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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THIS METRIC SHOWS BITCOIN TARGETING 0K SAYS CRYPTO TRADER WHO PREDICTED 2019’s BTC MELTDOWN!!
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The pseudonymous Bitcoin trader who made the accurate call that BTC will fall by over 40% last year is back with another Bitcoin price prediction.
This time, he says Bitcoin may be on a long-term path to $540,000. Dave the Wave relies on a chart shared by on-chain market analyst Willy Woo to illustrate that Bitcoin (BTC) is still in the earliest stage of the adoption life cycle.
“If the current market represents 2.5%, then that would put price at 500K with 100% adoption/ full capitalization. This is the S curve.”
According to Dave, Bitcoin’s growth in terms of market share is just getting started as those buying the number one cryptocurrency over the last 11 years are considered innovators which make up 2.5% of the total addressable market.
Using the S-curve, Dave predicts that Bitcoin’s value will skyrocket to $540,000 as it captures a bigger percentage of the market share in the next decade or so.
While Dave sees the possibility of Bitcoin meteorically rising 4,900% from its current value of $10,800 as extrapolated from the S-curve, the crypto strategist remains a skeptic of the stock-to-flow model (S2F) as he doesn’t expect Bitcoin to hit $100,000 by December 2021.
He says he managed to get a set of criteria from Plan B, the first to apply the S2F model to BTC, that would invalidate the wildly-popular model.
Dave highlights that the criteria are set to keep subscribers from blindly believing in the model.
“Insofar as people can be rational/ civil about the matter [both subscribers and non-subscribers to s2f] then this should be the crucial test. It’s generous enough to s2f price prediction while also holding it to account unless it become a dogma.”
In other trending Bitcoin News today:
Investors Ponder Big Crypto Question in Viral Post – Will Bitcoin Really Reach $100,000?
A new, viral post on Reddit centers on an oft-debated question in the world of crypto – will Bitcoin ever hit $100,000?
This year alone, numerous BTC analysts and traders, as well as top-ranking crypto entrepreneurs, have hinted at the possibility or issued formal predictions that the leading cryptocurrency will reach six figures in value in the next couple of years.
Many Redditors agree with their confidence, calling Bitcoin’s rise to $100,000 as “inevitable” and saying it is “just a question of how much time it’ll take.”
Others still think BTC is at the mercy of whales and will remain too volatile for that kind of sustained growth. Says one Redditor,
“I’ve been a BTC bull since the early days, but also recognize that ownership is concentrated in the hands of a minority early adopters who have good motivation to cash out at the right levels. I think price will remain a cycle of pumps and dumps ranging between $6k and $30k for the next 10 years.”
Others expressed worries about dollar depreciation and pondered “how much $100,000 will buy” at whatever time Bitcoin reaches that value.
Some Redditors predict it will either surpass $100,000 or go bust and plummet to zero, all dependent on adoption.
The list of crypto influencers who say the BTC price will hit six figures includes Pantera Capital founder Dan Morehead; Real Vision CEO and former Goldman Sachs manager Raoul Pal; Morgan Creek Digital co-founder Anthony Pompliano…
Kraken chief executive Jesse Powell; veteran analyst Tone Vays; popular Youtuber Nicholas Merten; Su Zhu, chief executive of fund management firm Three Arrows Capital…
Bitcoin Pioneer Max Keiser; Bitcoin Billionaires, Tim Draper, Chamath Palihapitiya & The Winklevoss Twins; and the pseudonymous strategists Dave the Wave and PlanB among others.
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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:
If the current market represents 2.5%, then that would put price at 500K with 100% adoption/ full capitalization. This is the S curve. https://t.co/ZXj5YNlckp
— dave the wave (@davthewave) September 29, 2020
https://cointelegraph.com/news/bitcoin-price-in-flux-bulls-target-115k-bears-desire-drop-to-98k
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BITCOIN TO ‘GO NUTS’ IN NOVEMBER, PREDICTS ON-CHAIN ANALYST WILLY WOO – HERE’S WHY!!!!!
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Widely followed on-chain analyst Willy Woo predicts Bitcoin will ‘go nuts’ in the coming months as long-term holders continue to accumulate the leading cryptocurrency (BTC).
“This is a macrocycle thing. You would have seen it at the 2015, 2014 bottom. You saw it at the 2019 bottom, and actually, you saw it over the 2020 where we came back down. There was the Covid crisis. There was Michael Saylor scooping up all the coins, and that was another peak of long-term holders accumulating. We’re moving into a peak, and we will be at the peak at current rates by next month.
That means peak accumulation. Peak accumulation means, that’s defining this kind of sideways band and then after that, we do a run-up.
The last run-up was $10,000 to $60,000 starting from October last year. The run-up before that was from $4,000 to $14,000 over a matter of months. So if October we start to peak… we’re starting to look into November onwards to go. That’s when the run-up happens. All the coins are being scooped up by these long-term guys… Just the structure of the market is like, “This thing is going to go nuts.’”
In other trending Bitcoin News today: Bitcoin in a Supercycle? Analyst Will Clemente Says Long-Term BTC Holders Changing Market Structure!
“If I had to use one chart to argue that we are in a ‘Supercycle’ it would be this. Macro HODLing (hold on for dear life) behavior has shifted after March of last year. Makes a convincing case for the end of the 4-year cycle.”
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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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BITCOIN WILL PEAK OUT OVER $250K ‘THIS YEAR’ BEFORE MASSIVE DROP, SAYS CRYPTO VETERAN BOBBY LEE!!!!!
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Legendary Crypto veteran Bobby Lee thinks Bitcoin will skyrocket in price by the end of 2021, according to a Fortune interview.
“I don’t officially give financial advice, but personally I’m confident that the latter half of this year Bitcoin will go back above $65,000. I think it’ll peak out over $250,000 later this year.”
However, Lee also thinks BTC will endure a bear market in 2022 and lose 50-80% of its value after touching the new all-time high. A couple of years after the 2022 bear market, he thinks it will move into another bull cycle.
“I think Bitcoin will have its bull cycle every three or four years in the coming years. I expect Bitcoin to pass a million, two million dollars easily in the next 10-15 years. In fact, the next cycle I predict to be in the year 2024 or 2025, and that’s when Bitcoin will cross half a million dollars and might even touch $1 million.”
In other trending Bitcoin News today: Popular Analyst Predicts Parabolic Second Phase of Bitcoin Bull Run, Says Bottom In for Ethereum!
Widely followed crypto analyst Kaleo tells his 338,900 followers that the second chapter of Bitcoin’s bull run will push BTC well above six figures.
“I’m sharing this because I have a feeling there are a bunch of late bulls that have extreme FOMO (fear of missing out) atm (at the moment) and are trying to overleverage to compensate. Just be patient and continue to stack. BTC is going to $100,000+ either way. Don’t let greed knock you down right before it happens.”
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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/bitcoin-price-is-returning-to-40k-but-will-shorts-have-their-revenge
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