Tag: Trx

Terra (LUNA), Avalanche (AVAX) and Four Additional Ethereum Rivals Mounting Serious Challenge to ETH in 2022: JPMorgan Analysis

by Dailyhodl

Analysts at global banking giant JPMorgan say that Ethereum (ETH) competitors will challenge the top altcoin’s decentralized finance (DeFi) dominance of the crypto markets this year.

In a recent report, analysts led by JPMorgan managing director Nikolaos Panigirtzoglou say that ETH’s 70% market share of the DeFi space will continue to drop because the blockchain’s sharding upgrade is still at least a year away.

Ethereum’s market share of the DeFi space is already down 30% since January 2021.

“In our mind, this optimistic view about ETH’s dominance is at risk.

This is because the scaling of the Ethereum network, which is necessary for the Ethereum network to maintain its dominance, might arrive too late.”

According to Panigirtzoglou, Ethereum competitors such as Terra (LUNA), Solana (SOL), Avalanche (AVAX), Fantom (FTM), Tron (TRX), layer-2 scaling solution Polygon (MATIC), and the Binance Smart Chain (BSC), powered by Binance Coin (BNB), are gaining ground on the second-largest crypto by market cap in terms of growth via adoption.

Furthermore, some developers may not ever return to ETH after its sharding upgrade is complete, according to the report.

“The relative valuation of Ethereum vs. its competitors has been echoing its declining DeFi share.

The risk for ETH is that by the time sharding is implemented in 2023, competitors’ ecosystems would have grown by so much that activity won’t return en masse to the Ethereum network.

In other words, Ethereum is currently in an intense race to maintain its dominance in the application space with the outcome of that race far from given, in our opinion.”

Ethereum is exchanging hands at $3,111 at time of writing, a 30% decrease from its 30-day high of $4,439.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Justin Sun Steps Down From Tron to Join Grenada Government

by Decrypt

Justin Sun will step down from his role as CEO of the Tron Foundation, the organization behind the blockchain network by the same name that he founded in 2017.

But Sun isn’t retiring to a fishing village to enjoy a quiet life off of his crypto riches. Instead, he’s preparing to fly to Geneva, Switzerland.

Sun will join the government of Grenada as its new full-time ambassador to the World Trade Organization, according to a press release from Tron shared with Decrypt.

“It is a true honor to serve as the WTO ambassador for Grenada,” said Sun in a statement shared with Decrypt. “I look forward to the opportunity to represent Grenada and work with WTO leadership to reinvigorate global trade in various ways, particularly the development of a robust digital economy internationally.”

“Sun’s expertise in the blockchain industry will likely breeze some much-needed fresh air into the regional economy, as Grenada and CARICOM [the Caribbean Community] are among the hardest hit by a Covid-led tourism industry shutdown,” the press release read.

It isn’t clear how Sun landed a government job on a small Caribbean island. Grenada’s Permanent Mission in Geneva did not immediately respond to Decrypt’s request for comment.

A spokesperson for Tron confirmed to Decrypt that it isn’t a “paid role,” and added that “one of [Sun’s] goals is to represent and make blockchain mainstream by bringing it to the global political arena via [the] WTO.”

Sun loves promoting crypto to influential names, and he pays generously for the opportunity if necessary.

In February 2020, he paid $4.5 million for the honor of having a meal with billionaire investor Warren Buffett (following a long delay after Sun said he had kidney stones). At the dinner, he gifted Bitcoin to Buffett who had previously called the cryptocurrency “rat poison squared.” Sun later apologized to Buffett for being “a big-mouthed over-marketer.”

The diplomats of Geneva may be in for passionate lectures about crypto.

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Panic Sell or Buy the Dip? CoinShares Says Institutions ‘Extremely Polarized’ Over Crypto Market Correction

by Dailyhodl

Leading digital asset manager CoinShares says that institutional investors are in disagreement over the latest crypto correction.

According to CoinShares, crypto investment products saw nearly $88 million worth of inflows last week. However, the numbers may not tell the full story as some investment providers saw more than 10% of their total assets under management (AuM) lost to outflows.

“Some providers saw outflows representing as much as 11% of assets under management (AuM) while others saw inflows representing 14% of AuM.

[These inflows and outflows suggest] extremely polarized opinion amongst investors, with some panic selling during this most recent price decline, while others seeing it as a buying opportunity.”

CoinShares says an example of such polarized opinions can be seen in the inflows and outflows of the two largest crypto assets by market cap, Bitcoin (BTC) and Ethereum (ETH).

“All the panic selling was focused on Bitcoin last week, 

Despite this, on an aggregate basis, Bitcoin saw inflows totaling US$51m. 

