TON and ETH Market Values See a Downtrend Amid Broader Corrections in the Digital Currency Sector

The cryptocurrency sector saw a significant dip recently, as both Toncoin and Ethereum led a downward trend in market values. This adjustment came amidst broader corrections within the digital currency world.

The cryptocurrency market experienced a downturn on Monday, with Toncoin and Ethereum leading a decline in digital currency market values amid broader corrections within the sector.

Toncoin’s price plummeted by 20% following the arrest of its CEO, Pavel Durov, in France last Saturday. The cryptocurrency’s technical indicators also showed a bearish outlook, with a potential for further declines.

Meanwhile, the global cryptocurrency market capitalization decreased by 3.6% in the past 24 hours, and the market’s volatility was further intensified by Durov’s arrest.

Toncoin’s technical indicators are less than promising, according to Sergei Gorev, a Risk Manager at YouHodler.

“Toncoin has broken through its 200-day moving average and remains below it,” Gorev said. “There is also a ‘head and shoulders’ pattern forming on the charts, which could indicate further declines for the cryptocurrency, potentially reaching as low as $2.”

Toncoin is a cryptocurrency that was initially developed by Telegram, the popular messaging platform. However, the project was later open-sourced to avoid regulatory scrutiny, and The Open Network (TON) took over its development and released it independently.

The cryptocurrency market saw a significant increase in liquidations in the last 24 hours, with over 60,287 traders liquidated. Total liquidations across centralized exchanges hit $144 million, with a vast majority ($127 million) stemming from long positions.

Ether saw substantial liquidations as well, with long positions constituting $46 million of the total $48 million in liquidations. In the case of Toncoin, long liquidations reached $1.7 million out of $2.5 million.

Ether’s performance also mirrored the broader market's downturn, falling by over 5%. However, this was still less severe than the losses faced by Toncoin, which dropped by more than 4%. Bitcoin, the largest cryptocurrency by market capitalization, saw a smaller decrease of about 3%.

The prevailing market circumstances depict a challenging scenario for major cryptocurrencies like Toncoin and Ethereum, with investors and market observers keeping a close watch on the developments surrounding Durov’s arrest and its potential implications on Toncoin’s future stability and valuation.

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