The cryptocurrency market witnessed significant turbulence last week following the arrest and subsequent release of Pavel Durov, the CEO of Telegram. Toncoin (TON), the cryptocurrency associated with Telegram, experienced dramatic price fluctuations in response to these events.
On August 24, 2024, Durov was arrested by French authorities at Le Bourget airport near Paris, facing charges related to data privacy and cryptocurrency regulation violations. The news of his arrest led to a sharp decline in Toncoin’s price, plummeting by approximately 25% to $5.24 as panic selling ensued among investors. This sudden drop highlighted the market’s sensitivity to legal issues involving key figures in the cryptocurrency space.
However, the situation took another turn when Durov was released on bail on August 29, 2024. The court set his bail at $5.56 million, and the news of his release provided a much-needed boost to Toncoin’s price. Following the announcement, Toncoin rebounded by over 6%, climbing to $5.59. This recovery, although partial, indicated a renewed confidence among investors, albeit tempered by ongoing uncertainties.
The arrest and release of Durov have underscored the volatility inherent in the cryptocurrency market, particularly for assets closely tied to influential individuals. While the immediate impact on Toncoin’s price was significant, the long-term effects will depend on the resolution of the legal issues facing Durov and the broader regulatory environment for cryptocurrencies.
As the market continues to react to these developments, investors are advised to remain cautious and stay informed about potential risks. The case of Toncoin serves as a reminder of the complexities and uncertainties that can influence the value of digital assets.
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Massive Bitcoin (BTC) Rally Will Set Our Hair on Fire | Chainlink Surges 39.5% to New All-Time High
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A group of Bitcoin influencers is offering their take on the BTC future, as well as the future of the global macro economy as Chainlink (LINK) soars to new all-time highs.
In a new episode of What Bitcoin Did podcast, Nic Carter, Tuur Demeester, Robert Breedlove and Alex Leishman agree that a widespread economic shift is brewing around the world, which will ultimately benefit BTC.
Carter, a partner at Castle Island Ventures, says he thinks a cascade of currency failures is coming over the next two years.
“What I think is likely to happen in the next 24 months is a wave of sovereign currency failures similar to the Asian financial crisis in the late ’90s, similar to the post Soviet Union, when a lot of sovereign currencies failed. You see it at times of dollar strength. You see it at times of global dislocation. It’s regional. It’s contagious. We’ve begun to see some distress in some sovereign currencies when there’s a lot of debt.
The world is very indebted in emerging markets and unfortunately, I think it’s going to immiserate tens or hundreds of millions of people. And for some of those people, they will be able to use crypto financial rails to exit their sovereign local currency and they can go to Bitcoin. They can go to the US dollar. There are stablecoins on these rails. So I think this is going to be a big story for the next year.”
Adamant Capital founder Tuur Demeester says increasing debt will cripple economies five to ten years in the future.
As for Bitcoin, he says traders need to prepare for another massive rally that will set everyone’s hair on fire.
“I think Bitcoin is a self-directed insurance policy. There’s a unique opportunity to get some exposure to that and there’s so much said about crypto and to me, the essence is just buy a little bit, start with that and then make a plan about storage, how you’re going to store it.
And also think ahead, like are you going to diversify that storage. The first time you buy, you store it in one place, but then I think it’s a good idea to think about storing it in different places. Because there is no FDIC. It’s not insured. If you lose your keys or if a company goes bust, it’s game over and you have to re-buy your Bitcoin. So think about that.
Also, make a plan for the price. Bitcoin prices, Bitcoin rallies are nothing like you’ve ever seen. Prices go up 10x, 100x in short periods of time. So you want to think beforehand about what you’re going to do when that happens.
Also, think about tax consequences. If you have a plan about selling, make sure you know the tax consequences of what you’re doing. Because a lot of people got burned in 2017.”
In other trending Bitcoin News today:
Chainlink (LINK) Surges 39.5% to a New All-Time High – Here’s Why
Today the price of Chainlink (LINK) soared by more than 34% to reach a new all-time high at $8.48 and also notch a market capitalization of $2.5 billion.
Three key factors that likely pushed the price of LINK to a new record high were: high-profile partnerships, price discovery, and the strong momentum that currently drives the altcoin market.
On July 6, the price of LINK surpassed its previous record high at $5.31 and officially entered a price discovery phase, which typically leads to a “fear of missing out” rally among investors.
Once price discovery occurs and the asset begins to rally to a new peak, the probability of an extended uptrend rises.
Within seven days of LINK recording a new historic high, its price rallied by more than 40% from $5.31 to $8.48.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/crypto-winter-could-really-be-over-as-new-bitcoin-starts-to-bloom
https://cointelegraph.com/news/chainlink-link-surges-395-to-a-new-all-time-high-heres-why
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TEEKA TIWARI: INSIDE A MONEY-MAKING SYSTEM LIKE NO OTHER | Top 10 Cryptocurrency Trends In 2019
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In other Bitcoin (BTC) and Cryptocurrency news today…
Coinshares reveals the “Top 10 Crypto Trends in 2019.”
In collaboration with top research firms, institutions, and enterprises, their research identifies the top trends shaping the Cryptocurrency space.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://coinsharesgroup.com/research/2019-crypto-trends-report
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$370,000 BITCOIN PUMP INCOMING AS BTC ENTERS FINAL STATE OF MAJOR BULL TREND!!!!
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Trader and crypto analyst Alessio Rastani believes Bitcoin (BTC) is entering the final stage of the current bull market, which will propel the leading cryptocurrency to a $100,000 price target.
Meanwhile, popular Crypto analyst TechDev shares a chart suggesting Bitcoin will pump 900% this year as it did in 2013 and 2017 taking us to $370,000 per BTC this cycle.
“Diving further into the biweekly RSI channel, we see Bitcoin had a very significant break. Both times it bounced off the 1.272, it then broke the RSI channel EQ. This led to a 900% pump in 2013 & 2017. 900% in 2021 gives us 370K. Unlikely imo, but a massive move is coming.”
In other trending Bitcoin News today: A Grayscale Bitcoin Spot ETF Could Be Right Around the Corner.
We could have the first spot Bitcoin ETF on the market near the end of this year, as Grayscale intends to file for SEC approval for its product by “early next week,” according to CNBC.
The official Grayscale filing will kick off a 75-day review period for the SEC to either approve or deny the proposed spot Bitcoin ETF, a first of its kind, physically-settled, bitcoin financial product.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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