Despite this, trading volumes across [BTC] investment products fell by 13% to US$3.1bn for the week.

Ethereum saw minor outflows totaling US$17m last week, the first time following six weeks of inflows, although it reflects only 0.09% of AuM and is therefore likely not meaningful.”

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Source: CoinShares

Despite last week’s crypto polarity, two smart contract platform altcoins, which CoinShares refers to as “world computer” coins, bucked the trend to earn major weekly inflows. The same is true for multi-asset crypto investment products.

“Solana, Tron and Multi-asset investment products bucked the trend with inflows totaling US$19m, US$17m and US$15m, respectively. 

The recent price appreciation of Tron, a “world computer” coin, has pushed its total AuM to above that of Cardano.”

At time of writing, Solana (SOL), Tron (TRX) and Cardano (ADA) are trading at $158.90, $0.087 and $1.26, respectively.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Under-the-Radar Altcoin Built on Tron Jumps Nearly 80% After Announcement of Mainnet Launch

by Dailyhodl

One mid-cap altcoin built on the Tron (TRX) network is surging after the announcement of its impending mainnet launch, set to occur next week.

BitTorrent (BTT) is a file-sharing protocol token built on the Tron blockchain. BTT allows users to share files peer-to-peer by paying for access to faster download speeds, more bandwidth and storage resources.

BTT’s price is exploding ever since BitTorrent Inc. took to Twitter to announce the official launch date of BitTorrentChain (BTTC). The BTTC mainnet will go live on December 12.

The BitTorrentChain launch was announced in early November in a press release that further explained the new chain’s capabilities. According to the press release, the project aims to be the first heterogeneous cross-chain interoperability protocol built on TRON. BTTC will also be compatible with the Ethereum Virtual Machine (EVM)

“Furthermore, BTTC will support and be compatible with TRON, Ethereum, and Binance Smart Chain (BSC) upon its release, allowing users to transfer mainstream assets among TRON, Ethereum, and BSC in a decentralized manner without any restrictions.”

In response to yesterday’s Twitter announcement concerning the specific launch date of the mainnet, BTT surged approximately 78% from a low of $0.0023 to a local high of $0.0041.

At time of writing, BTT is trading at $0.0040, up 35.56% from 24 hours ago.

Tron, the blockchain on which BTT is built, has seen positive price action of the same period. Currently, TRX is trading at $0.091, up 7.42% over the last day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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eToro Announces Cardano (ADA) And Tron (TRX) Delisting, Points To Regulatory Concerns

by NEWSBTC

Crypto exchange eToro has just announced that it is delisting two major cryptos from its platform. As regulatory concerns grow, crypto exchanges have found themselves bearing the brunt of the weight and have had to take steps to avoid this. This has led to the delisting of cryptocurrencies from crypto exchanges in order to maintain compliance with the regulatory environment.

The latest of the exchanges that have been bucking under the weight of regulatory concerns is eToro. On Tuesday, the exchange announced via a blog post that it will be delisting community favorites Cardano (ADA) and Tron (TRX). Users of the crypto exchange also received emails informing them of the latest development.

Related Reading | Kraken Is Delisting Top Privacy Coin Monero (XMR) For UK Users

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eToro Limits Access For US Users

According to the announcement, US users are the core user base that will be affected by the delisting of the coins. In what looks to be a multi-phase delisting, eToro is limiting access to these digital assets for users in the United States on December 26th, 2021.

The first phase of this is preventing US users from opening up new positions in Cardano (ADA) and Tron (TRX). While users will still be able to close their positions, they will not be allowed to open new ones. In addition, eToro will also remove staking features for US users for both Cardano (ADA) and Trong (TRX), with final reward payouts happening on January 15th, 2022.

Cardano (ADA) price chart from TradingView.com

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ADA price drops to $1.8 | Source: ADAUSD on TradingView.com

The statement cited the “evolving regulatory environment” as the reason behind the delistings. This is in line with Kraken delisting privacy coin Monero for its UK users. The crypto exchange had also stated regulatory concerns for the move.

How Will This Affect ADA And TRX Holders?

The blog post explained that Cardano (ADA) and Tron (TRX) holders will still be able to hold both assets on the exchange following the delisting. Furthermore, they will be able to sell their positions for USD. However, this, too, has an expiry date as it stated that the selling of both assets will also be limited in the first quarter of 2022.

Related Reading | Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic

For users invested in Smart Portfolios that contain either or both of these assets, eToro will convert them to open positions, which the user can choose to hold or close. Users whose portfolios copy others will be subjected to the same action taken on the portfolio being copied. So if the latter sells their Cardano (ADA) and Tron (TRX), then the assets in the copying portfolio will also be sold.

