Elon Musk Blasts European Authoritarianism as Pavel Durov Arrest Sends Toncoin Crashing

August 27, 2024

Crypto World

Amrit Korpal

Elon Musk, known for his outspoken and often provocative opinions, recently caused a stir on social media following the arrest of Telegram founder Pavel Durov. After Durov was detained by French authorities on August 24, 2024, on serious charges related to Telegram’s moderation policies—or lack thereof — Musk quickly took to social media to voice his concerns.

In a series of tweets, Elon Musk suggested that Europe is moving towards authoritarianism, implicitly criticizing the arrest as an overreach by the authorities. His comments framed the situation as a dangerous precedent that could threaten freedom of speech and digital privacy—issues that have long been central to Durov’s vision for Telegram.

Musk’s reaction has amplified the scandal surrounding Durov’s arrest, making headlines and fueling a broader debate about government intervention in the digital space.

Pavel Durov Arrest Sends Toncoin (TON) Crashing

This controversy has had immediate financial repercussions, as Toncoin, the cryptocurrency associated with The Open Network (TON), saw its value plummet by nearly 20% following the arrest. The sharp drop underscores the close connection between Durov’s leadership and the confidence of investors in Toncoin.

CoinMarketCap, August 27, 2024

Musk’s remarks, coupled with the market’s volatile reaction, have sparked intense discussions about the future of Toncoin and the broader implications for digital freedoms in Europe and beyond. His high-profile involvement has only added fuel to the fire, making this one of the most talked-about incidents in the cryptocurrency world this year.

Market Analysts have drawn parallels between Toncoin’s current situation and past events in the crypto world. For example, the sharp decline in Toncoin’s price following Durov’s arrest is similar to what happened to BNB during the legal troubles of Binance’s CEO, Changpeng Zhao.

TON Coin Price Prediction

Some analysts suggest that while Toncoin has dropped significantly, it could potentially recover if the market reassesses the situation and views the arrest as a temporary setback.

Toncoin saw a 32% increase in open interest, indicating heightened trading activity as speculators positioned themselves to profit from the market’s uncertainty. Many traders are betting on further price declines, although some suggest that the market could see a rebound if Durov is released quickly.

Tradingview, August 27, 2024

Technical Analysis shows that Toncoin remains vulnerable, with its price dropping below critical support levels. However, the increase in open interest and funding rates indicates that there is still significant market activity and interest in Toncoin, suggesting that traders are closely watching for a potential rebound.

These mixed reactions reflect the uncertainty in the market, with some seeing potential for recovery while others remain cautious about the cryptocurrency’s future.

For more detailed insights, you can explore the latest analysis in StealthEX’s article on Toncoin’s price prediction​.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.