Toncoin and ether lead downturn amid surge in crypto long liquidations

Toncoin TON -3.05% and ether have led crypto majors in a general price correction, with the sector's global market capitalization declining by 3.6% in the past 24 hours.

The technical outlook for Toncoin appears unfavorable following the recent arrest of CEO Pavel Durov in France, according to YouHodler Risk Manager Sergei Gorev. Since Durov's arrest last Saturday after stepping off his private jet at Paris's Le Bourget airport, the Toncoin price has fallen by 20%.

"Toncoin has broken through its 200-day moving average and remains below it. In addition, a technical head and shoulders picture has appeared on the chart, in the case of the implementation of this formation of technical analysis, the price Toncoin could fall further,  possibly to the price of $2," Gorev told The Block.

Toncoin is officially separate from Telegram , although the firm behind the messaging app initially developed some of its underlying technology. However, due to concerns about regulatory scrutiny, the project was later open-sourced. The Open Network (TON) then took over, completed the development, and released toncoin, which has since been integrated with Telegram.

Spike in long liquidations on centralized exchanges

The cryptocurrency market experienced a surge in long liquidations over the past 24 hours, with 60,287 traders liquidated, according to data from Coinglass. Total liquidations across centralized exchanges reached $144 million, with $127 million coming from long positions.

Ether long liquidations were as much as $46 million out of $48 million in total liquidations. Toncoin long liquidations reached $1.7 million out of $2.5 million in total liquidations over the same period.

Ethereum ETH -5.96% and toncoin have suffered heavier losses over the past day, compared to bitcoin, falling by over 5% and 4%, respectively. In contrast, the largest digital asset by market cap has dipped by around 3%, according to The Block's Prices Page .