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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BITCOIN PRICE CAN STILL HIT $450K IN 2021, $135K IS ‘WORST-CASE SCENARIO’ SAYS PLANB!!
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Bitcoin (BTC) could trade at an eye-watering $450,000 by the end of 2021, while $135,000 would be the “worst case scenario.” That’s according to analyst PlanB, who on June 20 released his latest sentiment-busting bullish BTC price prognosis.
“Bitcoin is below $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down. There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug 47K, Sep 43K, Oct 63K, Nov 98K, Dec 135K.
Wait until you seen my base case and best case scenarios! OK, a hint: best case Dec $450K”
In other trending Bitcoin News today: Rich Dad Poor Dad’s Robert Kiyosaki Warns of ‘Biggest Crash in World History’ — Expects $24K Bitcoin Price. Famous author and investor Robert Kiyosaki has predicted that the biggest crash in the history of the world is on the way.
“Biggest bubble in world history getting bigger. Biggest crash in world history coming. Buying more gold and silver. Waiting for bitcoin to drop to $24K. Crashes best time to get rich.”
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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 below $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down.
There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K pic.twitter.com/hDONOVgxH1
— PlanB (@100trillionUSD) June 20, 2021
https://cointelegraph.com/news/bitcoin-price-can-hit-450k-in-2021-135k-is-worst-case-scenario-planb
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WHY BITCOIN SHOULD TECHNICALLY HIT ,000 BEFORE NOVEMBER 1ST!! 4k BTC PRICE IN 4 YEARS!!
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The underlying reason for Bitcoin (BTC) hitting $28,000 by November 1, 2020, is based on historical data and not just an analyst’s prediction.
Bitcoin’s volatility is a well-known aspect of the asset and the fact that this aspect is high is what’s preventing it from becoming an everyday unit of exchange/account or in simple terms – money.
Arguing the soundness of Bitcoin is for another day, however, what’s important is this historical data that suggests an average BTC return of 196% after a certain condition has been met.
According to Kraken’s August volatility report, there are “suppressed pockets” which represent bitcoin volatility slump between 15% to 30%.
To date, bitcoin has only every hit these pockets 12 times, and every time bitcoin slides into these pockets, it reverses to the mean, which happens to be a 315-day moving average.
In other words, after sliding into these pockets, volatility has seen an average surge of 140%.
What’s interesting is the price implication of this volatility suppression and eventual expansion.
It was observed that the price saw an average surge of 196% over the next 90 days.
On two separate occasions – 2014 and 2018, the returns were -60% and -45%., hence, there is an 83% chance of price surging 196%.
Considering the last dip in the pocket was July 24, 2020, and the surge as of writing was only 4.36%, there is a lot of upside for Bitcoin.
196% surge from July 24, over the next 90 days should put bitcoin between the $28,000 and $30,000 range and on October 22, 2020.
This would mean the Bitcoin price has to surge a 4.2% surge every day to hit the target of ~$30,000.
In other trending Bitcoin News today:
PlanB: $700,000,000 Investment in Bitcoin Industry Shows New Phase of BTC’s Financial Takeover Underway
Recent Bitcoin developments have convinced popular analyst PlanB that Bitcoin is entering a new phase of adoption.
The anonymous trader and creator of the stock-to-flow Bitcoin model points to a Reuters report that Kazakhstan has been in talks to attract more than $700 million worth of investments into the cryptocurrency sector.
The oil-reliant central Asian country offers BTC miners cheap electricity rates and reportedly accounts for more than 6% of the total Bitcoin hashrate across the globe, according to a report published in the Cambridge Centre for Alternative Finance.
PlanB also points to last month’s news that MicroStrategy, the largest publicly-traded business intelligence company, had used $250 million of its balance sheet capital to buy Bitcoin.
“This is a game changer: Nasdaq-listed company with $250M Bitcoin (25% of assets, 15% of market cap) is basically a Bitcoin ETF! Shareholders have 15% BTC exposure and 85% tech. No capital charges (like banks & pension funds), no SEC approval needed (like ETF).”
PlanB recently told cryptocurrency podcaster Peter McCormack that he actually made a conservative bet when he predicted that BTC will hit $288,000.
Instead, he says it could meteorically rise to $864,000 in four years.
“I’m on $288,000 as an average value. $100,000 would be very nice, too. But if you just follow the math, if you just follow the data, and I don’t mean the time-series model. So we’re not looking at Bitcoin only. We’re looking at gold, silver, diamonds, real estate, all that stuff.
