TON Foundation to Launch TON Teleport BTC Bridge This Year, Connecting Toncoin Network to Bitcoin

The TON Foundation will launch the TON Teleport BTC bridge later this year, connecting the Toncoin network to Bitcoin and sparking new opportunities for BTC holders.

The TON Foundation will launch the TON Teleport BTC bridge later this year, connecting the Toncoin network to Bitcoin and sparking new opportunities for BTC holders.

Meanwhile, the top crypto has found momentum to surge past the $65,000 resistance and has traded above it over the past day.

As we reported, TON Teleport BTC will allow users to transfer assets between the two networks without any third parties, guaranteeing security.

Bridges are common targets for hackers—in the first half of 2022, hackers made away with a staggering $1.4 billion. One of that year's most infamous hacks was on Wormhole, where over $300 million was lost.

“All transactions are executed via smart contracts and verified by TON blockchain validators. Storing and using Bitcoin on TON is as secure as on the Bitcoin network itself, but significantly cheaper and more convenient,”

Says TON Foundation’s technical lead Anatoliy Makosov.

With the new bridge, Bitcoin holders can leverage exciting opportunities, such as trading on some of the popular DEXes on Toncoin and leveraging some lucrative DeFi platforms.

On-chain data shows that TON is one of the top ten networks for total value locked with over $780 million. However, unlike most of the other top ten networks which have over 200 platforms sharing this TVL, TON only has 19, indicating that each platform on the network has high traction.

And with the gaming ecosystem on Toncoin shooting to domination this year with projects such as Notcoin, BTC holders can greatly benefit from the new bridge,

Bitcoin Was Liquidated to $60,000 by German Government Tokens

Bitcoin was dealt a big blow by the liquidation of $3 billion in tokens by the German government, which almost had the token falling below $60,000.

However, since then, it has recovered and is trading above a key level.

At press time, BTC changes hands at $66,637, gaining 1.56% in the past day for a $1.3 trillion market cap and 54.2% domination.

In the past day, the token surged to a high of $67,377, its highest price since early June. This brings its total gains this week to 14%, which outpaces the likes of BNB, EOS and Ether.

Crucially for BTC, it has managed to surge past $65,000, which has been its resistance for weeks. Since early June, the token has been rejected at this level. However, in the past day, it has traded above this resistance and is on track to turn it into the new support.

As one analyst pointed out, the continued rise is not a surprise. BTC has, after all, broken a multi-week downtrend, which almost always results in a multi-week uptrend, as shown below.

Toncoin, on the other hand, has stalled over the past week, where its price has dipped 0.4%. It currently trades at $7.32, with $7.5 proving tough resistance.

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