- The crypto market is facing another intense dip that could BTC to newer trend lows.
- A major contribution to the dip is the TON network outage and Telegram Founder’s arrest.
- These factors add to the growing FUD sentiment leading to a more brutal dip.
The crypto community braces itself for the hopeful end to what looks to be a heavy correction in the crypto market. One analyst predicts a dip in BTC price to fall between the $44,000 and $38,000 price mark. While many analysts still hold high expectations for a big bullish reversal to follow after the US Presidential Elections, the debate for the current dip’s bottom continues.
TON’s Contribution to the Ongoing Dip
One of the biggest factors contributing to the ongoing crypto market dip can be attributed to the arrest of CEO & Founder of Telegram, Pavel Durov, on allegations of supporting criminal activity on the encrypted messenger service. Crypto and world leaders like Vitalik Buterin and Robert F. Kennedy Jr. state that Durov has ensured that Telegram adheres to local laws and this arrest is an attempt for governments to gain greater control over Telegram.
Kennedy specifically, sees this arrest as the start of an attack on privacy and calls for immediate action to defend it. In the first days following Durov’s arrest, the TON network continued to process blocks at a normal rate depicting no threat to its operations. However, amidst the ongoing market dip, the TON network seems to have faced a power outage.
In detail, Tonscan data shows that the TON network has not generated any blocks for over 6 hours and the latest block was created at 6:11:46 UTC+3. The post states that Bybit announced that this is due to network instability and Bybit went on to suspend all deposits and withdrawals through the TON network.
Can TON Recovery and Durov’s Release Make a Difference?
This is disappointing news as TON was a leading asset to make top gains this bull cycle. The asset took a top 10 spot earlier this year and was poised for parabolic pumps. Durov’s arrest and the network’s instability have now jeopardized its future.
To pressure the French government to release Durov, a feat that Russia and many other nations are hoping to realize, the UAR froze its implementation contract to purchase 80 fighter jets from France, following Durov’s arrest. This leads reports to believe that Durov’s release might happen sooner than expected, which could possibly bring the TON network and crypto market to stable waters again.
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