2023-05-22 14:31:42
The Tron (TRX) cryptocurrency, founded by Justin Sun, has advanced in the market, showing an impressive gain of around 6.5% in the previous day. TRX has been struggling amid rumors regarding the possible arrest of Justin Sun and the disappearance of the Tron stablecoin USDD. This uptrend is at least a breather for TRX and its entire community.
192 MILLION USDT TRC-20 HAS BEEN MOVED TO KRAKEN
While the recent price increase has certainly piqued investor interest, there seems to be more to the story than meets the eye. There have been significant transfers of USDT TRC-20, totaling around 194 million, from addresses linked to the well-known cryptocurrency exchange OKX to the Kraken exchange in the last 48 hours alone.. MistTrack, a well-known blockchain analytics company, reported on Twitter.
????MistTrack Alert????
A total of 192 million $USDT has been transferred from @okx to @krakenfx in the past two days. pic.twitter.com/wPgopbmq6K
— MistTrack????️ (@MistTrack_io) May 22, 2023
The timing of this transfer is remarkable as it coincides with the upcoming opening of digital asset trading for retail investors in Hong Kong on June 1. The TRON community anticipates that TRX will become a tradable cryptocurrency once this new trading opportunity becomes available..
With the market capitalization of TRX currently at an impressive $7 billionthis recent price increase raises questions regarding the potential impact of these major USDT transfers and the implications for future TRX performance.
TRON (TRX) NOT AFFECTED BEFORE THE CLOSURE OF HUOBI EXCHANGE
Interestingly, the continued price rise of Tron (TRX) came while Huobi, a global cryptocurrency exchange run by Justin Sun, was tidy to close due to an alleged failure to register with the Securities Commission of Malaysia (SC).
On May 22, the Securities and Exchange Commission of Malaysia (SC) released an official statement, emphasizing that Huobi Global had not registered as a cryptocurrency exchange operator and had to stop all activities immediately.
The SC order required Huobi Global to cease all operations in the country, including disabling its website and mobile apps.. The regulator also instructed the company to refrain from circulating advertisements or promotional materials to Malaysian investors.
As part of the regulatory directive, Malaysian investors were advised to cease trading on the platform, withdraw their funds and close their accounts.
Although this regulatory development has had a significant impact on the cryptocurrency exchange scene, the news has not diminished the recent price increase seen by Tron (TRX). TRX continues to lead the broader market as one of the top gainers at press time, showing resilience in the face of Huobi’s closure in Malaysia.
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