Increased Interest in Toncoin Futures Following Pavel Durov’s Arrest
After the recent arrest of Pavel Durov, the founder of Telegram, and a sharp drop in the price of Toncoin below $6, there has been a noticeable increase in open interest in this asset. Open interest reflects the total number of open futures contracts on the cryptocurrency and indicates the activity and confidence of traders regarding the future price movement.
Analysts note that the increase in open interest often indicates that traders expect significant fluctuations in the price of the cryptocurrency, both upwards and downwards. Cryptoanalyst Anup Dhungan believes that if Durov is released after the court hearing, this could lead to a quicker recovery in the price of Toncoin. Otherwise, in the short term, the asset’s price may continue to decline.
Currently, the market capitalization of Toncoin is approximately $14.2 billion, with a daily trading volume of $1.4 billion. Despite Durov’s arrest, which caused a short-term price drop, the market continues to show activity. Traders remain actively engaged in trading Toncoin, indicating that the current events have not had a significant impact on overall trading activity with this asset.
Thus, the future of Toncoin largely depends on the consequences of Pavel Durov’s arrest and the potential resolution of his legal case. Investors and traders are monitoring the developments, considering both the possibility of recovery and the risk of further price declines.
