Losses Pile Up in FTX Bankruptcy Turmoil
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“We need to stop telling people to trust us and give them an actual reason to,” said Eric Demuth, the CEO of Bitpanda.
Investor interest in Tron is growing as the protocol receives updates. The new Java-tron GreatVoyage-4.6.0 upgrade, codenamed Socrates, is a required update that includes crucial enhancements that greatly improve the protocol’s ability to utilize storage. Since time is of the essence, here is a quick rundown of TRX: Major new enhancements that will smooth out the protocol’s operation have been released The proposal from PancakeSwap has the potential to be a strong positive catalyst Current price action is negative, but a reversal would be bullish 📢Java-tron GreatVoyage-4.6.0(Socrates) has been released! 🛠It is a mandatory update, contains a few important features: ✅update the checkpoint mechanism of data storage ✅optimize the storage structure of resource delegation relationship — TRON DAO (@trondao) November 23, 2022 That’s not all good news, either. PancakeSwap just made an announcement to its user base that it would be accepting TRX into its Syrup staking pool. The price of TRX eventually reflects all of this. Using a weekly time frame, CoinGecko reports that TRX’s price rose 0.8%. Everything looks and sounds fantastic, but what do the experts have to say about it? To Uptrend, Or Not To Uptrend? It doesn’t look like it’ll form an uptrend on the charts, and that might be for a number of reasons. It’s worth noting that the Bollinger band is establishing a crunch zone immediately following the cup formation in TRX. Related Reading: Polkadot Soars 8% In Last 24 Hours Courtesy Of Its Dev’t Activity, NFT Ecosystem Growth Chart: TradingView The impending decline may be part of a larger cup-and-handle structure with an ascending triangle serving as its handle. The regression model also reveals that the present decline is robust, with Pearson’s R value hitting 0.61, indicating that despite positive events on-chain, pain is not out of the question for TRX. The fact that the RSI is still in the oversold bottom half further confirms a downward trend. All of this is occurring as TRX trades at $0.0525 per coin. On a 4-hour timeframe, the technical indicators are optimistic, as the RSI is rising and the bollinger band is widening. As this indicator oscillates between overbought and oversold, the rising RSI value is accompanied by a decline in price. According to CoinGlass, the TRX derivatives market is improving slightly as exchange financing rates improve. TVL decreased on the DeFi side of Tron from $4.31 billion to $4.29 billion. Chart: Coinglass Not Enough Momentum TRX investors and traders are unquestionably instilled with confidence by recent events. According to CoinGlass, this is further underlines by the fact that more traders are entering long holdings than short positions. However, based on the metrics, they should proceed with caution, as the technicals indicate that TRX will experience further losses. However, short-term traders could target the $0.056 barrier, as this would be a good place to begin a rally. Related Reading: Litecoin (LTC) Must Maintain $77 Level To Sustain Enthusiasm Come December TRX total market cap at $4.88 billion on the daily chart | Featured image from WallpaperAccess, Chart: TradingView.com
Turkey’s Financial Crimes Investigation Board has seized assets belonging to Sam Bankman-Fried after launching an investigation into FTX’s affairs in the country.
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Crypto influencer David Gokhshtein has told his nearly 700,00 followers on Twitter that he expects Ethereum co-founder Vitalik Buterin and and Elon Musk to join forces to upgrade Dogecoin. The Dogecoin price, possibly triggered by Gokhshtein’s speculation, saw a massive spike of more than 12% at one point in the aftermath. The price shot up from $0.0823 to as high as $0.0913 on Binance. At press time, however, DOGE was already experiencing a slight correction of the swing and was trading at $0.0882. “I feel that we’ll all seen Vitalik and Elon working together to somehow upgrade DOGE”, Gokhshtein tweeted and added that “they won’t work on Bitcoin — well because Vitalik tried that in the past and was kicked and Elon is interested in turning something that started off as a joke into something serious.” However, it is important to remark that neither Musk nor Buterin have commented on Gokhshtein tweet. Related Reading: Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend The crypto-influencer is making a pure speculation, presumably based on previous statements made by both individuals. Musk is known to be one of the biggest, if not the biggest Dogecoin (DOGE) supporter. His tweets have caused massive swings in the DOGE price in the past. Last but not least, there are rumors and hints – which Musk has never fully dispelled – that Musk himself is the biggest holder of Dogecoin (DOGE). Deep Dogecoin Ties Between Buterin And Musk Vitalik Buterin, for his part, has already spoken out several times on the subject of a DOGE upgrade from proof of work to proof of stake. According to Buterin, Dogecoin has been in consideration for a move to proof-of-stake for some time. Buterin shared this assessment at Mainnet 2022, a crypto conference held Sept. 21-23 in New York. Back in August 2021, the Dogecoin Foundation announced its re-launch. First established in 2014, the foundation has since been able to count on the support of the Ethereum mastermind. Related Reading: Litecoin (LTC) Must Maintain $77 Level To Sustain Enthusiasm Come December Buterin joined the board of the newly established Dogecoin Foundation as one of its four-member advisory team. A representative of Elon Musk is also on board. This is not necessarily surprising given the Tesla CEO’s previous activities regarding Dogecoin. Not least, Musk had called for a drastic reduction in transaction fees on the Dogecoin network, among other things. Moreover, Buterin has donated large amounts of DOGE to the Dogecoin Foundation several times in the past, the last time in November 2021. A year ago, he donated 20 million DOGE. So, even though Gokhshtein’s statement is pure speculation, there are indeed some connections between the two personalities that make a joint effort not seem impossible.