$500K Fueled By Global Interest
The price of Bitcoin surged 2.70% from the previous trading day’s closing price and is now back above $95,000. The asset’s recovery is a welcome development for holders and investors, who witnessed two consecutive days of losses, reaching as low as $90,000 on November 27.
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Bitcoin price Shares surged after markets witnessed a major court victory for Tornado Cash. A U.S. appeals court overturned a 2022 ruling, saying the Treasury Department exceeded its authority by imposing sanctions on cryptocurrency mixing platforms. Coinbase joined the celebration of the court victory as it was one of the cryptocurrency exchanges to support Tornado Cash.
With the recent Tornado cash court win As well as favorable macroeconomics, one analyst made a bold price prediction for Bitcoin. In a Twitter/X post on Angry Crypto Show, Cardano’s Charles Hoskinson believes that the world’s top digital asset could reach $250,000 to $500,000 in 12 to 24 months.
break in: #cardano $ADA Founder Charles Hoskinson said: “I believe #bitcoin Due to inflows and interest, it will reach $250,000 to $500,000 in 12 to 24 months. Bitcoin USD It is the store of value for the Internet and will continue to play this role since 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 posted on Twitter/X that Tornado Cash’s court victory was a “victory for privacy.” Grewal reports that the Treasury Department’s sanctions against cryptocurrency mixing platforms are illegal. He added that the recent court decision is a victory for the cryptocurrency industry and those who support freedom.
Privacy wins. Today the Fifth Circuit held that @US TreasurySanctions against the Tornado Cash smart contract are illegal. This is a historic victory for cryptocurrencies and everyone who cares about defending freedom. @coinbase Proud to help lead this important challenge. 1/6
— paulgrewal.eth (@iampaulgrewal) November 26, 2024
Tornado Cash’s victory is the latest in a series of wins for the cryptocurrency industry that has helped push the price of Bitcoin higher. The crypto industry is also looking forward to the next moves from incoming U.S. President Donald Trump, who is expected to adopt crypto-friendly policies.
Hoskinson remains bullish on Bitcoin
For some analysts and observers, Bitcoin’s recent decline is just a correction and bullish sentiment remains. Bitcoin remains in a bullish trend for Cardano’s Charles Hoskinson, who believes the asset’s price could rise to $250,000 and $500,000 within 12 to 24 months.
Hoskinson said there are several factors that contribute to Bitcoin’s price stability. He mentioned that interest in Bitcoin as an asset is still growing. For example, MicroStrategy has Increase its Bitcoin holdings.
Michael Saylor’s company currently holds $32 billion worth of BTC, and its market capitalization now exceeds $70 billion. Other countries are also interested in Bitcoin, with El Salvador being the country outside the United States that has made the most use of the asset.
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Continued inflows and interest help Bitcoin
Hoskinson said Bitcoin remains bullish for him as interest and inflows surge. Cardano founders say Bitcoin remains a viable store of value and will continue to provide this service as DeFi becomes more popular.
Recently, Cardano’s Emurgo said it was working on a bridge with BTCOS. Hoskinson said the new network will feature DeFi applications secured by Bitcoin. He added that developers can design hybrid Cardano and Bitcoin applications in Aiken and be paid in Bitcoin.
Featured images from DALL-E, charts from TradingView
