As a seasoned crypto investor with over a decade of experience navigating the rollercoaster ride that is the cryptocurrency market, I can confidently say that the recent surge in Bitcoin’s price above $95,000 feels like a sweet victory after the brief dip we saw. The Tornado Cash court victory has certainly injected a fresh wave of optimism into the community, and it’s always refreshing to see justice prevail in this space.
Bitcoin‘s price has rebounded and is now trading over $95,000, marking a 2.70% increase from its closing price the previous day. This upward trend is heartening news for investors and owners alike, as it follows a two-day downturn that saw the asset dip to around $90,000 on November 27th.
The cost of Bitcoin increased following the significant legal triumph of Tornado Cash, which was upheld by a US Appeals Court. This reversal of a 2022 decision stated that the Treasury Department overstepped its boundaries when it imposed sanctions on the cryptocurrency mixing service. Coinbase, being one of the crypto exchanges that backed Tornado Cash, also shared in the celebration due to this court victory.
Following the court victory for Tornado Cash and positive economic trends, a financial expert has daringly provided a Bitcoin price forecast. In a tweet or podcast on The Angry Crypto Show, Charles Hoskinson of Cardano predicts that Bitcoin could reach anywhere between $250,000 to $500,000 within the next 12 to 24 months.
As a dedicated crypto investor, I’m excitedly sharing some insights from Charles Hoskinson, the founder of Cardano (#Cardano $ADA). He believes Bitcoin (#Bitcoin $BTC) could soar to anywhere between $250,000 and $500,000 within the next 12 to 24 months. This prediction is based on increasing inflows and growing interest in the digital currency. To him, Bitcoin is the Internet’s store of value, and with the addition of a DeFi (Decentralized Finance) layer, it seems set to retain this role moving forward.
— Angry Crypto Show (@angrycryptoshow) November 26, 2024
Tornado Cash Court Victory Boosts Bitcoin Price
In a tweet by Paul Grewal, it was stated that Tornado Cash’s court triumph was considered a “triumph for privacy.” Grewal explained that the Treasury Department’s sanctions against the cryptocurrency blending platform were deemed illegal. Furthermore, he suggested that this recent court decision was beneficial to the crypto industry and those advocating for 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 cares about defending liberty. @coinbase is proud to have helped lead this important challenge. 1/6
— paulgrewal.eth (@iampaulgrewal) November 26, 2024
Triumph of Tornado Cash marks another success story for the cryptocurrency field, contributing to a rise in Bitcoin’s value. Moreover, there’s great interest within the crypto community regarding potential future actions by President-elect Donald Trump, who may champion pro-cryptocurrency policies.
Hoskinson Remains Bullish On BTC
According to certain analysts and onlookers, Bitcoin’s recent decline is seen as a temporary pullback rather than a shift in its overall positive trajectory. On the other hand, Cardano’s Charles Hoskinson maintains that Bitcoin continues to follow a bullish trend, predicting that its value could potentially reach $250k – $500k within 12 to 24 months.
As per Hoskinson’s explanation, several elements contribute to Bitcoin’s price consistency. One of these factors is the ongoing fascination with Bitcoin as a valuable asset. To illustrate, companies like MicroStrategy have been progressively accumulating more Bitcoin.
Michael Saylor’s firm presently owns approximately 32 billion dollars in Bitcoin, which has pushed its total value to over 70 billion dollars. Additionally, other nations are expressing growing interest in Bitcoin, with El Salvador emerging as a frontrunner outside the U.S. in capitalizing on this digital asset.
Continuous Inflow And Interest Help Bitcoin
As per Hoskinson’s perspective, Bitcoin holds a positive outlook due to the rising curiosity and investments. The creator of Cardano believes that Bitcoin retains its relevance as a reliable form of value storage, and this role will be further emphasized as Decentralized Finance (DeFi) gains traction.
Lately, Emurgo from the Cardano team has revealed they’re jointly working on a bridge with BTCOS. As per Hoskinson, this upcoming network will host DeFi applications backed by Bitcoin. Moreover, developers can create Hybrid Cardano-Bitcoin apps using Aiken and pay transaction fees in BTC.
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2024-11-29 04:16