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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HERE’S A REALISTIC PRICE PATH FOR BITCOIN THIS CYCLE, ACCORDING TO ON-CHAIN ANALYST!!!!!
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Closely followed on-chain analyst Willy Woo is laying out a price path for Bitcoin this cycle. In a new episode of What Bitcoin Did Pod with Peter McCormack, Woo names a few key levels that can trigger a continuation of the BTC bull market.
According to the analyst, Bitcoin’s on-chain fundamentals currently give BTC a fair value somewhere between $50,000 and $60,000. Woo also highlights a key price level that he thinks Bitcoin must reclaim to ignite bullish momentum.
Woo’s price prediction for BTC placed it at $162K. Going as far as saying that a $200,000 price mark is still possible for the digital asset this year. This puts Bitcoin on a tremendous run path to get to such a high prediction.
In other trending Bitcoin News today: Unchanged crypto tax bill will be put to a vote on Tuesday! The provisions aim to raise $28 billion for infrastructure funding through expanded digital asset taxation and will impose broad third-party reporting requirements on any crypto firm deemed to be a “broker.”
“If I had any confidence in politicians I wouldn’t be buying Bitcoin for 10 years. Bitcoin came about in part because our financial/political institutions are collapsing from hyper money printing. Why would I call DC senators/arsonists to put out the fire they started?” – Max Keiser
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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/unchanged-crypto-tax-bill-will-be-put-to-a-vote-on-tuesday
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BITCOIN WILL SUCK IN EVERY ASSET, SPIT IT OUT AND SURPASS #post_titleM IN 5 YEARS, SAYS MACRO GURU RAOUL PAL!
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Raoul Pal, co-founder and CEO of Real Vision Group, says Bitcoin is a “supermassive black hole” that is eating gold, the NASDAQ, banks, bonds, and commodities.
The global macro strategist notes that he also thinks BTC will outperform the G4 Central Bank Balance sheet, silver and marquee stocks like Apple and Amazon. Says Pal on Twitter:
“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense.
The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – Bitcoin.”
Pal predicts BTC will reach $1 million within five years.
The former Goldman Sachs hedge fund manager says Bitcoin is the best opportunity of his career.
“I get this sounds a little evangelical but I’m struggling to see it any other way right now. The supermassive black hole is going to suck in everything. Again, this is there best trade/investment and future opportunity I have EVER found and it has the power to give the little guy a chance to grab their share of the wealth creation before Wall Street does. Grab it.”
Analysts think that the cryptocurrency is poised to rocket even higher in the weeks ahead.
The charts show that BTC is about to break above a pivotal horizontal resistance at $14,000, which should trigger a move toward $20,000 and beyond in the months ahead:
“There are literally only two resistances left on the bitcoin chart – 14,000 and then the old all-time high at 20,000. I fully expect new all-time highs by early next year at the latest.”
Other prominent investors in the crypto space expect a strong rally in the months ahead.
Tyler Winklevoss, one of the two Winklevoss Twins that launched Gemini and are now Bitcoin billionaires, commented recently:
“I do think we will see an all-time-high price for Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run.”
Pal thinks it’s logical to invest in Bitcoin due to the coin’s increasingly strong performance against all other assets, which should drive institutional players and retail players into the mix:
“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense. The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – bitcoin.”
It’s worth noting that Pal says to have more than 50% of his net worth in Bitcoin, arguing that it may be the best trade of his lifetime.
In other trending Bitcoin News today:
Bitcoin Price Sees Pullback, But Bulls Still Marching Toward $20K
Bitcoin’s price saw a 4% drop in the last 24 hours, but it’s unlikely to see a correction like in previous cycles for three reasons.
The price of Bitcoin (BTC) has increased by 36% in the last 35 days, showing a strong rally.
The market sentiment has been optimistic due to rising institutional demand and the perception of BTC as an inflation hedge.
But after a large uptrend, the belief that BTC may pull back has begun to increase.
While a minor correction could occur, like the 4% downward trip to just under $13,000 on Oct. 28, a sizable downtrend is becoming increasingly unlikely.
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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:
Bitcoin is eating the world…It has become a supermassive black hole that is sucking in everything around it and destroying it. This narrative is only going to grow over the next 18 months.
You see, gold is breaking down versus bitcoin…and gold investors will flip to BTC pic.twitter.com/ox7KRY5VRo
— Raoul Pal (@RaoulGMI) October 27, 2020
I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run
— Tyler Winklevoss (@tyler) October 27, 2020
As I’ve been pointing out… There nothing but air from $14,000 to new ATH
I don’t expect any kind of pullback until $28,000 and it may be short lived. https://t.co/UC0iCCVzp6
— Max Keiser (@maxkeiser) October 27, 2020
Wall Street Veteran Raoul Pal Thinks Bitcoin Will Pass $20,000 in Q1 2021
https://cointelegraph.com/news/bitcoin-price-sees-pullback-but-bulls-still-marching-toward-20k
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BITCOIN (BTC) PRICE NOW TARGETING K!!! | XRP Ready To Explode!
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Cryptocurrency analyst, Crypto Michaël tells his 43,000 followers on Twitter that several key Bitcoin (BTC) price metrics are looking solid after Friday’s big 42% rally.
Michaël says the current BTC price action is comparable to 2016 and his new Bitcoin price target is $17,000 to $20,000.
On Crypto Twitter he shared:
- 100-Week MA test completed and held, similar to beginning 2016.
- Back above 200-Day MA & EMA, important indicators.
- Holding trendline as well.
“2016 period and now are still comparable in which targeting $17,000-20,000 prior to halving is realistic.”
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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.
News Resources From Today’s Show:
$BTC #BITCOIN✅ 100-Week MA test completed and held, similar to beginning 2016.✅ Back above 200-Day MA & EMA, important indicators.✅ Holding trendline as well.
2016 period and now are still comparable in which targeting $17,000-20,000 prior to halving is realistic. pic.twitter.com/TPrQwJFxBX
— Crypto Michaël (@CryptoMichNL) October 26, 2019
New video, How and Why Bitcoin price had a blast off this week
Plus the $100 $BTC winner for this week
Would love to have you subscribe and leave a comment
Cheers!https://t.co/bRNDFq0LJ5
— Josh Rager 📈 (@Josh_Rager) October 26, 2019
Interest in Bitcoin in China has barely edged up. Chart shows Baidu searches for Bitcoin (blue) vs Blockchain (red). Looks very conclusive to me, particularly so given the price spike. pic.twitter.com/UGwU5416jO
— Alex Krüger (@krugermacro) October 26, 2019
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