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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These Altcoins Are Poised to Outshine Bitcoin (BTC), Says Crypto Intelligence Firm | New ‘Altseason’
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These are the Altcoins that have outperformed the rest of the market including Bitcoin (BTC) in the past week as the DeFi craze gains steam.
Altcoins have started to record large gains across the board. Some small-cap coins have seen triple-digit percentage gains in recent weeks.
But several larger-cap cryptocurrencies have also been posting serious gains such as VeChain (VET), Stellar (XLM), Cardano (ADA) and Chainlink (LINK).
In the past week, VET, XLM, ADA, ALGO, LINK, BSV, ATOM, XRP, CRO and ETC outperformed the rest of the market including Bitcoin, which gained just 1.13% during the period.
Since March, both Bitcoin (BTC) and Ether (ETH) recorded gains of over 150%, reportedly fueled by a surge in retail demand as well as institutions.
Following the strong recovery of the top two crypto-assets, the momentum of many altcoins began to increase, particularly following the Bitcoin halving in mid-May.
VET ranked as the third-best performing crypto asset of the week. Some speculate that the participation of the VeChain team at a major conference might indicate a product announcement.
Others believe the rally derives from the anticipation of a potential Coinbase listing.
On June 11, Coinbase said that it is reviewing VeChain along with 19 other cryptocurrencies.
Mentioning VeChain, the exchange said:
“Today we’re announcing that we are exploring the addition of a range of new assets. As part of the exploratory process customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets.”
Stellar and Cardano are set to see major protocol updates, with Cardano’s hard fork scheduled to activate on July 30.
The hype around protocol upgrades and new product releases have buoyed the sentiment around top cryptocurrencies in recent weeks.
Other crypto assets, like Chainlink, for instance, have recently surpassed their record highs after a strong month in June.
The interest around LINK increased after it entered a price discovery phase.
Price discovery is a technical term for when an asset surpasses its all-time high into uncharted territory.
In other trending Bitcoin News today:
84% of Crypto Twitter Is Buying or Holding Bitcoin, Boosting Bull Case
There have been many analysts over recent weeks arguing that Bitcoin is clearly at a market top.
One trader commented that the cryptocurrency is trading in line with a textbook “distribution” pattern.
“A couple more clues developing that lend themselves to HTF distribution. 1. Rising Demand on the verge of failing. 2. Side by side, ascent vs descent with selling the dominant pressure from volume,” a trader said on the matter.
Yet data shows that long-term investors are unfazed. Namely, a majority of respondents to an impromptu Twitter poll has revealed that they’re still long on Bitcoin.
On July 9th, pseudonymous BTC analyst “PlanB” conducted a poll via his Twitter account, followed by over 100,000.
He asked his followers — which represent a good portion of Crypto Twitter — if they’re holding, buying, or selling Bitcoin.
The impromptu poll, which reached over 13,800 individuals, found that 65.6% of respondents are currently holding Bitcoin. 18.3% of the respondents are buying the cryptocurrency at the moment. And a mere 3.9% of the respondents are currently selling BTC.
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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:
These Altcoins Are Poised to Outshine Bitcoin (BTC), Reports Crypto Intelligence Firm
84% of Crypto Twitter Is Buying or Holding Bitcoin, Boosting Bull Case
https://cointelegraph.com/news/new-altseason-visualized-top-10-cryptos-outperforming-bitcoin
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TOP 5 TIPS FOR NEW BITCOIN INVESTORS | John McAfee’s #post_titleM BTC Price Prediction
Investing in Bitcoin (BTC) can be quite intimidating if you’re only just learning about its existence now.
In fact, taking the plunge and entering the cryptocurrency sphere is a risk for anyone, with or without investment experience.
This is because the crypto space has no centralized authority to guide investors.
Rumors, hype and horror stories dominate the internet, and separating fact from hearsay can be difficult at times.
Discover the top 5 tips for new Bitcoin investors in todays show.
