BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

Toncoin Price Drops, Open Interest Surges After Telegram CEO’s Arrest

by Matoy
August 25, 2024
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 2 mins read
A A
1
SHARES
18
VIEWS
Share on XShare in TelegramShare on Reddit
  • Following Pavel Durov’s arrest, Toncoin’s price fell sharply, triggering a 32% surge in open interest among traders.
  • Traders are taking short positions on Toncoin, anticipating further declines amid market uncertainty.
  • Speculation about Durov’s potential release has traders poised for possible price volatility and rebound.

The arrest of Telegram CEO Pavel Durov has sent shockwaves through the cryptocurrency market, particularly affecting Toncoin, the native cryptocurrency of The Open Network (TON). Durov was detained at Bourget Airport near Paris, facing serious charges including terrorism and money laundering, which immediately impacted Toncoin’s market performance. Shortly after the news of Durov’s arrest broke, Toncoin’s value tumbled, leading to a notable 32% increase in open interest, according to data from CoinGlass. This indicates a significant rise in the number of derivative contracts like futures and options, as traders look to hedge against or profit from the ongoing uncertainty.

At the time of reporting, the price of Toncoin had dropped by 14.71% since the news of the arrest, trading at $5.71. The increase in open interest suggests that most traders are leaning towards short positions, expecting the price to fall further.

Traders Anticipate Further Developments

Crypto trader Daan Crypto Trades expressed on social media that the surge in open interest largely consists of short positions or hedges against further price drops. This strategy is common among traders when uncertainty hits the market, especially when it involves key figures associated with a cryptocurrency.

However, there is also speculative anticipation that Durov’s situation might see a quick resolution. Daan cautioned his followers about the risks of betting on such outcomes, using the analogy of “catching a falling knife” to describe the potential dangers of entering the market during such volatile conditions.

Another trader, Anup Dhungana, pointed out that if Durov is released sooner than expected, especially after facing serious international scrutiny, Toncoin could experience a swift price recovery. This scenario would likely result in volatile and choppy price movements until the situation stabilizes.

Tags: toncoin
TweetShareShare
Previous Post

Nigerian Crypto Stakeholders Advocate for Compliance-Focused Regulation

Next Post

Bitcoin Eyes Return to 2021 Highs, Traders Anticipate Breakthrough

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.