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Toncoin in Bullish Breakout as Pavel Durov Speaks Up

Published

2 weeks ago

September 6, 2024

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The odds appear to be shifting in favor of Telegram-linked Toncoin (TON), whose value has risen by almost 10% in the past 24 hours.

The altcoin has outperformed other cryptocurrencies during that period, thanks to Pavel Durov’s first public statement since his arrest on August 24.

Pavel Durov’s First Statement

Telegram CEO Pavel Durov expressed gratitude for the support he received following his recent arrest in France, where he was questioned by police for four days. He revealed that authorities suggested he could be held personally responsible for illegal activities on Telegram due to a lack of response from the platform.

Durov highlighted that Telegram has a designated representative in the EU to handle such requests and that French authorities had various means to reach him. He criticized the approach of holding CEOs accountable for third-party actions on their platforms, calling it a misguided application of outdated laws.

“Building technology is hard enough as it is,” Durov stated, adding that the potential for personal liability would deter innovation.

Durov emphasized the challenge of balancing privacy and security, noting that Telegram has always sought to engage with regulators while adhering to its mission of protecting users’ rights, particularly in authoritarian regimes. He mentioned past instances where the platform chose to exit markets like Russia and Iran over privacy concerns.

Addressing Telegram’s recent surge in users, which reached 950 million, Durov acknowledged the growing pains and the increased potential for abuse. He assured users that Telegram is actively working to improve its moderation and safety efforts, promising to share more details soon.

“We are driven by the intention to bring good and defend the basic rights of people,” Durov affirmed while expressing optimism that these events would lead to a stronger and safer platform.

TON Sees Demand Uptick

The positive sentiment around this statement has led to a spike in Toncoin’s value. TON is the top gainer in the market, with a 7% price uptick in the past 24 hours. The price surge is backed by significant demand, as evidenced by its positive price daily active address (DAA) divergence.

When an asset’s price DAA divergence is positive during an uptrend, it is a bullish signal indicating that the price surge is supported by a demand enough to sustain the rally.

Toncoin Price Daily Active Address Divergence. Source: Santiment

Moreover, the market sentiment toward TON has shifted from negative to positive over the past two days, as evidenced by the altcoin’s positive weighted sentiment.

This metric, which tracks the market’s mood regarding an asset, is 0.50 as of this writing. It indicates that positive emotions fuel most social media discussions about TON.

Read more: What Are Telegram Bot Coins?

Toncoin Weighted Sentiment. Source: Santiment

Additionally, the bullish bias is also present in TON’s derivatives market with an uptick in trading volume and open interest.

Data from Coinglass shows that trading volume has spiked by 8% to $630 million during the review period. Likewise, its open interest, which tracks the total number of unsettled futures or options contracts, has risen by 8.17%. When this climbs, it suggests that more traders are entering the market and opening new positions.

Toncoin Price Prediction: Further Upside

Toncoin’s performance on the 12-hour chart hints at the possibility of an extended rally.

First, readings from its Moving Average Convergence/Divergence (MACD) show its MACD line (blue) poised to cross above its signal line (orange). When this happens, it indicates a potential shift in the market trend from bearish to bullish. It suggests that the asset’s momentum is trending upward, and traders often interpret this as a buy signal.

Also, the Chaikin Money Flow (CMF), which tracks how money flows into and out of the market, attempts to cross above the zero line. When an asset’s CMF crosses above zero, it indicates that buying pressure is starting to outweigh selling pressure. Therefore, it suggests that buyers are gaining control of the market.

If this buying pressure is sustained, TON’s price could rally toward $5.32. Breaking past this critical area of resistance could increase the chances for another upward move to $5.96.

ton price prediction — Toncoin Price Analysis. Source: TradingView

Still, traders must watch out for the recent low at $4.51. Losing this level of support could trigger a 40% price correction for Toncoin.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Breakout Bullish Durov Pavel Speaks Toncoin

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$1.6 Billion in Bitcoin and Ethereum Options Expire After Fed Cut

Published

29 mins ago

September 20, 2024

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The crypto market is bracing for heightened volatility as nearly $1.6 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire today.

This event coincides with the Federal Reserve’s recent decision to cut interest rates by 50 basis points (bps).

Fed’s Decision Fuels the Crypto Market Rally Ahead of Major Options Expiry

According to data from Deribit, 20,037 Bitcoin options contracts worth approximately $1.26 billion will expire on September 20. These contracts have a put-to-call ratio of 0.85 and a maximum pain point of $58,500.

Expiring Bitcoin Options. Source: Deribit

Similarly, Ethereum’s options market is set to expire with 125,046 contracts worth $308.16 million. Today’s expiring Ethereum contracts have a put-to-call ratio of 0.65, with a maximum pain point of $2,350.

Expiring Ethereum Options. Source: Deribit

In options trading, the maximum pain point refers to the price level at which option holders would suffer the largest losses. It is essentially the price at which the highest number of options (both calls and puts) would expire worthless, inflicting maximum financial “pain” on traders. On the other hand, the put-to-call ratio gauges market sentiment by comparing the number of put options (bets on price declines) to call options (bets on price increases).

