GitHub, the most widely used software hosting online platform, has today reversed its decision to completely ban Tornado Cash’s open source code. However, despite lifting the ban, the functionality of the code repositories remains restricted to “read-only” allowing visitors to only open and read the code.
The move comes days after the US Treasury clarified that the sanctions against Tornado Cash did not apply to the sharing and reading of the app’s code.
Tornado Cash ban
Tornado Cash was launched in 2019 as a privacy-preserving tool aimed at shielding users’ financial activities on public blockchains like Ethereum.
The use of Tornado Cash and certain Ethereum addresses connected to the app was blacklisted by the US Treasury Department Office of Foreign Assets Control (OFAC) in August. The OFAC cited the app’s use by criminals for money laundering.
It was after the blacklisting by the OFAC that GitHub banned and removed the entire Tornado Cash code to remain compliant with the regulator.
Why did GitHub reverse its Tornado Cash ban?
However, the US Treasury on September 13 clarified that the blacklisting of Tornado Cash did not prohibit people from reading and sharing the app’s code.
The official post by the US Treasury read:
“US persons would not be prohibited by U.S. sanctions regulations from copying the open-source code and making it available online for others to view, as well as discussing, teaching about, or including open-source code in written publications.”
It is following this clarification that GitHub has modified its blanket ban on the app’s code although the full functionality of Tornado Cash on GitHub has not been reinstated.
The post GitHub lifts ban on Tornado Cash’s code repositories appeared first on CoinJournal.
Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News
Ethereum Price Prediction – Will Ether Price Increase in October 2022?
October is known to be a green month for cryptos. Will Ether price increase in October 2022? Let’s assess in this Ethereum price prediction.
Ethereum has been on a downtrend ever since reaching its all-time high price of $4,850 back in November 2021. In fact, most cryptocurrencies reached their all-time high prices during that same period. However, prices started to dump right after. The month of October has been known to be a green month for cryptocurrencies. Will Ether price increase in October 2022? Let’s assess in this Ethereum price prediction article.
Ethereum Price on a Steady Downtrend?
In figure 1 below, we can clearly see how Ether prices started to crash in November 2022. A descending triangle recently formed with the 2 support prices of $1,250 and $1,000. However, other important price areas showed along the downtrend which is the $2,500 and $2,000 price marks. Those prices would be the clear targets for Ether once the trend goes back to being bullish.
Why is Ethereum Down?
Well, the short answer would be that the entire crypto market is down. Most cryptocurrencies are still following the general trend of the market, specifically Bitcoin. The latter still has a significant 40% dominance over the cryptocurrency market. Now the second natural question poses: Why is the crypto market down?
There are many reasons why the market is currently down. Heck, even the equity market is down. If you check out Facebook’s price in the last year, you would see that FB shares are down by more than 65%. Ethereum is down by around 70% in the past year, mostly due to the following macro reasons:
- The crypto market was due to an adjustment after a strong bullrun that lasted 2 years
- Inflation is at an all-time high in many countries, which makes investors get away from risky investments
- The war in Ukraine is creating a lot of tension in the EU region, which also reduces risk appetites, especially in volatile and risky investment vehicles
Will Ether Price INCREASE in October 2022?
In figure 2 below, we show the monthly returns in the cryptocurrency market by month. The month of October is looking good for the crypto market, especially since the previous months of that same year were not positive. If October turns out to be a positive month, Ethereum price is set for a good comeback, especially post its Merge.
Ethereum Price Prediction – Where will Ethereum price reach in October 2022?
If October turns out bullish for the crypto market, Ethereum is set to break the descending triangle higher. This means that the next target for Ethereum are as follows:
- First target: $1,600
- Second target: $1,800
- Third target: $2,000
- Fourth target: $2,500
The third and fourth targets are not expected to be reached anytime before the year 2023. However, the first two targets should be attainable. Of course, this all depends on the general sentiment in the crypto market and how the macro economical situation develops. If cryptos continue to crash, Ethereum price is set to break the lower descending triangle delimited by a price of $1,000 and reach $800 before 2023.