potential price increases to $250,000 or $500,000 within 12 to 24 months.
Factors supporting Bitcoin's price stability include increasing institutional interest. MicroStrategy, for instance, has significantly expanded its Bitcoin holdings, currently valued at $32 billion, with a market cap exceeding $70 billion. Other nations, such as El Salvador, are also actively adopting Bitcoin.
Continuous Inflow And Interest Help Bitcoin
According to Hoskinson, Bitcoin's bullish sentiment is driven by rising interest and investment inflows. He emphasizes Bitcoin's role as a viable store of value, especially with the growing popularity of DeFi.
Recently, Cardano’s Emurgo announced plans to develop a bridge with BTCOS, enabling the creation of DeFi applications secured by Bitcoin. Developers will be able to build hybrid Cardano and Bitcoin applications using Aiken, allowing fees to be paid in BTC.
Featured image from DALL-E, chart from TradingView