Finally, users will still be able to send their holdings to the eToro Money crypto wallet past the deadline for selling and will not be forced to sell any of their holdings in either asset.

Featured image from Time.com, chart from TradingView.com

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Institutional Investors Pouring Millions Into Surprise Altcoin As Bitcoin Year-to-Date Inflows Hit New Record: CoinShares

by Dailyhodl

Institutional investors are shifting the amount of capital they’re allocating to the crypto markets, with a surprise altcoin suddenly on their radar.

According to the digital asset management firm CoinShares, crypto investment products enjoyed a 12th consecutive week of inflows from institutions.

Seemingly out of nowhere, Tron (TRX) surged near the top of the altcoin list, recording $21.9 million in inflows over the past week.

Ethereum, Solana (SOL), Polkadot (DOT), Cardano (ADA) and XRP also recorded notable weekly inflows, according to the crypto investing firm.

In the week that ended November 5th, Ethereum recorded $31.4 million in inflows, Solana registered $9.6 million in inflows while Polkadot and Cardano recorded $8.5 million and $5 million in inflows, respectively. Inflows into XRP over the same period reached $2.5 million.

Source: CoinShares

Over the past week, Bitcoin (BTC) saw the largest volume of inflows among all crypto assets. Year-to-date, the flagship cryptocurrency has registered inflows of over $6 billion.

“Bitcoin saw inflows totaling US$95m last week, representing the largest inflows of all digital assets. Inflows in this 8-week bull run now total US$2.8bn, with year-to-date inflows now at a record US$6.4bn.”

You can read the full report here.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Tron Exchange-Traded Product To Be Listed on Europe’s Biggest Stock Exchange

by Dailyhodl

Open blockchain platform TRON (TRX) will join mutual fund VanEck as part of an upcoming listing on the Deutsche Börse German stock exchange.

The new product is an exchange-traded note (ETN) called VanEck Vectors TRON ETN (VTRX). It will debut on Europe’s largest stock venue tomorrow, with further expansion to Zurich, Paris, and Amsterdam expected.

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The TRON (TRX) protocol was founded in 2017 by Chinese-American tech entrepreneur Justin Sun, and aims to allow content creators to sell directly to their consumers.

Martijn Rozemuller, CEO at VanEck Europe, explains the firm’s motivation for establishing the TRON partnership.

“Ethereum continues to grow in popularity, but younger platforms such as TRON also offer many advantages, such as lower transaction costs or faster processes, and by adding them to their portfolio, an investor increases the diversification, which lowers the overall risk.”

With the new TRON listing, VanEck will have three different crypto ETNs on the Deutsche Börse, including one for Polkadot (DOT) and another for Solana (SOL). The firm also has Bitcoin (BTC) and Ethereum (ETH) ETNs that trade on other European exchanges.

TRX is currently trading at $0.094872 at time of writing, down 10% on the day according to CoinGecko, as part of an overall dip that has affected the crypto market.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin, Ethereum, Tron, XRP Worth $97,000,000 Looted in Massive Crypto Exchange Hack

by Dailyhodl

Japanese cryptocurrency exchange Liquid Global just suffered a massive hack, losing control of tens of millions of dollars in top crypto assets, including Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and XRP.

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Blockchain analytics firm Elliptic is tracking the hack and tallying up the numbers. The firm says $97 million in cryptocurrency has been stolen, according to a blog post.

Source: Elliptic

“This includes $45 million in Ethereum tokens, which are currently being converted into Ether using decentralised exchanges (DEXs) such as Uniswap and SushiSwap. This enables the hacker to avoid having these assets frozen – as is possible with many Ethereum tokens.”

After discovering the flash hack, Liquid quickly informed the public on Twitter with a list showing the addresses where the assets were sent and further revised the list two hours later to include Tron and XRP.

“Important Notice Update:

The following assets had been transferred to the hacker’s following addresses:

BTC1Fx1bhbCwp5LU2gHxfRNiSHi1QSHwZLf7q

ETH/ERC-20 0x5578840aae68682a9779623fa9e8714802b59946

ETH 0x8762db106b2c2a0bccb3a80d1ed41273552616e8

… We will continue to work with the community to take the appropriate actions.

Revised list:

ETH 0xefb33ccafc98d5fdb27a6f5ff17350ca76bf3b53

ETH 0xca0e7269600d353f70b14ad118a49575455c0f2f

TRXTSpcue3bDfZNTP1CutrRrDxRPeEvWhuXbp

XRP rfapBqj7rUkGju7oHTwBwhEyXgwkEM4yby”

In April, Liquid Global chose crypto lending platform Celsius Network as the company’s crypto custodian. Since the hack, Celsius CEO Alex Mashinky told his 117,800 Twitter followers that Celsius’ assets and accounts were safe amid the breach on Liquid.

