Bitcoin (BTC) Price Nears $64,000, Toncoin (TON) Fall Continues (Weekend Watch)

After touching $65,000 yesterday, bitcoin price action calmed down and the asset remained relatively quiet around $64,000.

Altcoins are also quite slow on a daily basis, apart from TON, which was affected by the news surrounding Telegram CEO Pavel Durov.

BTC calms at $64,000

The trading week started on a negative note for the major cryptocurrency as it failed to break the coveted $60,000 level and the subsequent rejection pushed it south by two billion on Monday. However, it recovered most of the losses on Tuesday and Wednesday and even attempted a break above $60,000, but without success, at least until Friday.

That’s when the bulls took full control of the market and fueled a stunning rally that took bitcoin from around $60,500 to $64,000 before the asset exploded further on Saturday morning to $65,000. Some of the possible reasons behind this remarkable price increase can be found here.

However, BTC could not sustain its run and came back around a big one in the following hours. As of now, it struggles to hold confidently above $64,000. Its market cap, however, remains strong at over $1.26 trillion in CG.

Bitcoin’s dominance over altcoins is also underway as it has once again approached 54%. We remember that the metric had fallen to 53.3% at the beginning of this week.

Bitcoin/Price/Chart 25.08.2024. Source: TradingView TON Slumps Hard

The biggest social media and crypto industry-related news of the last 12 hours or so came from France. Local media reported that Telegram CEO Pavel Durov was arrested after leaving his private jet. In the hours that followed, the price of TON fell by well over 20% now to less than $5.4.

Most of the other larger caps alternatives are slightly in red. ETH, BNB, XRP, ADA, AVAX, SHIB, BCH and DOT have produced minor daily losses, while SOL and TRX have negligible gains.

The total crypto market cap has lost about $20 billion since yesterday and stands at just under $2.35 trillion in CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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