It’s $288,000. That’s an average value. It could overshoot, like three times, like it did the last phases. I don’t want to mention the number. I try to be conservative all the time. But let’s say a 2x or a 3x from that $288,000, and then it crashes again, of course.”
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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:
💥💥💥This is a game changer: Nasdaq listed company with $250M bitcoin (25% of assets, 15% of market cap) is basically a bitcoin ETF!Shareholders have 15% BTC exposure and 85% tech. No capital charges (like banks & pension funds), no SEC approval needed (like ETF)
So it begins https://t.co/UepeYeOqbI
— PlanB (@100trillionUSD) August 27, 2020
#phase5https://t.co/03h07lkiiU
— PlanB (@100trillionUSD) September 5, 2020
Futures bounce back significantly in the U.S. Europe also bouncing back up.
Might signal a slight relief on $BTC as well towards the area of $10,600-10,800.
— Crypto Michaël (@CryptoMichNL) September 9, 2020
https://cointelegraph.com/news/stocks-may-push-bitcoin-to-108k-says-trader-as-usd-bull-run-falters
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BITCOIN PRICE WILL SOON SHOOT TOWARDS K, THEN K PER BTC PREDICTS THIS EERIE SILVER FRACTAL!!
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A narrative has formed over recent months that the Bitcoin price is closely correlated with gold.
But according to a recent analysis shared by a crypto trader, BTC may actually be closely correlated with silver.
The issue with this correlation is, silver’s price action is preceding that of Bitcoin by a few weeks.
The trader in question shared the chart on August 23rd.
The chart shows that should Bitcoin’s trajectory continue to follow that of silver, the cryptocurrency will soon trade at $20,000.
After hitting $20,000, the fractal also suggests that the BTC price will move to $30,000.
Few analysts actually expect Bitcoin to hit $30,000 this year, especially in just a few months.
But many analysts and investors, like BitMEX’s Arthur Hayes and Galaxy Digital, are adamant that $20,000 will be breached in 2020.
The fundamentals, like the silver fractal aforementioned, also suggest that Bitcoin is likely to move higher from here.
Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, recently said that Bitcoin’s trend of volatility suggests an uptrend is intact:
“Stuck between 3-9x over the past few years, the price of Bitcoin per ounce of gold tilts the crypto toward resuming appreciation, if volatility history tells us anything. The Aug. 19 cross rate of 6x is the same as in 2017, yet Bitcoins’s volatility has dropped relative to gold.”
McGlone has been touting the Bitcoin bull case for months now.
Also core to his positive sentiment is the influx of investment the cryptocurrency space is seeing, exemplified by institutional money flows through the CME, Grayscale, and other avenues:
“Bloomberg Intelligence Commodity Primer – Something unexpected needs to happen for #Bitcoin’s price to stop doing what it’s been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto asset’s unique attribute of fixed supply.”
McGlone says that Bitcoin could hit $20,000 in 2020, citing the similarities between this market cycle and the last one.
In other trending Bitcoin News today:
Fed, futures and fundamentals: 5 things to watch in Bitcoin this week
Bitcoin (BTC) starts another week in a bullish mood as hurdles line up to shape price trajectory.
Here are five factors determining where BTC/USD may go in the coming days, and what traders should look out for.
1 – All eyes on the Fed and U.S. inflation
Stocks saw records last week with the S&P 500 hitting all-time highs.
Despite a lower overall impact on Bitcoin, moves on macro markets are still more than capable of spilling over into cryptocurrency.
2 – Analyst eyes $9,600 for BTC price “buy the dip”
In a transaction analysis video on Sunday, van de Poppe added that in the event of a breakdown, the “buy the dip” level to look out for would nonetheless fall below $10,000.
“The real level I’m watching for buy the dip levels if we do break out is between $9,600 and $9,900,” he summarized.
3 – Bitcoin difficulty hits a new record
A mixed bag for Bitcoin fundamentals saw network difficulty adjust upwards 3% to hit new all-time highs, but hash rate trend lower.
According to data from monitoring resource BTC.com, difficulty increased by 3.6% on Monday to hit 18.17 trillion.
4 – $730 million options expire
62,000 BTC ($730 million) worth of Bitcoin options will expire on Aug. 28, reminiscent of the end-of-month action from June.
5- “Extreme greed” reigns supreme
Bitcoin investor sentiment is “extremely greedy” and getting greedier.
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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:
This Eerie Silver Fractal Predicts Bitcoin Will Soon Shoot Towards $20k
https://cointelegraph.com/news/fed-futures-and-fundamentals-5-things-to-watch-in-bitcoin-this-week
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