Liquid isn’t the only Japan-based cryptocurrency exchange to undergo a massive hack.

In 2014, the infamous Tokyo-based crypto exchange Mt. Gox came crashing down after a hacker seized 850,000 BTC from the platform.

More recently, crypto exchange Coincheck was hacked in 2018 when hundreds of millions of dollars in XRP and NEM tokens were stolen.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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USDC Stablecoin Goes Live on Tron (TRX) Blockchain

by Btcmanager

Leading USD-pegged stablecoin USDC is now functional on the Tron (TRX) blockchain.

USDC Now Live on Tron

USDC, a digital currency tied to the price of the U.S. dollar is now available on the Tron network, a report by Coindesk confirms.

For the uninitiated, USDC is jointly issued by cryptocurrency exchange Coinbase and payments firm Circle via the consortium named CENTRE.

As reported yesterday by BTCManager, CENTRE is mulling expanding the issuance of USDC on several more public blockchains such as Tron, Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, and Tezos.

Two of the aforementioned blockchains are now compatible with USDC, namely Tezos and now, Tron. In an official statement issued today, Circle said the availability of USDC on Tron will expand the stablecoin’s access to millions of more users across Asia.

The firm noted in a press release:

“Supporting USDC on multiple blockchains reinforces Circle’s commitment to growing the internet economy and creates network effects that will establish USDC as the standard means of value transfer across the internet.”

With this, Tron has become USDC’s fifth public blockchain network. Commenting on the development and citing “unending demand” for USDC on Tron, Justin Sun, said:

“I cannot wait to see what end users are able to do with USDC.”

In the same vein, Circle CEO, Jeremy Allaire, noted:

“TRON has built a very large and highly successful blockchain platform and network, and is one of the most widely used in stablecoin transactions. We’re excited to bring the benefits of a trusted dollar digital currency such as USDC to this growing ecosystem of users and developers.”

Can USDC Eclipse Tether (USDT)?

The inflating demand for stablecoins in the rapidly budding crypto industry has led to multi-billion dollar market caps for several fiat-pegged digital currencies in the space.

For instance, consider the largest stablecoin by market cap, USDT. In April this year, USDT’s market cap shot past a whopping $50 billion amid rising demand for the stablecoin.

In comparison, USDC’s market cap recently hit $25 billion, facilitating transactions worth more than $700 billion. Whether USDC is able to outshine USDT as the largest stablecoin in the world remains to be seen.

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Tron Founder Justin Sun Says Crypto Bull Market Gearing Up for Next Rally – Here’s When

by Dailyhodl

Justin Sun, founder of Tron (TRX), believes that the crypto bull market is still intact and that a new rally is just around the corner.

In an interview with Bloomberg, Sun predicts that there will be a “price adjustment” in June before a rally is experienced in the two months thereafter.

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“I believe June is just a price adjustment and we will see bull markets in July and August. I still believe the bull market is still there and we will continue to see developments of cryptocurrency.”

The Tron founder argues that the recent downturn in the crypto markets is just a correction that is necessary after a rally.

“I believe the adjustment of the crypto market, most of the reason is because it has been up for the whole year. I think we need to see some adjustments come in the right time.”

Sun adds that China’s crackdown on cryptocurrencies will not succeed due to the decentralized nature of the industry.

“I think China’s recent news about crypto is very important. But I want to emphasize there is no single person or factor that can control the market.”

The Tron founder adds that the economic opportunities presented by the space will complicate China’s anti-crypto agenda.

“I believe, even today, China is trying to put more strict regulations on crypto. But still crypto is going to grow in China like in most countries, because right now, crypto in China also has a high interest tied to the local government, tied to lots of the people’s jobs in China. So I don’t think China can crackdown on crypto overnight.”

Regarding Dogecoin (DOGE), Sun likens the meme coin to video game retailer Gamestop’s (GME) stock whose rally was driven by retail traders who defied the experts.

“I believe in Dogecoin. I think these have the same sentiments like GME back like a quarter ago. So this is the people’s crypto. They don’t want to hear about the analysis of professional Wall Street investment banks. They just want to trade on their own decisions.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin (BTC) $ 27,419.35 0.45%
Ethereum (ETH) $ 1,642.30 1.53%
Litecoin (LTC) $ 64.26 3.11%
Bitcoin Cash (BCH) $ 228.45 8.94%