TON fell more than 2% to $1.925 in the past 24 hours as a wave of risk aversion swept through crypto markets.
The decline saw Bitcoin briefly falling below $100,000 for the first time since June before recovering and long traders facing nearly $1.6 billion in liquidations, according to CoinGlass.
The sell-off hit altcoins particularly hard. The broader market, as measured via the CoinDesk 20 Index (CD20), fell just 0.2% over the same period, driven by Bitcoin’s 1.4% rise. TON, which had briefly touched a low of $1.8117, struggled to hold support near $1.90 with prices making lower highs, according to CoinDesk Research’s technical analysis model.
Tuesday’s $128 million hack on Balancer, a major decentralized exchange, added fuel to the fire, stoking fears about the protocol’s security and furthering the flight to security for digital assets.
Jasper de Maere, an over-the-counter trader at Wintermute, said markets are still digesting the aftershocks of October’s $19 billion liquidations. The low liquidity of altcoins has made them more vulnerable during these macroeconomic pullbacks.
Despite the pressure, signs of stabilization have appeared. TON has rebounded from the day’s lows and is now consolidating between $1.92 and $1.94.
However, in the absence of obvious catalysts in the short term, the dynamic remains fragile. A break below $1.87 could open the door to further losses, while a recovery to $1.95 could signal an attempt at a quick recovery.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
