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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BLOOMBERG: WHY THE BITCOIN PRICE WILL DOUBLE TO ,000 IN 2020 | BTC Fireworks Are Imminent
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The Bitcoin price took a heavy beating yesterday after attempting to break past $10,000 for the first time in weeks.
BTC plunged by $1,500 in three minutes, falling as low as $8,600 on BitMEX due to a barrage of sell orders.
On spot exchanges and some other derivatives exchanges, the cryptocurrency managed to hold the low-$9,000s.
Despite the brutal sell-off, a Bloomberg analyst sees Bitcoin hitting $20,000 in 2020.
He cited a confluence of fundamental factors to back this cheery prediction.
According to senior commodities analyst at Bloomberg Mike McGlone, the leading cryptocurrency is on track to hit $20,000 by the end of 2020.
McGlone explained Bitcoin’s price action over the past few months, before and after May’s block reward halving, is looking much like the price action in 2016.
Should the historical relationship continue, BTC could hit $20,000:
“Bitcoin is mirroring the 2016 return to its previous peak. Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”
McGlone’s optimism boils down to a large confluence of market factors, some of which are as follows:
* BTC is outperforming the stock market, which may draw more investors into the cryptocurrency market.
* Bitcoin is gaining institutional adoption, as evidenced by the CME futures market. * The number of active BTC addresses is increasing.
* The halving should have a positive effect on the supply-demand dynamic of the crypto market.
McGlone is far from the only individual eyeing $20,000. Arthur Hayes, chief executive of BitMEX, explained in the April edition of his newsletter “Crypto Trader Digest” that the asset is on track to set a new all-time high this year.
The record amount of fiscal and monetary stimulus being spearheaded by central banks and governments around the world will back the trend,
Hayes wrote:
“Everyone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.”
This was echoed to a T by Dan Morehead of Pantera Capital, one of the leading crypto- and blockchain-centric funds in the world.
Morehead explained in his company’s March newsletter that by increasing the money supply, central banks are encouraging scarce assets to increase in dollar values:
“As governments increase the quantity of paper money, it takes more pieces of paper money to buy things that have fixed quantities, like stocks and real estate, above where they would settle absent an increase in the amount of money. I think they will do that. The corollary is they’ll also inflate the price of other things, like gold, bitcoin, and other cryptocurrencies.”
In other trending Bitcoin News today:
These Two Key Factors Show “Fireworks” in the Bitcoin Market Are Imminent
According to Hans Hague, a senior quantitative analyst at crypto-asset fund Ikigai Asset Management, Bitcoin is currently in ‘heavy accumulation.”
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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:
Last but not least, Adjusted Binary BDD shows that we are clearly in a heavy accumulation period. Couple this with the recent halving and you’ve got fireworks. HODL on my friends. Let Bitcoin do the heavy lifting. pic.twitter.com/zXGBSkkFV8
— Hans HODL (@hansthered) June 2, 2020
These Two Key Factors Show “Fireworks” in the Bitcoin Market Are Imminent
Bloomberg Analyst: Why the Bitcoin Price Will Double to $20,000 in 2020
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UPDATE: BITCOIN CAN HIT $450K IN 2021, BEST AND WORST-CASE BTC SCENARIOS REVEALED BY S2F CREATOR!!!!
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The only way is up for the Bitcoin price action, analyst PlanB insists, offering a potential 2021 high of $450,000 per BTC, while $135,000 would be the “worst-case scenario”.
“Wait until you seen my base case and best case scenarios! OK, a hint: best case Dec $450K,” he added in comments about what Bitcoin could be capable of in 2021 which he originally shared 3 months ago on June 20th, and now 3 months later he just updated us with the following:
“In June I sketched the rough path of how bitcoin could go towards its s2f target of $100K in Dec. Just confirming we are still on that path IMO.”
In other trending Bitcoin News today: Commodity strategist predicts Bitcoin ETF could get the nod in US next month!
A Bitcoin ETF could be approved by U.S. regulators by October. according to Bloomberg Intelligence Commodity Strategist Mike McGlone.
When asked about a timeframe on potential U.S. Bitcoin ETF approval, McGlone said it could happen “potentially by the end of October.” He maintained that it was likely to be a futures-backed product first, adding that it would open a “legitimization window for a massive amount of money inflow.”
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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-can-hit-450k-in-2021-135k-is-worst-case-scenario-planb
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Bitcoin Price Will Rip to ,000 – But Only After a Nauseating Purge | BTC May First Visit K
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This Bitcoin analyst says the Bitcoin price could surge as high as $50,000, but investors must stomach a nauseating purge first.
Nevertheless, Peter Brandt says that bitcoin bulls will likely face an even worse scenario, at least in the short-term.
The analyst predicts a move below $6,000, which would usher in an extended bear winter.
Even though bitcoin’s fundamentals have been making numerous advancements, Brandt says that a strong buy signal would only come once the Crypto Twitter bulls have all but disappeared.
A thorough cleansing might be required to jumpstart a full-blown bull market. Once the nightmare is over, Brandt expects that the Bitcoin (BTC) price would be ready to soar to $50,000.
Bitcoin’s Macro Outlook is Insanely Bullish, But BTC May First Visit Sub-$5,000
Bitcoin has been facing intense volatility over the past month, which first began when it incurred an explosive rally that sent it from $7,300 to highs of $10,600.
In the time since this occurred, BTC’s bears have been firmly in control, erasing nearly all of the gains that were produced in this rally.
In the short-term, analysts are noting that it seems nearly inevitable that BTC will dip below $5,000, but the long-term outlook still looks incredibly bullish, with one industry insider saying it is all but guaranteed that Bitcoin will eventually see $100,000.
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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:
I think you are correct — in terms of price anyway. My target of $5,500 is not far below today’s low. But I think the surprise might be in the duration and nature of market. I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction.
— Peter Brandt (@PeterLBrandt) November 23, 2019
For those of you who can only see the dirt on my screen, here is a clean screenshot of Bitcoin’s head-and-shoulders top. The picture really doesn’t look any better if your long Bitcoin! pic.twitter.com/hXxCYMvu1R
— Peter Schiff (@PeterSchiff) November 21, 2019
https://www.ccn.com/bitcoin-price-will-rip-to-50000-but-only-after-a-nauseating-purge/
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