We also discuss the extremely bullish BTC price prediction of John McAfee that Bitcoin will reach $1 million in 2020 could be based on how the asset’s price action developed during the 2013-2014 boom.
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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:
Rumors of Bitcoin’s death have been greatly exaggerated:)
— John McAfee (@officialmcafee) October 27, 2019
BREAKING: The 4th bank to fail this year in China is now flooded with citizens rushing to withdraw their savings as fast as they can.They’re being offered extra interest and even gift cards to stop withdraws.
Bitcoin isn’t a get rich quick scheme, it’s a get free quick scheme.
— Rhythm (@Rhythmtrader) October 31, 2019
John McAfee’s $1M Bitcoin Prediction Mirrors 2013-2014 Bull Market
https://cointelegraph.com/news/top-five-tips-for-new-bitcoin-investors
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MAX KEISER SAYS BITCOIN COULD COMPLETELY REPLACE $5 TRILLION FX MARKET AS BASE LAYER CURRENCY!!
💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
Bitcoin evangelist Max Keiser says that BTC has the potential to become the new base layer currency and replace the entire $5 trillion foreign exchange (FX) market.
In an episode of the Keiser Report, the Wall Street veteran takes note of Citibank’s recent report that argues Bitcoin has an advantage in global payments due to its decentralized, deflationary, and secure nature, which are characteristics that put the flagship cryptocurrency in a position to go mainstream.
Keiser highlights that Bitcoin’s advantages as a medium of exchange in global payments are already making banks, including Citibank, obsolete.
“It’s happening right now because the transaction is the settlement, so you don’t need Citibank. It obviates Citibank. It makes Citibank redundant, as are all banks, redundant with Bitcoin. I can trade with you as a currency and it doesn’t require any bank. It doesn’t require a central bank.”
While the Citibank report sees Bitcoin as having evolved from a form of payment to a store of value, Keiser believes it is the other way around.
“And they got it a little bit reversed. They’re saying it started off as a means of payment and people are looking at it as a store of value, but in fact, it started off as a store of value, and now it’s morphing into a means of payment. That’s the whole history of money. So Citibank should know at least the history of money and how money comes into existence but nevertheless, a good effort and I applaud them for at least recognizing that they’re about to go out of business.”
As BTC is starting to be viewed as a more neutral and better settlements layer, the Bitcoin firebrand sees the world’s leading cryptocurrency as something that could supplant trillions of dollars worth of foreign exchange activity.
“Right there’s what, $5 trillion a day in the forex market, foreign exchange, and that could be completely replaced with Bitcoin as the base layer. We’ve seen that demonstrated now buy sending currency from country to country, starting off in one currency, arriving at the destination in that local currency instantaneously, virtually at no cost.”
In other breaking Bitcoin News today:
India To Introduce All-Out Cryptocurrency Ban Targeting Miners and Traders
India is reportedly gearing up to introduce a bill that will criminalize the trading, holding, and mining of cryptocurrencies.
Reuters cites a senior government official familiar with the matter who says the proposal seeks to fine anyone issuing, holding, trading, and transferring crypto assets.
The bill would give owners of cryptocurrencies half a year to sell their digital asset holdings. After the grace period, crypto holders would face penalties.
According to Reuters, government officials are optimistic that the bill will be passed as Prime Minister Narendra Modi’s allies control the parliament.
The report adds that the bill would only ban the private use of digital assets while harnessing the blockchain, the technology powering cryptocurrencies, would still be legal. The source also said that the government will take a “calibrated” approach in penalizing those who fail to liquidate their crypto assets within the six-month period.
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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 AN INALIENABLE HUMAN RIGHT
Indians can easily (and should) ignore the government and keep stacking sats per their human rights. India could be the first country #Bitcoin dissolves. $220,000 in 2021 incoming. https://t.co/7bbZVuZ1jN
— Max Keiser (@maxkeiser) March 15, 2021
https://cointelegraph.com/news/3-reasons-bitcoin-fell-6-in-4-hours-is-the-btc-rally-weakening
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