Cryptocurrencies market update: Tron launches BitTorrent Token airdrops as market retreats

Tron holders will start receiving their BitTorrent Tokens (BTT) today following the launch of the airdrop. The airdrop is controlled by the Binance Launchpad platform. The network intends to run the airdrops for a period of six years starting February 11, 2019.

The airdrops have been programmed to take place monthly until February 2025. The BTT tokens were issued to aid in the growth of its peer-to-peer decentralized platform, BitTorrent. BitTorrent was acquired by Tron in June 2019 making the network one of the largest in the world. BTT tokens were launched to execute on Tron blockchain and have the native TRC-10 compatibility. A total of 990 million BTT tokens have been created on Tron blockchain with 10.1% allocated for the airdrops.

“Think of Tron and BitTorrent like a razor and a blade. You need both together to create a new internet economy driven by decentralization. We are seeding BTT to deliver a marketplace of innovations and applications across the web,” Tron founder Justin Sun told CoinDesk.

There are a number of cryptocurrency exchanges that have pledged their support for the BTT airdrops scheduled to kickoff at block height 6.6 million on Tron blockchain. Some of these exchanges include OKEx, Huobi, Upbit, BitForex, Bittrex and Kucoin.

Market update

The crypto market is painted in red except for Dash (DASH) which has corrected higher by 3.74%. Investors are probably taking profits the assets came out of their slumber. The trading over the weekend saw digital assets correct higher, besides Tron bounced off the support at $0.025 to test the hurdle at $0.03. However, at the moment TRX/USD is trading below the moving averages above the primary support at $0.025. The retracement is likely to progress in the short-term owing to the negative signals from the technical indicators.

TRX/USD 1-hour chart