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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 data from IntoTheBlock, Toncoin reported 1.68 billion TON, or $9.75 billion, in large transaction volume, marking an 80% increase. This spike comes amid a broader market sell-off, with 405 million in crypto liquidations, per CoinGlass data.
Bitcoin took a respite after reaching $108,000 for the first time, as traders anticipate a Federal Reserve interest rate drop. The biggest cryptocurrency by market value was trading around $104,930 at press time, down 2.29% on the day.
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As expected, Bitcoin’s drop has resulted in significant losses for alternative cryptocurrencies, referred to as altcoins, with some seeing higher losses comparable to BTC’s. Toncoin (TON) was in the red likewise, down 6.22% in the last 24 hours to $5.71.
The Fed is largely expected to drop 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 inflation concerns.
What’s ahead for markets?
Investors are anticipating the Federal Reserve‘s next monetary policy move, which is scheduled to be revealed Wednesday at 2:00 p.m. ET. Markets expect the Fed to drop rates by a quarter point, marking the third consecutive cut.
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So far, the Fed has lowered rates by a total of 75 basis points, beginning with a 50 basis point cut in September and followed by a 25 basis point cut in November.
Investors will also be watching the post-meeting statement and the press conference with Fed Chairman Jerome Powell, which may provide insight into how officials are thinking about monetary policy and the overall status of the economy.
