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 WILL HIT NEW HIGH ‘IN NEAR TERM’ AS BUFFET EXISTS USD, SAYS MAX KEISER! 0K BTC PREDICTION
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The U.S. dollar is getting so weak that even Warren Buffett is getting out and Bitcoin (BTC) will see all-time highs, says Max Keiser.
In his latest forecast for macro, the RT host warned that safe havens would seriously outperform fiat.
Buffett, he implied, knew what was coming. “Buffett’s move into Japan, along with his gold investment, confirms he’s getting out of USD bigly,” Keiser wrote on Twitter on Monday.
“USD is trending lower today, about to break key support. Bitcoin – Gold – Silver Will all make new ATH in the near term.”
He was referring to Buffett’s move into Japanese assets, taking a 5% stake in the country’s five biggest trading houses in a move totaling $6 billion, Reuters reported.
“The five major trading companies have many joint ventures throughout the world and are likely to have more. I hope that in the future there may be opportunities of mutual benefit,” the publication quoted him saying.
The announcement came days after the Federal Reserve confirmed that it would let inflation rise above its 2% target as a temporary measure, something that weighed heavily on the dollar.
After volatility, the USD currency index (DXY) began plunging to new depths on Monday, bouncing off its lowest levels in two years.
Late in July, when those levels first appeared, Bitcoin saw a price jump to $12,500.
As Cointelegraph reported, expectations remain that further dives in the DXY will produce similar effects.
Buffett, meanwhile is well known for his macro moves, even as he remains a steadfast Bitcoin skeptic.
Last week, the so-called “Buffett Indicator” warned about a stock market crash, even as large-cap equities continued their climbs higher.
Prior to that, Anthony Pompliano, co-founder of Morgan Creek Digital, publicly bet on Buffett eventually buying Bitcoin after he revealed his move into gold.
At the time, Keiser claimed that the gold entry alone would spark a run among investors, helping push BTC/USD to $50,000. P
erhaps Buffett’s most famous quip about Bitcoin is from 2018 when he referred to cryptocurrency as “rat poison squared.”
In other trending Bitcoin News today:
Federal Reserve’s Major Policy Shift to ‘Push Up Inflation’ Could Send Bitcoin Price to $500K
The U.S. Federal Reserve has announced a significant policy change to push up inflation. Bitcoin is set to greatly benefit from this policy change.
Not only the price of bitcoin could surge past $500K, but a number of companies have also begun moving their reserves into the cryptocurrency to hedge against higher inflation.
Bitcoiners view the Fed’s announcement as bullish. Following Powell’s speech, a number of people took to social media to remind others of the benefits bitcoin offers.
Mimesis Capital Louis Liu wrote, “Powell is friend of bitcoin,” while many others chimed in to just say “buy bitcoin.”
Abra CEO Bill Barhydt commented:
“Bitcoin doesn’t need the Fed to succeed but if they insist on throwing gasoline on the fire then so be it.”
“The Fed, under the leadership of Jerome Powell, continues to be Bitcoin’s biggest booster,” Gemini Exchange co-founder Tyler Winklevoss wrote.
He made a case on Thursday for a $500K bitcoin as “ultimately the only long-term protection against inflation.”
He explained that the price of the cryptocurrency could appreciate 45 times from today’s price, meaning it could hit $500K per coin or even higher.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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$BTC #BITCOINBullish. Reached the $12,000 area that I’ve pointed since the low.
Would like to see consolidation above $11,600 here. If that happens, we’ll most likely see a rally towards $12,400 and new highs. $ETH already painting the way. pic.twitter.com/Kcf6y8PvRF
— Crypto Michaël (@CryptoMichNL) September 1, 2020
Buffett’s move into Japan, along with his $GOLD investment, confirms he’s getting out of $USD BIGLY $USD is trending lower today, about to break key support #Bitcoin – Gold – Silver
Will all make new ATH in the near term
— Max Keiser (@maxkeiser) August 31, 2020
https://news.bitcoin.com/federal-reserve-inflation-bitcoin-price-500k/
https://cointelegraph.com/news/huge-ethereum-buy-wall-sends-eth-to-a-19-month-high-against-bitcoin
https://cointelegraph.com/news/bitcoin-will-hit-new-high-in-near-term-as-buffett-exits-usd-keiser
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BITCOIN SET FOR 8K BULL RUN IN 2020, POPULAR BTC PRICE MODEL SAYS!!!
➡️ Teeka Tiwari – Investment of the Decade: http://2020.cryptonewsalerts.net
The latest update of the Bitcoin S2FX price model shows July is beginning exactly as required for a long-term bullish trajectory to continue.
BTC may be struggling to hit $10,000, but its progress is right on track, new stock-to-flow data confirms.
Adding a new update to his model on July 1, stock-to-flow model creator PlanB showed that Bitcoin (BTC) is behaving exactly as its bullish history demands.
The BTC S2F Cross Asset Model, or S2FX, uses color-coded dots to analyze Bitcoin price action relative to the date of its next block reward halving.
