Why has TRX skyrocketed in recent days?
Why has TRX skyrocketed in recent days Editor\’s Note: This article is from Caiy
Why has TRX skyrocketed in recent days Editor’s Note: This article is from Caiyun Blockchain (ID: cybtc_com), authorized by Odaily Star Planet Daily to reprint.
Today is Friday, the TRX token price has risen from $0.000006 to $0.0002, an increase of over 100%, with a current market value of $1 billion. The starting point of this bull market was in early January when the price of Bitcoin hovered around $3,000. But as the market continued to rise, Bitcoin has broken through the $8,000 mark and is now trading around $10,000 again.
Why is this happening? Because recently, many retail investors have started buying into the liquidity pools provided by the TRXSwap protocol, which allows them to earn TRX rewards and liquidity mining rewards through trading. This method allows them to earn profits through liquidity. If someone is willing to deposit funds into the project and is interested in the project, they can purchase a new trading platform and engage in trading. This idea is very appealing and many people find it interesting. So I speculate that this time it may be due to the emergence of a large number of arbitrageurs, and some people may use their funds to buy other tokens to exchange for BTC or other digital currencies.
However, it turns out that not all of these factors will cause significant price fluctuations, as most of the time, we only need to look at the current market environment and see if there are any influencing factors related to risks or stability. For example, before April 2020, when BTC dropped by 50%, we believed that the premium of BTC/USDC would rise to below 70%. But in the past one or two months, this situation has changed, and there have even been some institutions trying to push BTC to lower highs.
Of course, for those who hold assets such as ETH, this is a very important psychological factor because many investors hope to allocate their funds to new participants in the cryptocurrency market. Therefore, if they want to invest in cryptocurrencies, it is best to choose a secure exchange rather than a DEX like Uniswap.
Due to the existence of these factors, people tend to choose an exchange, then choose a trading platform that provides liquidity as a custodian, and then use them to short their own assets.
However, during the bear market in 2017, when the market experienced a major drop, people often did not pay attention to this fact- it was a disturbing hack event and a highly dangerous behavior. The “stolen” BTC disappeared from the historical stage shortly after the sharp increase in late 2017, but now it has quickly recovered.
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/daily/23588.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Token Approval (SwapX) Explorer transferred 200 BNBs to Tornado Cash
According to reports, PeckShieldAlert shows that the address labeled “Token Approval (SwapX) Explorer” has transferred 200 BNBs to Tornado Cash. The address related to the SwapX attack has transferred 200 BNBs to Tornado Cash Analysis based on this information:PeckShieldAlert, a platform that monitors cryptocurrency transactions, reported that an address labeled “Token Approval (SwapX) Explorer” has transferred 200 BNBs to Tornado Cash. As for the interpretation of this message, there are different possibilities as to why this transfer occurred. Firstly, since the address is named “Token Approval,” it is possible that it is related to an exchange platform that goes by the name of SwapX. It is likely that SwapX was approving a token or a contract that is related to Tornado Cash. Tornado Cash is a decentralized privacy solution that can allow users to send and receive cryptocurrency transactions without any traceability on the blockchain. This solution can provide users with anonymity and privacy, especially when it comes to Ethereum-based…
-
Aptos Foundation Provides Funding for Move Language Development and Aptos Eden Platform
According to official Twitter, the Move language development teaching and Aptos ecological aggregation platform Aptos Eden have been selected for the Aptos Foundation funding progr
-
Russian Ministry of Finance Proposes Criminalization of Encrypted Mining
On March 16, it was reported that recently, the Russian Encryption Industry and Blockchain Association (RACIB) wrote to Anton Siluanov, Minister of Finance, requesting clarification of the department’s position and measures on encryption. It is understood that the Ministry of Finance advocates criminal penalties for citizens and entrepreneurs engaged in encrypted mining. Alexei Moiseev, Deputy Minister of Finance of the Russian Federation, previously stated that it was necessary to amend the criminal law and provide for penalties for underground mining. The Russian Encryption Association requires the Ministry of Finance to clarify regulatory measures for encryption Analysis based on this information:The Russian Encryption Industry and Blockchain Association (RACIB) recently sent a letter to Anton Siluanov, the Minister of Finance, requesting clarification about the department’s position and measures on encryption. According to reports, the Ministry of Finance is advocating for criminal penalties for citizens and entrepreneurs engaged in encrypted mining. Alexei Moiseev, Deputy Minister of Finance of the Russian Federation, even suggested…
-
Bitcoin Market Update: Risk Control in Times of Market Fluctuation
According to the report, the market shows that BTC has exceeded US $25000 and is now reported at US $25001.0, with a daily increase of 9.62%. The market fluctu…
-
ParaSpace NFT Lending Agreement Suspended Over Suspicious Transaction Operations
According to reports, ParaSpace, the NFT lending agreement, officially stated that due to the team’s observation of suspicious transaction operations, the ParaSpace agreement has been suspended for security reasons, and users cannot conduct any transactions (withdrawals, deposits, and settlements). ParaSpace: For security reasons, currently users cannot perform any transactions Analysis based on this information:ParaSpace, the popular non-fungible token (NFT) lending agreement, has recently been suspended due to alleged suspicious transaction operations, as reported by the company. In a statement released on their official website, ParaSpace mentioned that their team has observed some transactions being carried out on their platform that violated their security guidelines. As a result, the company has opted to suspend all user transactions, including withdrawals, deposits, and settlements, until further notice. The suspension of transactions on ParaSpace is primarily aimed at preventing any unauthorized access to the platform or the funds involved in it. According to the company’s directive, users will not be able to access their…
-
Lens Protocol in the Polygon ecosystem excitedly announces upcoming air drop but deletes tweet reply shortly after
On February 15, the Web3 social protocol Lens Protocol said in a reply to the topic that Lens Protocol is one of the most exciting projects of Polygon ecology …
-
Judge expresses suspicion towards SEC’s attempt to prevent Binance US from acquiring Voyager Digital assets
According to reports, Michael Wiles, a judge of the bankruptcy court of Voyager Digital, said in a court hearing on Thursday that he was seriously suspicious o…
-
Ouyi OKX Ventures Announces Strategic Investment in LayerZero: A Cross-Chain Communication Protocol Revolutionizing Cryptocurrency Trading
On April 5th, according to official sources, Ouyi OKX Ventures announced a strategic investment in the cross chain communication protocol LayerZero. LayerZero is a system that can
-
Social Future Raises $6 Million in Financing to Develop Its AI-Based Metaverse
On April 6th, Social Future, a social metaverse company based on artificial intelligence, announced the completion of a $6 million financing, with SNZ, Everest Venture Group, Foliu
-
The Rise and Fall of ARbit (ARB): A Cautionary Tale for Traders
On March 23rd, it was reported that in the past 7 days, the price of the dead old project ARbit (ARB) has increased from a maximum of $0.00024 to $0.027, a hundredfold increase. To