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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High-Profile Crypto Strategist Says Bitcoin (BTC) Price Targeting K | Ethereum Hits 2020 High
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High-profile crypto strategist Peter Brandt says Bitcoin appears to be setting up for a big move that will propel the BTC price to a new all-time high.
The veteran trader tells his 364,000 Twitter followers that he sees Bitcoin ending its multi-year bear market en route to a surge of 400%.
“That is actually where my head is. Massive symmetrical triangle in BTC points to ATHs, then $50k”
The top cryptocurrency briefly climbed above psychological resistance of $10,000 on Sunday.
Brandt also sees the possibility of a long-awaited breakout for XRP.
“XRP/BTC forming a possible inverted H&S bottom. Maybe Ripple Labs, the bag holder, will be able to pull a cat out of the bag.”
Another closely-followed crypto analyst who goes by the name The Crypto Dog tells his 203,000 Twitter followers that he believes the XRP/BTC pair is on the cusp of a new uptrend.
“This is literally the very beginning for XRP. Let it ride.”
In other trending Bitcoin News today:
Ethereum Price Hits 2020 High: Key Reasons Why ETH Outperforms Others
The price of Ethereum (ETH) has reached a new yearly high at $322, surpassing the previous high achieved in February 2020.
Three key catalysts are seemingly behind the ETH rally. Since early 2020, the anticipation of Ethereum 2.0, which would enable staking for users, pushed the demand for ETH upward.
Staking allows users to receive incentives when miners are eliminated from the Ethereum network.
A proof-of-stake consensus algorithm does not need miners on the protocol.
Instead, users with a stake in ETH collectively process data and information through staking.
In return, they receive rewards in the form of ETH.
After the so-called “Black Thursday” correction on March 13, when ETH briefly dropped below $90, the DeFi market began to expand rapidly.
When new protocols, like Compound, introduced their incentive systems, the demand for decentralized finance increased even further.
In May, less than $1 billion was locked in DeFi platforms. As of July 26, more than $3.75 billion is locked across various DeFi protocols.
The optimism around DeFi and Ethereum 2.0 eventually led to Ether spot and options markets setting record high volume and open interest.
Since the start of the second quarter, the ETH options market has continuously soared to new highs in terms of trading activity.
Consequently, it intensified the uptrend of ETH in a short period. Cryptocurrency on-chain market data analysis firm Santiment said ETH broke out of $300 for the 42nd time in history.
An upsurge above $350 would be significant, according to researchers, because it has only happened three times in the past. Santiment stated in a tweet:
“It’s clear that Ethereum is sitting in its ‘sweet spot’ where the most polarization has historically unfolded (between the $200 and $300 levels) during its five year history.”
Based on the technical market structure of Ether, some traders said that $308 and $400 remain as the key short-term resistance levels.
Michaël van de Poppe, a Cointelegraph contributor and a full-time trader at the Amsterdam Stock Exchange, said in a tweet that ETH has increased higher than expected:
“Going a little higher than the plan initially was, a month ago. But we’re doing fine. Might be on the resistance at the $308 level. But that’s basically final hurdle before $400+, to me.”
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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:
That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k
— Peter Brandt (@PeterLBrandt) July 25, 2020
https://www.coindesk.com/research/reports/ethereum-2-0-how-it-works-and-why-it-matters
https://cointelegraph.com/news/ether-price-hits-2020-high-key-reasons-why-eth-outperforms-others
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THIS BITCOIN BULL MARKET IS ‘NOWHERE NEAR THE TOP’ SAYS BTC STOCK-TO-FLOW CREATOR – HERE’S WHY!!
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The crypto analyst who first applied the stock-to-flow model to Bitcoin says the BTC bull market is just getting started despite its recent struggle to stay above $60,000.
“In my opinion, we are only about 4 months into the bull market and nowhere near the end of it. Bitcoin is just getting started.” – PlanB
In other trending Bitcoin News today:
New Zealand Retirement Fund’s Multi-Million Dollar Bitcoin Allocation Surges 460% in Five Months!
New Zealand’s KiwiSaver Growth Strategy fund is seeing its multi-million dollar Bitcoin allocation pay off big time in a span of five months.
