- A U.S. appeals court lifted sanctions against Tornado Cash and ruled in its favor.
- Since then, TORN has risen 387.51% in the last 24 hours.
Following the court ruling in favor of Tornado Cash, TORN saw a sharp rise of over 1000%. This caused the altcoin to skyrocket from $3.60 to a high of $40 in just a few hours.
At the time of writing, the token is trading around $18, registering a 412% rise in the last 24 hours. This occurs despite a brief depreciation on the chart.
Court lifts sanctions against Tornado Cache
A U.S. federal appeals court recently ruled in favor of Tornado Cash (TORN), lifting sanctions imposed by the U.S. Treasury. In fact, tThe court ruled that the Treasury Department exceeded its authority in approving technology to anonymize cryptocurrency transactions.
The court said Tornado Cash’s smart contracts cannot be classified as property. Therefore, the court stated that it cannot be subject to sanctions.
The Treasury Department has targeted Tornado Cash back in 2022, claiming it facilitated more than $7 billion in illicit transactions. In fact, this figure also includes $455 million stolen by North Korea’s Lazarus Group.
What does whale activity suggest?
On November 8th and 11th smart A total of $455,000 was invested through the MEXC exchange, accumulating 26,359 TORN tokens at approximately $2.70 each. These sharp price increases resulted in significant unrealized profits.
At press time prices, the smart money position had earned $384,000 in unrealized profits, representing a 540% return on investment.
The price surge also highlighted the market’s strong reaction to the court ruling. This is a sign of renewed trust and interest in Tornado Cash and its tokens.
TORN technical analysis
The 4-hour chart of Tornado Cash showed strong bullish momentum, with the altcoin trading at $18.69 after falling 55% from its high of $40.
Indicators such as Alligator hinted at an upward trend as the lines appeared to align for upward momentum. Additionally, TSI and Awesome Oscillator confirmed buying strength with rising chart momentum.
Source: TradingView
If the price stays above $20, a breakout towards $40 is likely. However, failure to maintain this level could set it back to around $10.
Tornado Cash is seeing huge volume and activity surges.
Tornado Cash (TORN) appears to have seen a massive surge in trading volume over the past 24 hours. The figure for the same hit is 101.51k TORN – a 7-day high.
It’s worth pointing out here that along with this surge in volume, the price has risen sharply from around $1.00 to $13.00. This can be interpreted as intensifying market activity and strong buyer interest.
Source: IntoTheBlock
This increase in trading volume indicates increased participation from larger market participants, which has fueled the altcoin’s recent price rise.
A sharp difference from previous activity levels may indicate speculative execution or an important fundamental development driving demand.
Lastly, Tornado Cash’s new addresses surged +4180% and active addresses increased +979.31%. This is a sign of increased user engagement.
Source: IntoTheBlock
At the same time, zero balance addresses increased by +2,122.22%, indicating a potential wallet reorganization or reactivation of dormant accounts.