Market Recovery Amid Institutional Confidence

The cryptocurrency market remains in turbulent territory as Toncoin (TON) demonstrates both significant volatility and remarkable resilience.

After forming a head-and-shoulders pattern with strong resistance at $4.15, TON has recovered from its recent lows. It is now trading at $4.13 with a 12.5% weekly gain.

This recovery comes amid news that leading venture capital firms, including Sequoia, Ribbit Capital, and Benchmark, collectively hold over $400 million in TON, signaling institutional confidence in the blockchain’s future.

TON Technical Analysis Highlights

Price action formed a head-and-shoulders pattern with resistance at $4.15 and support at $3.60.

The support level at $3.60 was breached during the April 3rd selloff.

Volume analysis shows distribution phases coinciding with price peaks, suggesting institutional profit-taking.

Fibonacci retracement indicates potential stabilization around the 0.618 level at $3.58.

Cup-and-handle formation appeared during recovery with initial resistance at $3.58.

Strong buying pressure was observed during the 15:32-15:34 and 15:58 periods.

Price reclaimed the Fibonacci 0.382 level at $3.59, suggesting potential continuation toward $3.65.

Disclaimer: This article was generated with 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. This article may include information from external sources, which are listed below when applicable.

TheNewsCrypto, “Toncoin (TON) Eyes $4 as Bullish Momentum Builds,” accessed April 3, 2025

CryptoNews, “Is This the Next Solana? Toncoin’s $400 Million VC Investment Surge Signals Explosive Upside,” accessed April 3, 2025

CryptoDaily, “AI Predicts 12,500% Gains for Remittix (RTX), 232% for Chainlink (LINK) — But to Sell Toncoin (TON), Shiba Inu (SHIB) Fast,” accessed April 3, 2025

TheNewsCrypto, “Toncoin (TON) Price Prediction,” accessed April 3, 2025

Bitcoin Sistemi, “Top Crypto Platforms: Binance Coin, BlockDAG, Tron, Toncoin Poised for Major Growth in 2025,” accessed April 3, 2025

Hidden Road, a prime broker that focuses on both crypto and traditional assets, has received an inbound takeover approach, according to two people with knowledge of the matter.

Takeover talks are ongoing with a crypto native company that wants to acquire Hidden Road, the people said, but there is no certainty that any deal will be done.

Hidden Road declined to comment.

The company has raised about $50 million in the last 12 months, from investors including crypto venture capital firm Dragonfly Capital, one of the people said.

One of the investors, a crypto native firm, has since made an approach to buy Hidden Road, the person added.

Dragonfly Capital didn’t respond to a request for comment by publication time.

Prime brokers are an essential part of the plumbing of financial markets. They provide trading, financing and custody services to large institutions.

Hidden Road raised $50 million in a Series A funding round in July 2022. The round was led by Castle Island Ventures, with participation from Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, SLN Capital, Profluent Trading, Coinbase Ventures and Corner Capital.

The company was said to be weighing options including a potential sale or capital raise that could value the firm at more than $1 billion, according to a Bloomberg report last month.

Illinois will soon drop its staking lawsuit against Coinbase, joining three other U.S. states that have recently backed down from litigation against the exchange.

A spokesperson for Illinois Secretary of State Alexi Giannoulias told CoinDesk on Thursday that the office “intends to drop the Coinbase lawsuit.” The spokesperson did not reply when asked when the case may be dropped.

Illinois was one of 10 U.S. states that brought charges against Coinbase in 2023 for allegedly violating state securities laws through its staking program. The U.S. Securities and Exchange Commission (SEC) also charged Coinbase with violating federal securities laws for its staking product, but dropped that suit in February. Since the SEC’s retreat, state securities regulators in Kentucky, Vermont and South Carolina have also abandoned their own cases against the exchange.

The remaining states with staking-related suits against Coinbase include Alabama, California, Maryland, New Jersey, Washington and Wisconsin. Spokespeople for California, Maryland, and Wisconsin declined to comment on pending litigation.

A representative for the New Jersey Bureau of Securities told CoinDesk the “Coinbase matter remains open,” and Bill Beatty, securities administrator for the Washington Department of Financial Institutions said the state’s “case with Coinbase remains ongoing at this time.”

The Alabama Securities Commission did not return CoinDesk’s request for comment.