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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Tornado Cash Suffers 13% Bear Hit, Will Parole Save Price?

Mudiaga Iritare
Mudiaga Iritare
2 years ago
3 mins read
Dogecoin WIF DogWifHat

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Tornado Cash token (TORN) is trading on a negative 13% in today’s trade session, canceling its previous day’s gains and rally, which saw the token rise close to the $12 mark. Coinmarketcap data reveals the token to be trading at $8.77 at the time of writing, a significant drop from where it was in price yesterday.

The TORN token and its decentralized mixing service platform became controversial when its developer, Alexey Pertev, was arrested mid-last year allegedly for money laundering. However, news about the possible jail release of Alexey circulated the industry yesterday, April 20, and created a rally for the TORN token.

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2 years ago

Tornado Cash Developer Set To Be Released On This Date

According to a recent report, the developer of the TORN token, Alexey Pertev, is expected to be released on April 26, 2023, after spending nine months in detention without trial.

The news of his potential release came yesterday when the crypto markets were declining. However, the Tornado Cash token reacted to the news of Alexey’s release and defied market conditions by displaying bullish price action.

While the rally drew investors’ attention, the token could not continue its upward movements today despite positive price speculations by crypto experts and analysts.

Alexey Pertev, who is set to be released next Wednesday, will await trial from his home as ruled by a court in the Netherlands.

Upon his release, electronic monitoring devices such as an ankle bracelet will be installed on him and other monitoring devices in his home, according to the report.

At the time of writing, the TORN token is currently ranked among the top 3 losers in the cryptocurrency market. Alexey Pertev’s release date is approaching, and we may witness Tornado Cash reacting in price as it did with the news about his release.

 

Tornado

TORN token trades in a steep decline after previous day rally | Source: TORNUSD on TradingView

 

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Bitcoin Bears Steal 3%, Time To DCA?

1 year ago

Bitcoin Price Impact On TORN Token

Bitcoin is on its 3-day bearish candle, failing to break the resistance slightly above the $30,000 price region. BTC price lost momentum after its previous week’s rally and failed to hold the key support level at $29,200.

Today’s trading session saw Bitcoin falling below $28,000 after it failed to hold $28,600 key support. BTC price fell to a 24-hour low of $27,815 but is now slightly back above the $28,000 price region.

Some Altcoins, including the Tornado Cash token, have brutally suffered from the Bitcoin price dump and are still yet to recover. However, a healthy recovery for Bitcoin price will be a good turning point for Tornado Cash as Altcoins are known to react to BTC price movements.

Tornado

BTC price seen trading below support at $28,600 | Souce: BTCUSD on TradingView.com

 

Featured Image from Istock, Charts from TradingView.com
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Mudiaga Iritare
Mudiaga Iritare

Mudiaga Iritare

Mudiaga is a news writer and crypto analyst at NewsBTC bringing forward factual/engaging news and happenings around the world of blockchain and cryptocurrencies.

Read more

Mudiaga holds a bachelor degree in Environmental Sciences and has been involved in a number of environmental protection quests. He is passionate about writing and has produced hundreds of articles as a freelancer for blockchain/crypto projects prior to joining NewsBTC as a news writer.

Mudiaga loves and plays decent chess at leisure and sees himself beating grandmasters when an opportunity presents. His other interests include technical and fundamental analysis study, football and swimming.

You can find Mudiaga on Twitter with the username @Mudy6x

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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