Dots immediately after halving, like at present, are in red and historically precede a jump in Bitcoin’s price, which PlanB often refers to as being higher by “an order of magnitude.” Reflected in the model, the next order of magnitude shift is imminent — it should start before the end of 2020. Between then and the next halving in 2024, the model focuses on a price of $288,000 for BTC/USD, with the potential for much higher peaks.
“Bitcoin S2F chart update .. RED DOT #2,” PlanB summarized on Twitter, referring to June and July’s markings on the chart. Stock-to-flow remains a steadfast bullish take on long-term Bitcoin price action, despite fielding considerable criticism this year.
PlanB maintains that those critics have yet to produce a viable alternative to his model, which has traditionally tracked price behavior extremely accurately.
Analyzing monthly returns during the last halving period from 2016 to 2020, PlanB highlighted the “very asymmetrical” nature of Bitcoin price performance.
As such, for BTC/USD to leave its current stagnant levels at around $9,000 and hit $12,000, all that is needed is a “typical” month of solid 30% gains.
In other trending Bitcoin News today:
Bitcoin 90-Day Active Supply Soars to Pre-2017 Bull Run Level: Report
A new report analyzing on-chain activity says that BTC is now due for a bullish phase based on supply movements. Published by asset manager Stack Funds on July 2, the findings suggest that 90-day active supply is dictating bullish potential for BTC/USD.
Publishing an accompanying chart for the metric, Stack argued that it has important implications for historical price behavior.
“The data provides an indication of two folds. Firstly, the 90d % of Bitcoin active supply has tapered over the past 3 years, from 36% to 17%, suggesting that investors’ time horizon has lengthened as Bitcoin are held over longer periods in their wallets,” the report states.
“Secondly, prior to the 2017 and 2019 bull run, where Bitcoin hit $20,000 and $14,000 highs against the dollar, there was evidence of steep surges in the 90d % active supply (depicted in the green zones).”
The trend has appeared since Bitcoin’s price crash in March, an event which proved to be something of a watershed moment for traders.
Stack concluded:
“As statistics have shown, a potential run-up in Bitcoin prices can be expected, which has yet to materialize, leading us to believe that the preceding rise in Bitcoin prices could happen sooner rather than later.”
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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-90-day-active-supply-soars-to-pre-2017-bull-run-level-report
https://cointelegraph.com/news/bitcoin-set-for-288k-bull-run-in-2020-popular-btc-price-model-says
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BITCOIN PRICE MAY RALLY 4,900% AND HIT 0,000 SAYS TOM LEE! | BTC Returns Above K, Here's Why
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Bitcoin Price May Rally 4,900% and Hit Half a Million Dollars, Says Fundstrat Analyst Tom Lee – Here’s How
The head of research at Fundstrat Global Advisors, Tom Lee, says Bitcoin (BTC) could rise to half a million dollars in the long run.
In a new interview with Nasdaq, Lee says he stands by his view that the BTC price will hit $40,000 before the Dow Jones hits 40,000.
When asked if Bitcoin will hit $500,000, Lee says he believes a 4,900% increase is possible based on the number of users that ultimately join the network.
“I think in the long term it’s possible because today Bitcoin’s transaction activity is twice that of PayPal, 7x the Discover network. It’s the second-largest transaction network after Visa, and there’s four billion Visa card holders. So if you get to five million Bitcoin users, it’s almost 100x increase in price.”
As for the timeline for such a meteoric rise, Lee says he’s unsure and doesn’t have a crystal ball.
But he does think Bitcoin has a strong use case in the current financial system.
“It’s not like I’m necessarily critical of how financial systems work, but too much money is paid to intermediaries. Today, roughly 6% of all GDP globally is paid to the financial system to manage trust. Bitcoin has been around for 11 years, has never had a single fraudulent activity on its blockchain with $5 trillion of activity. So it works better than the traditional financial system and the cost is vastly lower. Today, you can transmit a million dollars of Bitcoin between countries for $15. That same transaction using remittance counterparties would cost you 5 to 10% of that – $50,000 to $100,000.”
BITCOIN PRICE RETURNS ABOVE $10K, HERE’S WHY:
Bitcoin’s recent golden cross on the daily chart may have driven bullish enthusiasm for the leading crypto to reach a tipping point.
With the upcoming halving, many investors are buying up sub 10K BTC in preparation of the supply-side shock.
Many crypto analysts have predicted when we will never see BTC price under 10K again, but with the golden cross, it may actually be the final catalyst to push Bitcoin’s price into 5 figures permanently.
Bitcoin is often referred to as a deflationary currency due to it’s ever decreasing emission schedule of new coins.
Eventually the economic law of supply and demand will have its impact on Bitcoin’s existing supply, and its decreased production of new coins, causing a rise in prices overall.
As BTC rises in price, we can expect Altseason to really kick into overdrive, due to their heavy correlation with Bitcoin’s price.
We have already witnessed many traders diversifying into alts as BTC dominance has dropped over the last few weeks, dramatically.
Many altcoins have already been outperforming Bitcoin so far this year, acting as leading indicators for the largest market cap coin.
Smart money has been silently taking positions in both Bitcoin and Alts, while prices were down during the crypto winter.
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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://www.nasdaq.com/videos/marketbrief%3A-the-bull-case-for-bitcoin
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