Toncoin recovered on Monday, as the native token of the The open network was boosted by a new endorsement from messaging platform Telegram last week.
Investors are excited about Toncoin’s prospects after Telegram and the TON Foundation jointly announced a new self-custodial wallet, called TON Space, at the Token 2049 conference in Singapore on Wednesday.
On Thursday, Pavel Durov, the creator of Telegram, approved TON as his blockchain network of choice to expand web3 infrastructure on the platform.
“Starting in November, TON Wallet will be included in the settings and attachments menus for all our users outside the United States and some other countries,” he announced on his official Telegram account. Telegram also revealed its growth forecast for Token 2049, predicting that its number of active users will increase from 800 million to 1.5 billion over the next 3 to 5 years.
Toncoin rose 6.2% over the past 24 hours to change hands for $2.43 as of 1 p.m. ET, according to CoinGecko. It gained 45% last week.
Investors anticipate Fed rate pause
Investors, meanwhile, are eagerly awaiting Wednesday’s meeting of the Federal Open Market Committee, with the consensus among analysts being that the Federal Reserve is unlikely to change rates from their current level of 5.25%. at 5.5%.
CME’s Fedwatch tool currently puts the odds of another rate hike in 2023 at around 1 in 3.
“We believe that consistent with the consensus that the committee will suspend its hiking cycle, leaving the federal funds rate unchanged at 5.5%, the most relevant information will come from the statement and its tone,” Hernan Yellati, global head of Macro Research at crypto research firm CTF Capital, said in an emailed note.
The projections for the rest of the year presented by Fed Chairman Jerome Powell during Wednesday’s press conference will serve as a guideline for markets. Investors will be vigilant for signals of a further rate hike in 2023.
“A hawkish tone will surely be perceived as negative for crypto assets while a neutral tone could lay the basis for expectations for the end of the bull cycle. The latter, if confirmed, will have an unambiguously positive impact on prices crypto assets, in our point of view,” Yellati added.
The world’s largest digital asset by market capitalization returned from a three-month low, with bitcoin’s price climbing 2.6% over the past day to $27,217 as of 1 p.m. ET, according to CoinGecko.
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