Toncoin (TON) has experienced a significant surge in whale activity, with its large transaction volume increasing by 80% in the last 24 hours.
According to IntoTheBlock, Toncoin’s large transaction volume was 1.68 billion tons, or $9.75 billion, an increase of 80%. This surge comes amid a broader sell-off in the market, with 405 million cryptocurrency liquidations, according to CoinGlass data.
Bitcoin took a breather after hitting $108,000 for the first time as traders await an interest rate cut from the Federal Reserve. At press time, the largest cryptocurrency by market value was trading around $104,930, down 2.29% on the day.
As expected, Bitcoin’s fall led to significant losses for alternative cryptocurrencies called altcoins, with some seeing higher losses comparable to those of BTC. Toncoin (TON) was also in the red, falling 6.22% over the past 24 hours to $5.71.
The Fed is expected to cut interest rates by another quarter point on Wednesday, but the policy outlook for next year is less clear due to strong U.S. economic growth and concerns about inflation.
What awaits the markets?
Investors are awaiting the Federal Reserve’s next monetary policy move, due Wednesday at 2:00 pm ET. Markets expect the Fed to cut rates by a quarter point, which would be the third cut in a row.
The Fed has cut rates by a total of 75 basis points so far, starting with a 50 basis point cut in September and then a 25 basis point cut in November.
Investors will also be watching Fed Chairman Jerome Powell’s post-meeting statement and news conference, which could provide insight into how officials are thinking about monetary policy and the overall health of the economy.
