Toncoin Surges After Blockchain Restart Amid Crypto Market Slide

Toncoin rebounded strongly after a five-hour blockchain outage, outperforming major cryptocurrencies.

In the unpredictable realm of cryptocurrency, even a minor disruption can quickly escalate into a major event. That’s exactly what happened with Toncoin (TON-USD), which saw its blockchain come back online after nearly five hours of downtime. Despite the temporary hiccup, Toncoin outperformed many of its major peers, according to CoinDesk.

Major Cryptos Face Sharp Declines

The turbulence in the crypto market wasn’t isolated. Bitcoin (BTC-USD) led a widespread market slide, dropping 6%, while Ethereum (ETH-USD), Solana (SOL-USD), Cardano (ADA-USD), and Dogecoin (DOGE-USD) all fell by over 5%. In particular, Ethereum futures faced the highest liquidations at $102 million. As Augustine Fan of SOFA noted in a telegram message to CoinDesk, “BTC ETFs saw a very large $127 million in outflows as traders appeared to take profit after the Jackson Hole rally.”

AI Tokens Struggle Despite Nvidia Hype

Adding to the market’s woes, AI tokens also struggled. Despite the buzz around Nvidia’s (NVDA) potential blockbuster earnings, tokens related to AI saw notable declines. Near Protocol (NEAR-USD) dropped 10%, Internet Computer (ICP-USD) fell by 6.5%, and Fetch.ai (FET) saw an 11.8% dip. “Sentiment around AI has definitely shifted,” said Katie Stockton of Fairlead Strategies, indicating a broader market adjustment.

What Is the Price of Bitcoin Right Now?

At the time of writing, Bitcoin’s price is sitting at $59,926.95. This significant drop comes amidst a broader market downturn and increased liquidations in Bitcoin futures. The substantial $127 million in outflows from Bitcoin ETFs reflects traders’ cautious stance following recent market volatility.