Citing New Zealand Funds Management chief investment officer James Grigor, local news outlet Stuff reveals that the $244 million (NZ$350 million) retirement plan invested 5% of its capital in Bitcoin.
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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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PlanB Says Bitcoin Bull Market Nowhere Near the Top – Here’s Why
https://cointelegraph.com/news/still-early-for-btc-price-peak-5-things-to-watch-in-bitcoin-this-week
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MAX KEISER SAYS BITCOIN WILL ROCKET TO #post_titleM AS BIG INSTITUTIONS BUY BTC DIRECTLY FROM MINERS!!
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The Bitcoin price will rise exponentially until “it’ll get almost impossible to buy BTC as price rockets higher” Max Keiser has announced.
Speaking to Express.co.uk, RT host of the Keiser Report, Max Keiser said:
“The demand for Bitcoin is growing almost exponentially while supply is mathematically locked at 900 a day and in fact, in 2024, the supply gets cut in half again to 450 a day.
This is why I think institutions that are buying Bitcoin will do so directly from miners and the public won’t have a chance to buy any. The public will be shut out as the price rockets to $1,000,000 per BTC.”
“Meanwhile, Generation Z who bought lots of bitcoin when it was under $100, will be the new global power elite. The world order is about to flip.”
Studying the daily demand for Bitcoin from the world’s major exchanges, the current estimated average daily demand far outweighs the daily supply created by mining bitcoin.
The daily demand on exchanges amounts to 2,600 BTC, whereas the supply from mining is only 900 Bitcoin.
Of this disparity, Max Keiser said: “This is amazing, the daily demand from these four is 2,600 Bitcoin, but the daily supply from mining is only 900 Bitcoins.”
This Bitcoin prediction of an escalating price was also echoed by Dan Morehead, the CEO of Pantera Capital, who said:
“The first investment firm in the US to launch a digital currency, pre-auction ICO, and blockchain-enabled venture funds.
PayPal and CashApp already buying more than 100 percent of all newly-issued bitcoins. PayPal alone likely buying all within weeks. Where would Cash App get theirs? That’s where the finite-supply, inelasticity part comes in, at a higher price.”
Bitcoin expert Dan Held gave a list of the financial institutions “and trading legends” that recognize Bitcoin is the new gold.
Mr Held tweeted the following names and institutions, “Fidelity, JP Morgan, Bloomberg, Deutsche Bank, Citibank, Jeffries, Blackrock, Susquehanna, Jump Trading, Paul Tutor Jones and Stanley Druckenmiller”.
A follower of Mr Held tweeted: “Bitcoin will divide people into two groups. In those who have it and those who want it.”
In other trending Bitcoin News today:
“BlackRock Chief Investment Officer Says Bitcoin Will Overtake $10 Trillion Gold As Primary Store of Value”
Rick Rieder, chief investment officer of global fixed income at investment management corporation BlackRock, says he believes Bitcoin will surpass gold as the primary store of value.
In a CNBC Squawk Box interview, Rieder explains why he believes Bitcoin and cryptocurrency at large aren’t going anywhere.
“I think cryptocurrency is here to stay and I think it is durable and you’ve seen the central banks that have talked about digital currencies. I think digital currency and the receptivity, particularly millennials’ receptivity to technology and cryptocurrency is real. Digital payments systems is real so I think Bitcoin is here to stay.”
The BlackRock executive highlights why he believes Bitcoin will overtake gold as the go-to store-of-wealth asset.
“Do I think it will take the place of gold to a large extent? Yeah, I do because it’s so much more functional then passing a bar of gold around.”
While Rieder sees a rosy future for the largest cryptocurrency, he admits that he does not include much BTC in his corporate and business portfolios.
Also, the BlackRock CIO says he’s unsure whether Bitcoin is worth the price it is trading at today, which is around $18,770.
Rieder is the latest high-profile Wall Street figure to see the potential of Bitcoin. Earlier this month, billionaire investor Stanley Druckenmiller revealed he owns Bitcoin and said that the flagship cryptocurrency has more upside potential than gold.
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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:
Current #bitcoin price action is nice, but we are waiting for a real jump (like the red arrows early 2013 and 2017). IMO that will be the start of the real bull market, and indeed phase5. January 2021? pic.twitter.com/orzwdCOcvP
— PlanB (@100trillionUSD) November 22, 2020
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