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TON fell more than 2% to $1,925 in the last 24-hour period, as a wave of risk-on sentiment swept through the crypto markets.
The decline saw bitcoin briefly 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 selloff hit altcoins especially hard. The broader market, as measured via the CoinDesk 20 (CD20) index fell just 0.2% in 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 breaking lower, according to CoinDesk Research’s technical analysis model.
Tuesday’s $128 million hack on Balancer, a large decentralized exchange, added fuel to the fire, raising fears around the security of the protocol and reinforcing a flight to safety in digital assets.
Jasper de Maere, an OTC trader at Wintermute, said markets are still digesting the shock from the $19 billion liquidation in October. Thin liquidity in altcoins made them more vulnerable during these macro-driven withdrawals.
Despite the pressure, there were signs of stabilization. TON has rebounded from the lows of the day and is now consolidating between $1.92 and $1.94.
Yet without obvious near-term catalysts, momentum remains fragile. A break below $1.87 could open the door to further losses, while recovering $1.95 may signal an early recovery attempt.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
