TON Reaches Record Trading Levels, Price Drops 30%
Following the arrest of Telegram founder Pavel Durov by French authorities on August 24, 2024, the TON network saw a significant increase in activity. The 7-day moving average of daily transactions reached an all-time high on August 31, rising 160% to over 10 million since Durov’s arrest. The number of active addresses also increased by 6% on a weekly basis, reaching 701,800. However, despite this increase in the network, the TON price fell by more than 30%, with a sharp 20% drop in the three hours following the news.
FTX Agrees to Access $600 Million in Robinhood Shares
Bankrupt crypto exchange FTX has reached a settlement with Sam Bankman-Fried-founded Emergent Technologies over Robinhood shares worth more than $600 million. FTX will pay Emergent $14 million to withdraw its petition seeking 55 million Robinhood shares, according to a petition filed in Delaware Bankruptcy Court by CEO John Ray III on Sept. 6. The deal helps FTX recover more money for its creditors and avoid litigation costs, while also supporting its restructuring plan. Emergent acquired the shares in May 2022, but multiple parties, including FTX and the U.S. Department of Justice, have claimed the shares.
SEC Crypto Enforcement Reaches $4.7 Billion This Year, Up 3,000% By 2023
In 2024, the SEC is set to impose sanctions against crypto firms worth approximately $4.7 billion, a 3,000% increase from 2023. The biggest reason for this increase was the $4.47 billion settlement with Terraform Labs and its former CEO Do Kwon. This development is the SEC’s largest sanctions to date. Despite fewer lawsuits, the SEC’s focus on larger, more impactful cases has led to a significant increase in fines. The total sanctions in 2024 surpassed the total from 2013 to 2023, indicating a shift in SEC strategy.
Bitcoin Investors Withdraw $728 Million
Despite the recent price drop in Bitcoin, long-term investors have pulled $728 million from exchanges. On-chain data shows that large investors, especially those holding 100 to 1,000 BTC, are taking advantage of the dip and pulling their assets out of exchanges. This could lead to a lower supply of Bitcoin, which could then push prices higher if demand picks up. However, outflows of $169.97 million from Spot Bitcoin ETFs indicate a negative sentiment among institutional investors. While the accumulation of long-term investors is a positive sign, the stock market outflows and price struggles suggest that Bitcoin’s recovery could take longer than expected.
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BITCOIN (BTC)
BTC is priced at $56,680 with a 0.65% increase in value as of the morning hours. A drop to $52,555 was achieved, but it could not be sustained. If it is sustained above $56,500, a rise to $60,000 can be seen again. If $52,555 is broken downward, a pullback to $49,000 may occur.
ETHEREUM (ETH)
ETH is priced at $2340 with a 0.84% loss in value as of the morning hours. A drop to $2155 occurred and could not be sustained at this level. If $2380 is broken upwards, prices above $2550 may be seen again. If the $2150 level is lost, a pullback to $2000 will occur.
RIPPLE (XRP)
XRP is priced at $0.535 with a 0.76% loss in value as of the morning hours. $0.55 was lost again. A pullback to $0.5035 occurred. In pullbacks, a pullback to $0.48 may now occur. If pricing above $0.55 continues, increases to $0.60 may be seen.
AVALANCHE (AVAX)
AVAX is priced at $23.72 with a 0.50% loss in value as of the morning hours. There is a price above $22 again. With the reaction it received from the $20 region, it rose to $23. If the rise continues, $25 seems to be the first likely location to receive a reaction.
SOLANA (SOL)
SOL is priced at $133.30 with a 1.31% loss in value as of the morning hours. There was another pullback from $162 to the $127 area. If it reacts from this level, a rise to $142 may occur. If the pullback continues, the $115 area looks strong.
OUNCE GOLD
The ounce of gold is priced at $2502.78 with a 0.14% loss in value as of the morning hours. After the ATH was renewed, prices below $2500 were seen. The first resistance zone, $2505, was broken upwards, but it was not permanent. ATH can be renewed with the data. The range of $2485 and $2477 seems strong as strong support in pullbacks.
OUNCE SILVER
Silver is priced at $28.30 with a 0.19% loss in value as of the morning hours. The downward trend continues in the short term. $27.40 is a region that is likely to work as support. 28.20 was our first resistance level and it was broken upwards. The next resistance region appears to be the $29 region.
