The post Toncoin Price Eyes $5 Stability as Telegram Strengthens Kazakh Presence appeared on BitcoinEthereumNews.com.

Since last week, the cryptocurrency market showcased a renewed recovery as pioneer crypto Bitcoin defended the $60k level. The bullish narrative spread to the altcoin market has uplifted the Toncoin price from $4.99 to $5.28— a 5.7% increase. The recovery trend could continue as positive developments like Telegram’s upcoming office in Kazakhstan foster improved regulatory compliance.  Toncoin Price Holds $5 as Telegram Boosts Kazakh Compliance The messaging app Telegram is set to open an office in Kazakhstan as part of efforts to improve regulatory compliance. The development was highlighted when Kazakh officials met with the US Chamber of Commerce and representatives of major tech giants such as Meta and Apple. “We are also actively cooperating with the Telegram platform to quickly remove illegal content and block destructive channels,” said minister Zhaslan Madiev, who also emphasized that this is an important step towards increasing content control. In a shared post, Telegram CEO Pavel Durov said, “12.5 million of 20 million Kazakhs use Telegram monthly, a 25% increase from last year”. The new office in Kazakhstan signals the message app’s effort to comply with regulatory authority, which should boost market sentiment towards the related cryptocurrency Toncoin.  Amid the announcement, the Toncoin price surged 1.8% today, projecting its sustainability above the $5 psychological level.  Sharpe Ratio Signals TON’s Last Leg of Correction According to the CryptoQuant data, the TON’s Sharpe Ratio Risk Indicator has entered the ‘low-risk area’ after 12 months. The metric is used to assess the performance of an investment by comparing its return to its risk. Historical data shows that the Toncoin in this low-risk area often drives a last leg for correction before forming a sustainable bottom. Thus, the asset could prolong a downward trend in the second half of October before buyers set in for a price reversal.…

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Filed under: News - @ October 14, 2024 4:21 pm