Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
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: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!