Crucial Decision for Tornado Cash – Bitcoin Could Reach $740,000 by 2028

Critical Decision for Tornado Cash

The United States Court of Appeals has ruled that the Treasury’s Office of Foreign Assets Control (OFAC) overstepped its authority in placing Tornado Cash on the sanctions list, overturning the lower court’s ruling. The court noted that Tornado Cash’s immutable smart contracts are not “property” and are not subject to enforcement under the International Emergency Economic Powers Act (IEEPA). The ruling follows a lawsuit filed by six plaintiffs, including Tornado Cash users and Coinbase employees. The ruling, hailed by crypto advocates as a significant victory for the industry, highlights the non-ownable nature of decentralized smart contracts. Following the news, the value of Tornado Cash’s governance token, TORN, skyrocketed.

Bitcoin Could Reach $740,000 by 2028

Pantera founder Dan Morehead predicts that Bitcoin could reach $740,000 by April 2028 if its historic growth trend continues. The Pantera Bitcoin Fund has generated a lifetime return of 131,165% since its launch in 2013. Morehead attributes Bitcoin’s recent rally and future potential to President-elect Donald Trump’s bullish expectations that he will provide pro-blockchain regulatory clarity. He believes that blockchain regulatory hurdles are now a driving force for the industry. By the time Bitcoin reaches $740,000, its market cap will be $15 trillion, making it one of the largest financial assets globally.

Tether Prints $5 Billion

Tether has raised questions about its market influence and financial maneuvering by printing $5 billion worth of USDT in 72 hours. Cantor Fitzgerald CEO and Trump administration nominee Howard Lutnick has defended Tether’s financial stability, but critics have raised concerns about the transparency of its reserves. Cantor Fitzgerald’s 5% stake in Tether is notable for the company’s political connections and Lutnick’s dual roles in finance and government. Despite past investigations and criminal penalties, Tether continues to dominate the stablecoin market by providing liquidity to decentralized and centralized exchanges and influencing overall market trends. While some are calling for greater scrutiny and transparency, others believe Tether’s audit reports are sufficient evidence.

Altcoin Season Speculations Are Growing Stronger

Altcoin season speculations are building as the Total3 Index, which tracks the total market capitalization of cryptocurrencies excluding Bitcoin (BTC) and Ethereum (ETH), hits its highest levels since May 2021. Bitfinex reports significant momentum in the altcoin market, with many altcoins reaching cycle highs and large-cap tokens like Solana (SOL) hitting new records. This trend points to speculative capital migration from Bitcoin to altcoins and increased retail participation, supported by regulatory developments. However, analysts warn that high funding rates for major altcoins and Bitcoin’s struggle to stay above $93,000 could signal market corrections. While Bitcoin’s quarterly performance has been outpacing traditional assets like gold and silver, its recent downtrend is notable.

Bitwise’s Bitcoin – Ethereum ETF Application

Bitwise Asset Management has filed with the SEC for a Bitcoin-Ethereum exchange-traded fund (ETF) that aims to give investors exposure to Bitcoin and Ethereum without directly owning them. The ETF, which is set to list on NYSE Arca, will feature Bitcoin and Ethereum securely stored by Coinbase Custody and will base its value on indicators that track data from platforms like Coinbase, Kraken, and Gemini. The fund will be completely passively managed, with no derivatives or active trading strategies, and can be purchased through traditional brokerage accounts. BNY Mellon will handle administrative services for the fund, while Foreside Fund Services will manage marketing compliance and Bitwise will provide seed capital to purchase the assets ahead of launch.

Fairshake Grows Its Impact with $25M Donation from Ripple

Ripple Labs has pledged an additional $25 million to the Fairshake political action committee (PAC) for the 2026 congressional elections, bringing its total funds to $103 million. Backed by Ripple, Coinbase, and Andreessen Horowitz, Fairshake aims to support bipartisan candidates who advocate for clear digital asset regulations. The PAC has proven its influence in shaping crypto-friendly legislation, supporting at least 53 winning candidates in the 2024 elections. Ripple CEO Brad Garlinghouse emphasized the importance of electing innovative leaders to grow the sector and provide regulatory clarity, describing Fairshake as one of the most powerful political forces for the crypto sector.

Morocco Gives Green Light to Cryptocurrencies

Morocco is preparing to legalize cryptocurrencies, reversing a ban it imposed in 2017, and is designing new regulations to effectively manage digital assets. Bank Al-Maghrib is also exploring the potential of a central bank digital currency (CBDC) to promote financial inclusion and support public policy goals. The move sees Morocco aligning with broader global trends, such as the EU’s MiCA framework and the UK’s upcoming crypto regulations. By embracing digital finance, Morocco aims to provide clearer guidelines for investors and businesses and boost market confidence.

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BITCOIN (BTC)

BTC is priced at 92,900 as of the morning hours, gaining 1.02% in value. The price is currently trading at 97,881.66 and is showing signs of recovery in the short term. However, above the price, the resistance zone marked in red (99,000-100,000 range) forms a strong barrier. This zone has been tested many times in the past period but could not be broken. Therefore, it will be critical whether the upward movements can break this level. In the downward movements, the first strong support level appears as 93,283.72. Below this level, the level of 86,628.74 can act as a strong support area in the event of a deeper correction. The reaction of the price at these support levels is important to understand the general momentum of the market.

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ETHEREUM (ETH)

ETH is priced at $3406 with a 2.47% gain as of the morning hours. The price is currently trading at 3,405.49 and is trying to recover upwards. The 3,560 region is among the important resistance levels, and if this level is exceeded, price movements may gain momentum. The support levels that are evident on the chart include 3,248.52 and 3,175.47. In particular, the 3,175.47 level stands out as the area where the price encounters strong buyer demand. If a breakdown occurs below this level, the possibility of the price falling to the next support level of 2,819.69 should not be ignored.

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RIPPLE (XRP)

XRP is priced at $1.3610 with a 2.50% loss in value as of the morning hours. Continuing its five-day negative trend, XRP seems to have been rejected by testing the $1.3872 resistance level in the morning hours. If it retests and breaks this level during the day, the 1.4963 level may be met as resistance in the upward movement. After this level, 1.6323 is the next resistance level. If the possible downward movement continues, the 1.3050 – 1.2432 band is the support level. If it cannot hold on to these levels, a selling pressure up to the 1.1491 level may be encountered.

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AVALANCHE (AVAX)

AVAX is priced at $42.88 with a 0.42% gain as of the morning hours. When the 4-hour chart is examined, it will be important for AVAX, which was rejected twice from the resistance level of $43.70 in the morning hours, to make candle closings above the level of 43.70 in order to continue the upward movement. If it is permanent, other resistance levels can be met as the 44.50 – 45.13 band range and then $48.25. In a possible downward movement, while 41.24 is the first important support, a pullback to $37.75 – 36.56 can be expected if this level is broken. Therefore, it is important for investors to carefully monitor the determined critical support and resistance levels.

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SOLANA (SOL)

SOL is priced at $229.34 with a 0.30% loss in value as of the morning hours. Continuing its downtrend after 4 days, SOL is moving in a significant support band on the new day. If it can stay below the $229.50 level, it can be expected to retest the $221.68 level it tested yesterday. If it cannot hold on to this support level, it may face deeper sales and a pullback to $202.91 levels. If it can hold on to the possible $229.50 support level, it can be expected that the $233.34 and then the $248.13 levels will act as resistance in the upward movement. Therefore, it is important for investors to carefully monitor the determined critical support and resistance levels.

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