Russian industry leaders are warning that falling prices of Toncoin (TON) could have a negative impact on the entire crypto market in the short term. BitRiver CEO Igor Runets stated that a significant drop in TON prices could cause a temporary dip in the cryptocurrency market. The recent arrest of Pavel Durov, the co-founder of Telegram, in France has raised concerns about internet freedom, data privacy, and the successful development of the crypto market. Ubit CEO Timofey Grigorenko mentioned that some traders tend to bet on price drops, manipulating their profits based on major news developments and market sentiment.
Uncertainty surrounding Pavel Durov’s arrest has led to risks in the crypto market, according to analyst Sergey Ramaninov. The possibility of serious charges against Durov could force him to make critical decisions that might negatively impact both TON and Telegram. Ramaninov mentioned that if Durov chooses to make Telegram transparent to authorities, the platform could lose its key advantage, resulting in a loss of users. On the other hand, if Durov faces prison time, both Telegram and the TON project could experience major financing problems. The arrest has also raised concerns about how it could impact other projects like Hamster Kombat.
Some analysts believe that the troubles with TON could indirectly benefit alternative cryptocurrencies as investors move away from Toncoin. Neomarkets chief analyst Oleg Kalmanovich suggested that investors are shifting from TON to other coins, indicating a potential outflow of capital from Telegram projects. The faith in the TON ecosystem is largely tied to Durov’s personality, as his public image has influenced the perception of the project. Despite TON’s initial dip following news of Durov’s arrest, the price has stabilized around $5.40 on most exchanges. However, with Durov’s fate still uncertain, there is speculation that TON prices could further decline.
According to financial analysts, TON prices could fall to a level of $4.60 as a result of Durov’s arrest. However, the market is unsure of Durov’s future, as he could potentially remain in custody for an extended period. The lawyer Alexander Stepanov has suggested that Durov was detained to obtain confidential information, adding to the uncertainty surrounding his situation. The French prosecution service has charged Durov with 12 offenses, and if convicted, he could face up to 20 years in jail. Many media analysts in Russia believe that Durov’s arrest is part of a larger geopolitical agenda against Russia, with allegations that the West is engaging in hybrid warfare.
Overall, the situation with TON and Telegram has created significant uncertainty in the crypto market, with potential impacts on various projects and alternative cryptocurrencies. While some analysts believe that falling TON prices could lead to a temporary dip in the market, others suggest that the troubles with TON might benefit other coins in the long run. Durov’s arrest and the legal challenges he faces have highlighted broader issues related to internet freedom, data privacy, and the regulatory environment for cryptocurrencies. As the situation unfolds, market participants are closely watching how developments surrounding Durov will affect the cryptocurrency market and investor sentiment.
