The post Toncoin (TON) Open Interest Hits New ATH, Thanks to Pavel Durov appeared on BitcoinEthereumNews.com.

Interest in Toncoin (TON), the native token of The Open Network, has surged to an all-time high. This spike follows the arrest of Telegram CEO Pavel Durov in France. However, the arrest’s impact on the Telegram-linked cryptocurrency goes beyond just heightened interest, as this analysis uncovers several other key effects. Pavel Durov’s Arrest Drives Surge in Toncoin Speculation Earlier today, BeInCrypto reported that TON’s price fell sharply after the public knew that Durov had been apprehended. According to our findings, the CEO of the Telegram messaging app faces charges ranging from conspiracy and money laundering to terrorism. As a result, Toncoin’s Open Interest (OI) soared to $294.14 million, marking its highest level since the token’s launch. OI tracks the value of active contracts in the derivatives market. An increase in OI often suggests more buyers than sellers, but that’s not always true. In this case, the significant spike indicates that traders are increasingly engaging in contracts tied to Toncoin, reflecting heightened market activity and interest. Toncoin Open Interest. Source: Santiment The Long/Short Ratio has moved from 0.58 to 1.40 within the last four hours. The Ratio measures investors’ expectations about a cryptocurrency. When the value is lower than 1, traders anticipate a price decrease. Therefore, the recent jump indicates that a large part of those with open contracts expect TON’s price to rebound in the short term. Read more: 6 Best Toncoin (TON) Wallets in 2024 Toncoin Long/Short Ratio. Source: Coinglass Meanwhile, Coinglass data shows that TON-related liquidations surpassed $2 million in the last 24 hours. Liquidation happens when a trader’s margin balance falls below the required level, forcing the exchange to close the position. In TON’s case, the rapid price drop following Durov’s arrest largely triggered the liquidations. Toncoin Liquidations. Source: Coinglass It’s important to note that liquidations, coupled with…

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Filed under: News - @ August 25, 2024 4:21 pm