Greeks. live’s recent analysis outlined the impact of the Fed’s decision to cut rates for today’s expiring crypto options contracts. The analysts noted that the Fed’s move was largely expected and aligned with macroeconomic forecasts.

“Implied volatility declined significantly across all major maturities, with ultra-short-term IVs falling by over 25%, as short-term short-selling expectations by large investors fell short,” they wrote.

Looking ahead, Greeks.live also noted that there will be another interest rate meeting on November 8 and December 19 this year, where the market expects a cumulative 100 bps rate cut. The next rate cut could coincide with the US election, increasing the likelihood of heightened market volatility.

BeInCrypto reported that this week’s rate cut has positively impacted the crypto market. Following the decision, Bitcoin surged from the $59,000 level to surpass the $63,500 mark.

Similarly, Ethereum also experienced a significant increase during the period. Data showed that ETH skyrocketed from $2,293 to as high as $2,482.

However, both assets have now stabilized. At the time of writing, Bitcoin and Ethereum are trading at $62,890 and $2,450, respectively.

Despite the positive momentum, traders are advised to remain cautious. Historically, options expiration often leads to short-term instability in the market. The next few days will be crucial in determining whether Bitcoin and Ethereum can sustain their upward trends or if a period of correction is imminent.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Crypto Pundit Predicts Historical 9,468% Pump To $27

Published

2 hours ago

September 20, 2024

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Este artículo también está disponible en español.

A new XRP price prediction by popular crypto pundit Egrag Crypto projects that the cryptocurrency could experience a historical price surge of about 9,468%. This predicted price gain would push XRP from its current price of $0.58 to $27, marking new All-Time Highs (ATHs).

XRP Price Forecasted To Pump To These Targets

Egrag Crypto has taken to X (formerly Twitter) to express his bullish outlook on XRP, predicting the cryptocurrency could surge as high as $27. On Wednesday, September 18, the crypto analyst shared a price chart illustrating a speculative breakdown of potential price movements for XRP using five distinctive color indicators to represent various price increase scenarios.

XRP Community Express Skepticism

While Egrag Crypto’s bullish projections for XRP raise the hopes of investors who have been HODLing the coin for years now despite its low value and persistent consolidation phase, many have also expressed doubts. A few crypto members criticized the analyst, calling him out for his overly bullish forecasts for XRP.

Crypto Brands Return to Sports Sponsorships With 26 Deals

Published

3 hours ago

September 20, 2024

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Crypto sports sponsorship is cautiously rebounding in 2024, signaling a modest revival from the downturn following the boom in 2021. Despite these signs of recovery, the sector still falls short of reaching the highs witnessed during the peak year.

The increase in sports sponsorship also indicates a recovery of the crypto market. Brands are sponsoring sports teams because they have additional funds available for such marketing activities.

The crypto industry started heavily investing in sports sponsorship in 2021. During that year, the industry saw an unprecedented expansion with 42 new deals, representing 45.6% of the total 92 sports sponsorships from 2021 to 2024.

This growth was propelled by a bullish digital currency market, which led to significant agreements. Notably, Crypto.com secured a $700 million deal for the naming rights of Staples Center, renaming it to Crypto.com Arena.

Additionally, FTX entered into a $210 million sponsorship with esports group Team SoloMid. The aggressive sponsorship came as firms sought mainstream visibility and adoption.

However, the narrative shifted drastically in 2022 with the market’s downturn. The sector saw a severe reduction in new deals, dropping to 25. The collapse of FTX, previously a key player, led to canceled deals, including its partnerships with the Miami Heat and other sports platforms.

Despite the downturn, some firms like Bybit and Vechain managed to secure substantial agreements; Bybit secured a $150 million deal with Red Bull Racing, and Vechain signed a $100 million contract with UFC.

The downward trend persisted into 2023, with only 8 new sponsorships signed, though 14 existing deals were renewed. Amidst prolonged bearish market conditions and the FTX fallout, the industry remained cautious, limiting substantial financial commitments. However, OKX demonstrated resilience by securing a $70 million deal with Manchester City, illustrating that strategic investments could still thrive.

By 2024, the industry witnessed a gentle recovery, with 26 new sponsorships and 16 continuing from prior years. Noteworthy among these was Crypto.com’s sponsorship with the UEFA Champions League and BlockDAG’s $10 million deal with Borussia Dortmund (BVB). Additionally, Bitget announced a new partnership with LaLiga to enhance crypto adoption in Southeast Asia, Eastern Europe, and Latin America.

“The volume of new sponsorships has not surpassed the 2021 levels, but the uptick in activity suggests crypto firms are slowly re-entering the sports space,” CoinGecko said.

Crypto Sponsorships in Sports. Source: CoinGecko

Specifically, crypto sponsorships have primarily focused on football, with early adopters including prominent clubs like Manchester United, Chelsea, and Manchester City. The strategy extended to global events such as the UEFA Champions League and the FIFA World Cup, leveraging football’s massive international following.

Despite the market’s volatility, some partnerships, like Crypto.com’s diverse sponsorships and Bybit’s strong presence in Formula 1, have become long-term success stories.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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