CME Group has announced plans to launch XRP futures on May 19, pending regulatory approval. The new offering will include both a micro-sized contract (2,500 XRP) and a larger-sized contract (50,000 XRP), giving market participants flexible trading options. XRP futures will expand CME’s crypto product lineup, which already includes Bitcoin, Ether, and recently launched SOL futures. This move signals continued growth in the cryptocurrency market, catering to institutional investors’ needs.
Cardano (ADA) has recently shown a modest recovery, riding the wave of broader market bullishness, which has brought its price back above $0.70.
This uptick has sparked renewed optimism among investors, and if the bullish momentum continues, Cardano could see a breakout above $0.80, potentially marking a significant shift in its price trajectory.
Cardano Could End Its Bearishness
Cardano’s technical indicators have recently shown signs of a potential turnaround, especially after a Death Cross formation. Sixteen days ago, the 200-day Exponential Moving Average (EMA) crossed below the 50-day EMA, signaling a bearish trend. This is known as a Death Cross, often seen as a negative signal in technical analysis.
However, the recent recovery above $0.70 and sustained bullish momentum could see ADA rise above $0.80. Should this reversal happen before April begins, it would mark the shortest Death Cross in Cardano’s history. It would be a sharp contrast to the previous 56-day span from March to May 2020.
On the macro level, Cardano’s bullish momentum is supported by a variety of technical indicators, especially the Relative Strength Index (RSI). Currently above the neutral line at 50.0, the RSI is at a 7-week high, signaling growing investor confidence and increasing buying pressure. The RSI’s upward momentum highlights the market’s positive outlook on ADA, suggesting that Cardano is gaining traction after a period of relative stagnation.
With a strong RSI reading, ADA appears to be benefiting from a resurgence of investor interest, which may help sustain the altcoin’s price gains in the short term. If the bullish momentum continues, Cardano could potentially see significant price increases, pushing it toward new resistance levels and offering an opportunity for profitable trades.
Cardano’s price is currently trading at $0.70, marking a 13% increase in the last 24 hours. If this bullish trend continues, ADA will likely encounter resistance around $0.77. Historically, the $0.70 to $0.77 range has been a consolidation zone. A successful breach of $0.77 would signal a further move towards $0.85.
A breach of $0.77 would reinforce Cardano’s upward momentum, potentially driving its price even higher. Furthermore, a breakout above $0.80 would suggest that Cardano is ready to resume its longer-term bullish trend.
However, the bullish outlook will be invalidated if Cardano fails to maintain its current price levels. If ADA falls back below $0.70 and slips to $0.63, it could erase the recent gains and lead to further declines. In this case, the positive momentum would be considered short-lived, and the bearish trend could be reinforced.
On Friday, the U.S. Treasury lifted sanctions on crypto mixer Tornado Cash, a crypto firm accused of helping launder over $7 billion for cyber criminals, including North Korean hackers. In 2022, the Treasury blacklisted Tornado Cash for its role in laundering $455 million stolen by the Lazarus hacking group.
The Move Sparks Criticism From Grewal
But the move has sparked strong backlash. In a latest X post, Coinbase’s Chief Legal Officer, Paul Grewal, has publicly criticized the U.S. Treasury for its handling of Tornado Cash’s delisting. He argues that the Treasury is wrongly trying to avoid a final court decision.
Grewal is criticizing the U.S. Treasury for continuing legal actions against Tornado Cash, even after it was removed from the Specially Designated Nationals (SDN) list. The Treasury now claims that a final court decision is unnecessary, but Grewal argues that this is against legal procedures.
Relying on that decision, the Fifth Circuit rejected an agency’s argument that its withdrawal of a determination “unilaterally and avoid judicial review” did not moot the case, because the agency could decide to revisit the decision and issue a similar determination against the…
He shared that this is only valid if the defendant can prove the issue won’t happen again. He also mentioned past cases where sanctions were lifted but the case stayed open, allowing them to be reimposed later.
“Here, Treasury has likewise removed the Tornado Cash entities from the SDN, but has provided no assurance that it will not re-list Tornado Cash again. That’s not good enough, and will make this clear to the district court,” noted Grewal.
Grewal’s criticism comes during a long legal battle where Tornado Cash users challenged the Treasury’s decision to add the mixer to the SDN list. The users argued that the smart contract didn’t qualify as property under the International Emergency Economic Powers Act (IEEPA) because it’s non-erasable.
Although the court sided with the users, clarifying the status of the Tornado’s smart contract, despite this, Grewal criticized the Treasury for not fully following the court’s ruling.
Coinbase, Ethereum Foundation Back Tornado Cash
Tornado Cash has been supported by groups like Coinbase and the Ethereum Foundation, which are backing lead developer Alexey Pertsev’s defense. The legal battle has been intense, with supporters claiming the Treasury’s actions were unfair and lacked clear legal grounds.
Lifting the sanctions against Tornado Cash is an important step in the ongoing debate over how crypto mixers should be regulated. The Treasury lifted them after reviewing legal issues but still expressed concern over North Korea’s use of digital assets for hacking and money laundering.
The post Coinbase CLO Slams U.S. Treasury for Avoiding Final Ruling in Tornado Cash Case appeared first on Coinpedia Fintech News
On Friday, the U.S. Treasury lifted sanctions on crypto mixer Tornado Cash, a crypto firm accused of helping launder over $7 billion for cyber criminals, including North Korean hackers. In 2022, the Treasury blacklisted Tornado Cash for its role in laundering $455 million stolen by the Lazarus hacking group. The Move Sparks Criticism From Grewal …
