Crypto Crisis: 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 sector’s market capitalization has decreased by 3.6%, driven by a wave of long liquidations.

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. Ether’s long liquidations reached $46 million, while Toncoin’s 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, Toncoin’s 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. Ether’s 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.

A highly volatile market!

The recent crypto market volatility has also affected other major digital assets such as Bitcoin (BTC), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE), all of which have recorded significant declines. This situation highlights the challenges faced by crypto investors, who must navigate a market that is often unpredictable and subject to rapid fluctuations.

The recent crypto market correction, led by Toncoin and Ether, underscores the inherent volatility of this sector. Long liquidations have exacerbated this situation, leading to significant losses for many investors. Despite this, Toncoin recently surpassed Cardano and is now aiming to dethrone Dogecoin.