Tanya Abrosimova
Independent Analyst
- TRON's founder invested in cryptocurrency exchange Poloniex.
- TRX/USD has recovered to the area above $0.0200.
Just Sun, the creator of TRON and the founder of TRON Foundation, confirmed that he was among the investors that bought cryptocurrency exchange Poloniex from bitcoin-startup Circle. He also shared his views on collaboration with the exchange.
Circle purchased Poloniex for $400 million in February 2018 with the aim to develop the cryptocurrency trading business/ However, the market share of the exchange dropped from 60% in 2017 to 1%. In October it was announced that the startup would dispose of the exchange business, while Poloniex would be operated by Polo Digital Assets supported by a large group of investors.
Initially Justin Sun denied the rumors that he was one of the said investors; however, recently he confirmed the participation in Poloniex purchase and announced a series of joint initiatives including TRX listing on the platform and several airdrops.
TRX/USD breaks above $2.0
TRX/USD jumped to $0.0201 following the announcement. At the time of writing, the coin is changing hands at $0.0199, down from the recent peak. Despite the retreat, it is still 3% higher from this time on Tuesday. A sustainable move above $0.0200 will allow the upside momentum to gain traction.
TRX/USD, 1-day chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?