Toncoin Surges as Bitfinex Launches Tokenized Gold on TON Network – Bullish Momentum Ahead?
Toncoin's price action flips bullish after Bitfinex bridges real-world assets to blockchain—gold goes digital on TON.
The move signals growing institutional confidence in The Open Network's infrastructure—while traditional finance still struggles with paper-based settlement.
Market watchers note the timing: TON's recovery begins just as Wall Street gold ETFs bleed another $2B in outflows this quarter.
Bitfinex adds support for tokenized Gold via TON
Bitfinex, a cryptocurrency exchange company, has announced the launch of tokenized Gold digital assets under the ticker XAUT0 on The Open Network (TON). According to a press release statement, the new product aims to expand the accessibility of Gold as a digital asset, supported by high-performance, secure and interoperable blockchain infrastructure.
The integration has paved the way for Bitfinex users to deposit and withdraw XAUT0 via the TON transport layer. TON was chosen for its high transaction threshold, which enables secure, low-cost and highly scalable asset transfer across different networks.
Holders of the tokenized Gold assets can now “convert between XAUT0 and XAUT, and vice-versa, at a 1:1 ratio using the platform’s built-in Currency Conversion tool,” as explained in the press release.
“As the blockchain ecosystem matures, we’re proud to offer our customers flexible options for managing and transferring digital assets, now including gold on TON,” Anoush Bhasin, head of listings at Bitfinex, said.
However, there is a caveat for holding XAUT0, as it is not directly issued or redeemable by Tether’s USDT stablecoin.
Interest in the tokenization of real-world assets (RWAs) has been growing tremendously, with blockchains like the XRP Ledger (XRPL), solana (SOL) and Ondo Finance leading the trend. The launch of tokenized Gold on TON adds to the growing list of blockchains supporting tokenization and bridging the gap between cryptocurrencies and the traditional financial system.
Technical outlook: Toncoin recovery aims for $3.00
Toncoin bulls are nurturing a recovery on Wednesday after retesting support at around $2.72 the previous day. The renewed risk-on sentiment can be attributed to the news around the launch of tokenized Gold and a robust technical structure, as observed on the 4-hour chart below.
Interest in the token remains relatively elevated, with a buy signal from the Moving Average Convergence Divergence (MACD) indicator backing the recovery. This signal occurred when the blue MACD line crossed above the red signal line, encouraging traders to increase exposure.
TON/USDT 4-hour chart
TON currently sits above the 50-period Exponential Moving Average (EMA), in line to provide support at $2.81. The 100-day EMA, currently at $2.84, could cap price action if not broken, especially if traders book early profits.
Other key levels traders WOULD want to monitor include the 200-period EMA at $2.91 and the seller congestion at $3.00, holding about 6.25% above the current price level. Still, below the 50-period EMA at $2.81, the demand zones likely to provide support lie around $2.72, which was tested on Tuesday, and $2.60, probed on June 22.
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
