Toncoin Surges on Telegram’s Endorsement
Toncoin experienced a rally on Monday following an endorsement from the Telegram messaging platform. Telegram and the TON Foundation unveiled TON Space, a new self-custodial wallet, at the Token 2049 conference in Singapore. This announcement has excited investors about Toncoin’s potential. Pavel Durov, the creator of Telegram, also expressed his support for TON as the preferred blockchain network for expanding web3 infrastructure on the platform. He revealed that TON Wallet would be included in the settings and attachment menus for users outside the U.S. and some other countries starting in November.
Additionally, Telegram presented growth forecasts at Token 2049, projecting an increase in active user count from 800 million to 1.5 billion within the next 3 to 5 years.
Toncoin’s Price Performance
According to CoinGecko, Toncoin saw a 6.2% rise in the past 24 hours, reaching a price of $2.43 at 1:00 p.m. ET. It has gained 45% over the past week.
Investors Awaiting Federal Reserve Meeting
The upcoming meeting of the Federal Open Market Committee is generating anticipation among investors. Analysts expect the Federal Reserve to maintain rates at their current level of 5.25%-5.5%. CME’s Fedwatch Tool suggests a low probability of another rate hike in 2023.
Hernan Yellati, Head of Global Macro Research at CTF Capital, believes that while a rate pause is expected, the statement and tone from Fed Chair Jerome Powell during Wednesday’s press conference will provide crucial information for markets. Investors will closely monitor any signals regarding future rate increases in 2023.
Yellati notes that a hawkish tone would be seen as negative for crypto assets, while a neutral tone could indicate the end of the hiking cycle and have a positive impact on crypto asset prices.
Bitcoin’s Price Rebound
Bitcoin, the world’s largest digital asset by market capitalization, has bounced back from a three-month low. Its price rose by 2.6% in the past day to reach $27,217 at 1:00 p.m. ET, according to CoinGecko.
Hot Take: Toncoin Gains Momentum with Telegram’s Backing
Toncoin’s recent surge can be attributed to the endorsement from Telegram and the unveiling of TON Space. This development has sparked excitement among investors about Toncoin’s potential. Additionally, investors are closely watching the Federal Reserve meeting for any indications about future interest rate hikes. The outcome of the meeting and Fed Chair Jerome Powell’s statements will likely impact crypto asset prices. Overall, Toncoin’s rally and Bitcoin’s rebound demonstrate the continued influence of endorsements and market events on cryptocurrency performance.
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