Toncoin Crashes Amid The News Telegram CEO Pavel Durov's Arrest
Toncoin Crashes Amid The News Telegram CEO Pavel Durov's Arrest
Meta Description: Toncoin's price crash landed yesterday after the report flashed about the arrest of Telegram CEO
Toncoin price crashed nearly 18% in the last two sessions following the news about the arrest of Telegram CEO.
The open interest increased by over 47% a day indicating a strong short selling activity.
Toncoin's price crash landed yesterday after the report flashed about the arrest of Telegram CEO Pavel Durov. As per the news, Durov was arrested in France soon after his private jet landed in the country.
France's Nation Anti-Fraud Office found him responsible for illegal activities on Telegram that he failed to moderate. As per TF1 Media reports on Saturday evening, Durov was arrested at Le Bourget Airport, located north east of Paris.
As the news flashed, Toncoin and Notcoin crashed over 15 to 20% yesterday, erasing the previous gains. Moreover, the short sellers activity seemed to be increasing after the news, as the Oi data noted a 55% jump a day.
Decoding The Telegram’s CEO Arrest
According to French media, the CEO Pavel Durov was facing several charges, including facilitating terrorism, drug trafficking, and the sale of stolen goods. His arrest was strongly related to “suspicious” activities by the messaging app he runs.
Pavel Durov was arrested in France despite having the passport of France and UAE. Later on, the Russian embassy condemned the action by France mentioning their efforts to control telegram.
Later on, the official twitter handle of Toncoin released a statement that despite the recent news, the community stands strong and totally operational. The tweet further added to the community's commitment towards freedom and decentralization.
Impact of Pawel Durov’s Arrest on Toncoin
Following the news about CEO Pavel Durov breaking into the markets, Toncoin, which was closely related to Telegram, experienced a sharp crash losing nearly 18% of its value. Just a few hours after the CEO was arrested, Toncoin Open Interest (OI) noted a strong spike as per the data obtained by an on-chain analytics website app.santiment.net.
The open interest surged from $190 Million a day ago to $281 Million at the moment indicating a nearly 47% rise. As per the analysts most of these open contracts are undoubtedly shorts or might be hedges against the price crash.
At the time of writing, Toncoin was down nearly 4.5% intraday and was exchanging hands close to $5.66. It has a live market capitalization of $14.3 Billion ranking 9th in the crypto space. Moreover, the volume to market capitalization has surged to 12.9% indicating high volatility in the crypto.
What’s Next For Toncoin
Following the recent price crash, Toncoin price again neared the 200 day Exponential moving average. On the lower side, the $5 level may act as a psychological support for the price and prevent the further fall.
The price structure seems to be bullish until it is maintained above the $5 level. The bulls may try to make a comeback if the price reaches the demand zone. However, if Toncoin fails to get the buyers back near the $5 demand and breaks lower, it may invite sellers and the price may crash towards the next support of $3.25 level.
On the higher side, the $6.88 may act as a strong hurdle for the bulls. The short term trend outlook may turn bullish if the price manages to break above the $6.8 level.
Meta Description: Toncoin's price crash landed yesterday after the report flashed about the arrest of Telegram CEO
Toncoin price crashed nearly 18% in the last two sessions following the news about the arrest of Telegram CEO.
The open interest increased by over 47% a day indicating a strong short selling activity.
Toncoin's price crash landed yesterday after the report flashed about the arrest of Telegram CEO Pavel Durov. As per the news, Durov was arrested in France soon after his private jet landed in the country.
France's Nation Anti-Fraud Office found him responsible for illegal activities on Telegram that he failed to moderate. As per TF1 Media reports on Saturday evening, Durov was arrested at Le Bourget Airport, located north east of Paris.
As the news flashed, Toncoin and Notcoin crashed over 15 to 20% yesterday, erasing the previous gains. Moreover, the short sellers activity seemed to be increasing after the news, as the Oi data noted a 55% jump a day.
Decoding The Telegram’s CEO Arrest
According to French media, the CEO Pavel Durov was facing several charges, including facilitating terrorism, drug trafficking, and the sale of stolen goods. His arrest was strongly related to “suspicious” activities by the messaging app he runs.
Pavel Durov was arrested in France despite having the passport of France and UAE. Later on, the Russian embassy condemned the action by France mentioning their efforts to control telegram.
Later on, the official twitter handle of Toncoin released a statement that despite the recent news, the community stands strong and totally operational. The tweet further added to the community's commitment towards freedom and decentralization.
Impact of Pawel Durov’s Arrest on Toncoin
Following the news about CEO Pavel Durov breaking into the markets, Toncoin, which was closely related to Telegram, experienced a sharp crash losing nearly 18% of its value. Just a few hours after the CEO was arrested, Toncoin Open Interest (OI) noted a strong spike as per the data obtained by an on-chain analytics website app.santiment.net.
The open interest surged from $190 Million a day ago to $281 Million at the moment indicating a nearly 47% rise. As per the analysts most of these open contracts are undoubtedly shorts or might be hedges against the price crash.
At the time of writing, Toncoin was down nearly 4.5% intraday and was exchanging hands close to $5.66. It has a live market capitalization of $14.3 Billion ranking 9th in the crypto space. Moreover, the volume to market capitalization has surged to 12.9% indicating high volatility in the crypto.
What’s Next For Toncoin
Following the recent price crash, Toncoin price again neared the 200 day Exponential moving average. On the lower side, the $5 level may act as a psychological support for the price and prevent the further fall.
The price structure seems to be bullish until it is maintained above the $5 level. The bulls may try to make a comeback if the price reaches the demand zone. However, if Toncoin fails to get the buyers back near the $5 demand and breaks lower, it may invite sellers and the price may crash towards the next support of $3.25 level.
On the higher side, the $6.88 may act as a strong hurdle for the bulls. The short term trend outlook may turn bullish if the price manages to break above the $6.8 level.
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