TON is seeing notable buying pressure as the bulls struggle to revive the uptrend after several weeks of consistent price declines. Its price has increased considerably following the announcement of its partnership with Trust Wallet. The latest integration opens the coin to traders.
However, the global cryptocurrency market cap is yet to recover from its downward trajectory. It is currently on the third day of consecutive declines, dropping as low as $2.37 trillion at the time of writing.
News of another escalation in Middle East is spreading like wildfire and causing panic in various sector including the crypto market. Let’s see how some assets performed
BTC/USD
Bitcoin is currently experiencing a notable decline. It retraced to a low of $63,500 after beginning the day at $66,170. Although there has been a rebound, the losses have not been fully recovered, with Bitcoin down by over 2%.
The latest drop took many by surprise, as a change in price trajectory was expected after Bitcoin nearly erased all of the previous day’s losses. While various factors have been blamed for the current state, one piece of on-chain data suggests a probable cause.
Mt. Gox recently moved over $3 billion in BTC a few hours ago. Initially, the market seemed to disregard the large movement but eventually reacted negatively as the news spread. Bitcoin lost the $65k support following the announcement and has since traded below it.
This dip occurs amidst growing tension in the Middle East, with Israel and Iran threatening to escalate conflicts.
The moving average convergence divergence has fully completed its bearish convergence, with both EMAs touching. With a divergence imminent, further declines are likely in the coming days.
Additionally, selling pressure continues to mount as the relative strength index has dipped to 49, its lowest point in the last fourteen days.
