The arrest of Pavel Durov, the CEO of Telegram and a key figure behind Toncoin, has sparked a significant shift in the cryptocurrency market. On August 24, Durov was detained at Le Bourget airport near Paris, facing serious charges ranging from terrorism to fraud. The news sent shockwaves through the market, leading to a sharp decline in Toncoin’s value.
However, the price drop was quickly followed by a surge in trading activity. Open interest (OI) in Toncoin, This increase reflects heightened speculation among traders who are betting on Toncoin’s future price movements, either expecting further declines or potential rebounds.
Experienced traders, such as Daan Crypto Trades, have pointed out that most of these positions are likely hedges against further losses. However, there is also a belief that Durov may be released soon, which could lead to a rapid recovery in Toncoin’s price. Despite the uncertainty, traders are advised to be cautious, as the market could remain volatile in the coming days.
The situation underscores the deep connection between Toncoin and Telegram, with Durov’s legal troubles directly impacting the cryptocurrency’s market dynamics. As the case develops, Toncoin’s price and trading volume are expected to continue fluctuating, reflecting the ongoing uncertainty surrounding Durov’s future.
