Toncoin tizzy
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. EST 13th September 2023.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
What’s up
Telegram Debuts Wallet With Help From Old Friend
Originally developed by Telegram, The Open Network (TON) was never really more than an arm's length removed from the messaging app platform which has doubled down on its vision for a community bound by a digital currency. Now the bonds between Telegram and the TON chain are being strengthened anew.
Telegram earlier today introduced a self-custodial crypto wallet developed on the TON blockchain and which soon will be made available to 800 million users worldwide (Cointelegraph).
As of Wednesday, at 7:53 a.m. (EST), TON was hurtling toward two bucks on a 12% gain over 24 hours. TON is CoinGecko's 12th-largest digital asset.
Telegram wanted a crypto wallet going back to 2019 but within a year it had to cut ties with its blockchain and development team after the SEC took issue with Telegram's ICO. The two-year anniversary of TON's all-time low (about 52 cents) will be marked next week. TON soared to about $5, an all-time high, in mid-November of 2021.
The wallet feature is currently accessible in Telegram’s settings, according to a TON spokesperson, per Decrypt, and a global rollout will begin in November, “excluding the U.S. and some other countries.”
What's down
Solana Hangs Tough; Synthetix Losses Mount
Town criers in the crypto realm are working around the clock tracking all sorts of trouble brewing. But it's not so bad out here.
Bitcoin and Ethereum both remain comfortably above key levels, for now.
As of 8:21 a.m. (EST), the largest crypto was $26,220, up 0.3% since this time yesterday. ETH, the second-largest crypto, has shed 0.2% in 24 hours but remains above $1,600. ETH's weekly decline is a mere 1.7%.
Solana, said to be under siege, was fairly flat over the past day. SOL is down 8% since last Wednesday.
DeFi platform Synthetix Network sticks out in terms of sugarcoat-resistant strife; SNX is down 17% in the past week.
What's next
Die-Hards Do Their Thing
Binance.US revealed its second round of layoffs as well as the sudden, unexplained departure of its chief executive.
The SEC’s complaint against the exchange has rocked its world, chilling banking relationships, decimating liquidity and gutting market share versus rivals, including Coinbase, also being sued by the agency.
Meanwhile, Digital Currency Group (DCG), which owns Genesis, Grayscale and CoinDesk, is trying to navigate Genesis' ongoing bankruptcy and a public battle with Gemini. But at least DCG now has a plan to sort out Gemini's customers who participated in a lending program undergirded by Genesis, which confronted insolvency in the wake of the collapse of Three Arrows Capital and FTX.
Since the tumult of last summer and fall, the digital asset market has faced a severe liquidity drought.
According to Glassnode, on-chain and off-chain volumes have plummeted to historical lows.
With the market returning to a relatively narrow trading range, this decline in liquidity is reminiscent of the pre-bull levels of 2020, when the total USD volume of BTC transactions fell to a daily average of $2.4 billion (The Block).
Short-term holder supply (coins held for less than 155 days) has shrunk to its lowest level since 2011.
“Extreme apathy describes the prevailing sentiment,” a Glassnode analyst said.
Nevertheless, hodlrs, on edge but undaunted, are meeting the moment. Long-term supply (coins held for more than 155 days) notched an ATH of 14.7 million BTC.
