TON fell more than 2% to $1,925 over the past 24-hour period as a wave of risk-off sentiment swept across crypto markets.
The fall saw bitcoin briefly falling below $100,000 for the first time since June before recovering and long traders face nearly $1.6 billion in liquidations, according to CoinGlass.
The sell-off hit altcoins especially hard. The broader market, as measured by 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, and prices reached lower highs, according to CoinDesk Research’s technical analysis model.
Tuesday’s $128 million hack of Balancer, a major decentralized exchange, added fuel to the fire, stoking fears around the protocol’s security and reinforcing a flight toward security in digital assets.
Jasper de Maere, an OTC trader at Wintermute, said markets are still digesting the fallout from October’s $19 billion selloff. Altcoins’ poor liquidity made them more vulnerable during these macroeconomic-driven drawdowns.
Despite the pressure, there were signs of stabilization. TON recovered from the day’s lows and is now consolidating between $1.92 and $1.94.
Still, without obvious near-term catalysts, momentum remains fragile. A break below $1.87 could open the door to further losses, while reclaiming $1.95 could signal an early recovery attempt.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
