Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Toncoin Price Poised for Action as Binance Drops Key Announcement Amid Telegram Drama

Toncoin Price Poised for Action as Binance Drops Key Announcement Amid Telegram Drama

CryptoNewsCryptoNews2024/09/03 23:42
By:Joel Frank
Last updated:
September 3, 2024 19:06 EDT

Despite a growing firestorm of legal scrutiny faced by encrypted messaging app Telegram, the world’s largest cryptocurrency exchange Binance has added Toncoin (TON) – heavily affiliated with Telegram – to its Simple Earn-Locked products, potentially offering relief to the Toncoin price.

Binance users will be able to lock their tokens and receive rewards of up to 5.9% for a period of time.

The news hasn’t offered much support to the Toncoin price.

TON was last down around 5% on Tuesday and trading just above multi-month lows around $5.0.

Telegram’s Russia CEO Pavel Durov was arrested in France last week over the platform’s lack of moderation against criminal activities.

That caused a crash in the Toncoin price at the time , as traders feared some sort of regulatory crackdown may soon head TON’s way.

But Binance, with its new TON simple earn products, is sending a signal that it still backs the coin as much as ever.

Where Next for the Toncoin Price?

Binance’s apparent backing may not be enough to put a floor under the Toncoin price.

September is a typically bearish month for major cryptos like Bitcoin and the broader stock market.

Toncoin is currently probing key support in the $4.60-75 area.

Should this level go, a sudden drop below $3.0 becomes highly likely.

Toncoin Price Poised for Action as Binance Drops Key Announcement Amid Telegram Drama image 1

But macro themes could come to the aide of the Toncoin price.

The Fed is expected to kick-start a cutting cycle later this month.

If US economic data shows growth holdings up, that could create a goldilocks macro backdrop for risk asset upside.

That could help lift major cryptos like TON yet higher.

However, should Friday’s US jobs report exacerbate fears of a US recession, the bears are likely to take control.

A retest of $3 looks highly p

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

BlackRock’s Bitcoin ETF Posts Second-Largest Inflow Since January Launch

IBIT’s gains stood out as broader Bitcoin ETFs saw mixed flows, showing selective investor demand.

CryptoNews2025/04/29 10:11
BlackRock’s Bitcoin ETF Posts Second-Largest Inflow Since January Launch

Bitcoin price consolidation likely as US Core PCE, manufacturing, and jobs reports print this week

Bitcoin traders could risk off as a handful of US macroeconomic reports print throughout the week.

Cointelegraph2025/04/29 00:22
Bitcoin price consolidation likely as US Core PCE, manufacturing, and jobs reports print this week