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’S LATEST UPGRADE WILL SEND BTC TO NEW ALL-TIME HIGHS!! PRICE BOTTOM IS IN SAYS FIDELITY!!
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Cryptocurrency trader Tyler Swope says that the latest Bitcoin upgrade could be the fuel that BTC needs to send the leading digital asset to new all-time highs. In a new strategy session, the host of Chico Crypto says that Taproot, the soft fork that aims to enhance Bitcoin’s privacy measures and smart contract flexibility, might be some of “the best news ever” for BTC.
“This is great for Bitcoin. I mean, it’s some of the best news ever because Bitcoin is about to get privacy and it’s about to get some more complex smart contracts that can make it do a lot more things. There’s going to be a big conversation coming on.”
In other trending Bitcoin News today: Bitcoin price bottom is in, says Fidelity executive Jurrien Timmer as crypto market exits ‘extreme fear’ as the BTC price action stays above $40,000. “In my view, it looks like the bottom is in.”
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BITCOIN IS UNDERVALUED, FAIR VALUE SHOULD BE K SAYS BLOOMBERG!! BTC COULD HIT NEW YEARLY HIGH!!
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Bloomberg cryptocurrency analyst Mike McGlone says the Bitcoin price is greatly undervalued, suggesting that the fair BTC value price should currently be somewhere around $15,000.
The BTC price has see-sawed between $10,000 and $12,400 over the last few weeks, often tumbling sharply following what one pundit described as “fake” breakouts.
The latest rout saw Bitcoin crash more than 8% within days from over $11,000 to $10,100.
McGlone, a senior commodity strategist at Bloomberg, based his arguments on various factors, including bitcoin’s rising hashrate, which continues to hit new records, industry media report.
The Bitcoin hashrate continues to increase and recently reached new highs.
Also advancing are addresses used.
A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis since 2017.
Meanwhile, the number of active bitcoin addresses has soared to 991,000, Glassnode data shows, up from 684,000 at the beginning of this year, when the asset’s price averaged around $7,700.
When active addresses hit nearly 1.1 million on December 23, 2018, bitcoin traded for $14,800, on the average.
McGlone has remained upbeat about bitcoin throughout its volatile swings, at a point suggesting this is to be the year that the top crypto will become a digital version of gold, a prime store of value.
In his new analysis, he admits there might be pitfalls curtailing BTC’s price growth going forward – and that would have to be a reversal of the on-chain metrics related to “the hashrate and active addresses.”
In other trending Bitcoin News today:
Bitcoin Could Hit New Yearly High on US Election Risks, Hints Citibank
Report New Citibank report hints that the Bitcoin price could hit a new year-to-date (YTD) high, abetted in part by the risks surrounding the US presidential election.
The analogy takes cues from a quarterly commodity outlook published by Citigroup.
The American banking giant specifically based its report on gold and its potential behavior amid the election season this November.
It noted that the precious metal may rise to a new yearly high, stating that the market is underplaying the asset’s ability to grow against the election’s uncertainty.
Bitcoin, which has erratically tailed the gold market since March 2020, fell this week against a similar geopolitical outlook.
The cryptocurrency briefly touched $10,100 as the Federal Reserve Chairman Jerome Powell warned about their inability to support the US economy without the second coronavirus stimulus package.
The US Congress delayed the long-awaited financial aid as the Democrats and Republicans argued over the size of the help.
Many economists and analysts anticipated that the second stimulus package won’t arrive before the presidential election.
The said delay appeared even as the US reported a historically high unemployment rate, a rise in the number of bankrupted small and medium-sized businesses, a resurgence in coronavirus cases.
That further led investors to park part of their capital back into the US dollar.
It overall reduced the appeal of other safe-haven and risk-on assets.
As a result, Bitcoin, gold, and stocks gave up part of their gains to the stronger dollar outlook.
But for Citibank, there is still room to grow, at least for gold.
The bank wrote in its report:
“The election could be an extraordinary catalyst for gold flat price and volatility skew late in the fourth quarter, even though historically there is no clear pattern for gold trading or price volatility into and after U.S. elections. That is one reason why we expect gold prices to hit fresh records before year-end.”
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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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Wow check out #Bitcoin yearly lows, way more more interesting than it’s highs! 😎 Do you agree? 2010 – $0.012011 – $0.302012 – $42013 – $652014 – $2602015 – $1502016 – $3502017 – $7802018 – $3,1222019 – $3,322
2020 – $3,850
— carolina (@carolinaninap) September 24, 2020
Year-to-date asset performance:
+ 44% : #Bitcoin
+ 29%. : Gold+ 18%. : Nasdaq+ 15% : US 10-year Treasury+ 6% : S&P500– 3% : Dollar Index
– 36% : Crude Oil
— Cryptowatch (@cryptowat_ch) September 24, 2020
https://news.bitcoin.com/bitcoin-is-undervalued-fair-value-price-should-be-at-15000-says-analyst/
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BITCOIN HITS STOCK-TO-FLOW REBOUND LEVEL NOT SEEN SINCE 2017 ATH!! CRYPTO TO TRANSFORM 4 INDUSTRIES!
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Deviation from the stock-to-flow average has always resulted in a reversal to new all-time highs, data shows. Both 2013 and 2017 ultimately saw a two-tier run to an all-time high. The first peak was followed by a significant drawdown in each instance, which then reversed to spawn a run to a new top. PlanB still believes that $100,000 per Bitcoin will appear this year, while stock-to-flow calls for either a $100,000 or $288,000 average price between now and 2024.
In other trending Bitcoin News today: Billionaire venture capitalist Tim Draper thinks the ultimate impact of cryptocurrency will stretch far beyond the world of finance. The Draper Associates founder tells high-profile crypto trader Scott Melker that while there may be “fits and starts,” he thinks BTC’s price will continue to rise as Bitcoin radically changes those various elements of society.
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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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https://cointelegraph.com/news/texas-regulator-allows-state-chartered-banks-to-hold-bitcoin
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