Forecast: LTC surpasses $130 for first time in over three years as open interest increases
After a US judge lifted Tornado Cash restrictions, Litecoin briefly reached $130 on Monday.
Since November 14, Gary Gensler's retirement from the US SEC has raised Litecoin by 75%.
Futures contracts rose 56% in a week after the Tornado Cash verdict, pushing Litecoin open interest to $620 million on December 2.
Litecoin reached $130 on Monday as a US court lifted restrictions on Tornado Cash, boosting optimism in privacy-focused cryptocurrencies.
Will LTC reach $150 next week?
Market reaction to Tornado Cash judgment boosts Litecoin to 3-year high.
On November 26, a US court lifted penalties on cryptocurrency transactions mixer Tornado Cash, sending privacy-focused commodities like Litecoin soaring.
The court's reversal of penalties changes the law on privacy-focused decentralized financial solutions.
The court restricts government monitoring of blockchain systems by treating Tornado Cash as a neutral technology.
After US Securities and Exchange Commission (SEC) chief Gary Gensler hinted at his January 2025 departure on November 14, Litecoin's price surge started.
Tornado Cash prompted another leg-up, pushing LTC near $130 on Monday after consolidating around $100.
LTC price has retraced to $122, but other market signs imply the boom may continue.
Litecoin Open Interest rose $225M in seven days.
According to the figure above, Litecoin's open interest dropped to $404 million on Wednesday.After the Tornado Cash verdict, investors invested big on LTC.
Litecoin's open interest surpassed $629 million on Monday after $225 million in new capital in seven days.
If $115 support holds, Litecoin will rise.
The graphic shows Litecoin prices rising 74.8% in 18 days.
Price above Bollinger Bands' upper band at $116.04 indicates a protracted rising trend.
Speculative demand of $225 million in the previous week might push Litecoin toward $130 if this important support holds.