CoinEx Daily:Bitcoin Hits $90,000; Tornado Cash Secures Legal Victory

Overview

Bitcoin experienced another sharp drop, briefly touching $90,000. Meanwhile, court filings reveal that a U.S. court has ruled sanctions against Tornado Cash smart contracts unlawful.

Daily Macro

Bitcoin Market Status: Bitcoin’s price has pulled back further, approaching $90,000, and is currently trading at $92,500. The altcoin market demonstrates strong support levels.

Bitcoin ETF Activity: Preliminary data for November 27 indicates a net outflow of $122 million yesterday.

Ethereum ETF Activity: Preliminary data for November 27 reports a $46 million net inflow yesterday.

Macroeconomic Data: The Federal Reserve will release the minutes of its November monetary policy meeting tonight, which will likely influence decisions in next month’s meeting.

Daily Focus

TORN

Reason for Focus: The U.S. Fifth Circuit Court ruled that the sanctions imposed by the U.S. Treasury on Tornado Cash smart contracts are illegal. The court determined that Tornado Cash smart contracts do not constitute sanctionable “property,” leading to a remarkable short-term rally in TORN.

Related Token Performance (7D):

TORN: +595%

Market Analysis: This marks a historic victory for the cryptocurrency community and advocates for freedom. Privacy-focused projects may see a resurgence in popularity.

Next Focus

BTC & ETH ETF

Reason for Focus:The New York Stock Exchange (NYSE) has filed 19b-4 and S-1 forms with the SEC, seeking approval to list the Bitwise Bitcoin & Ether ETF. This product will hold both spot BTC and ETH, weighted by market capitalization.

Market Analysis: If approved, this ETF would be a significant boost for the relatively weaker-performing Ethereum ETFs.