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
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.
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: 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.
You may also like
Ethereum undergoes "Fusaka upgrade" to further "scale and improve efficiency," strengthening on-chain settlement capabilities
Ethereum has activated the key "Fusaka" upgrade, increasing Layer-2 data capacity eightfold through PeerDAS technology. Combined with the BPO fork mechanism and the blob base price mechanism, this upgrade is expected to significantly reduce Layer-2 operating costs and ensure the network’s long-term economic sustainability.

Down 1/3 in the first minute after opening, halved in 26 minutes, "Trump concept" dumped by the market
Cryptocurrency projects related to the Trump family were once market favorites, but are now experiencing a dramatic collapse in trust.

Can the Federal Reserve win the battle to defend its independence? Powell's reappointment may be the key to victory or defeat
Bank of America believes that there is little to fear if Trump nominates a new Federal Reserve Chair, as the White House's ability to exert pressure will be significantly limited if Powell remains as a board member. In addition, a more hawkish committee would leave a Chair seeking to accommodate Trump's hopes for rate cuts with no room to maneuver.

From panic to reversal: BTC rises above $93,000 again, has a structural turning point arrived?
BTC has strongly returned to $93,000. Although there appears to be no direct positive catalyst, in reality, four macro factors are resonating simultaneously to trigger a potential structural turning point: expectations of interest rate cuts, improving liquidity, political transitions, and the loosening stance of traditional institutions.
