Toncoin and Ether Lead to Market Collapse!
The crypto market recently experienced a significant correction, with Toncoin ($TON ) and Ether ($ETH ) leading this downturn. Over the past 24 hours, the sectorâs market capitalization has decreased by 3.6%, driven by a wave of long liquidations.
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Toncoin and Ether: the drop shaking the crypto market
Over the past 24 hours, the crypto market has seen 60,287 traders liquidated, totaling $144 million in liquidations, including $127 million in long positions. Etherâs long liquidations reached $46 million, while Toncoinâs reached $1.7 million, according to data.
The technical outlook for Toncoin is unfavorable following the arrest of Telegram CEO Pavel Durov in France. Since his arrest, Toncoinâs price has dropped by 20%. Toncoin has exceeded its 200-day moving average, and a head-and-shoulders formation could lead to a further price drop to $2, according to Sergei Gorev of YouHodler.
Ether, the second-largest crypto by market capitalization, has also undergone a notable correction. Etherâs price drop has been accompanied by a decrease in on-chain activity, signaling reduced network activity and lower prices. This trend is concerning for investors as it could indicate a short-term loss of confidence in the Ether market.
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