BONK Slips as Governance Vote Nears, Testing Key Technical Support

Do Kwon, co-founder of Terraform Labs, has been sentenced to 15 years in prison after pleading guilty to conspiracy and wire fraud, which resulted in significant financial losses in the cryptocurrency market. The sentencing follows a series of legal challenges related to the collapse of TerraUSD, which led to a loss of approximately $40 billion.

Bitcoin has rebounded to approximately $93,000 after experiencing a dip following the Federal Reserve's recent decisions, indicating a stabilization in the market. However, analysts caution that the cryptocurrency is not yet fully out of the woods, with altcoins continuing to face pressure.

Robinhood's stock price fell by 8% following a significant decline in trading volumes across equity, options, and cryptocurrency markets in November, raising concerns about the waning momentum of retail investors. This downturn reflects a broader trend of decreasing trading activity in the cryptocurrency sector, as highlighted by various market analyses.

Aptos experienced a 7% decline as trading volumes surged 38% above monthly averages, driven by institutional repositioning ahead of a scheduled token unlock. This event has raised concerns about market sentiment as investors brace for potential supply increases.

TON has slipped 3.3% to $1.59 as the broader cryptocurrency market experiences a downturn, consolidating below resistance at $1.65 while support is forming above $1.59. Traders are closely monitoring for a potential breakout above $1.70 to regain upward momentum.

ICP has seen a decline of 4.28%, breaking below the $3.40 support level, which has reinforced a bearish market structure. The token's price drop was accompanied by a surge in trading volume, indicating heightened market activity during this critical period.

BNB has dropped below the $865 mark, trading within a narrow range as buyers attempt to defend the $864-$867 zone while sellers limit gains near $868.50. This decline reflects a broader downturn in the cryptocurrency market, where many assets are facing increased selling pressure.

BONK has experienced a decline of 4.5%, retreating from resistance near $0.00001010 and entering a consolidation phase around $0.00000910. This movement indicates a struggle to maintain upward momentum amid market pressures.