The TRX digital asset may unpair from the pressure of Bitcoin as Tether (USDT) trading was introduced.
TRON (TRX) is counting down days to its next milestone – the Super Representative elections happening on June 26. More and more representatives are campaigning for the elections. But the most significant event is the expectation that the TRX market price would finally awaken.
— Justin Sun (@justinsuntron) June 13, 2018
The triggering factor behind this is the introduction of Tether (USDT) pairings on Binance. The exchange, which has the largest Tether wallet in existence, has been spreading the USDT asset, letting it move beyond Bitcoin and into select altcoins. This gives the coins an alternative price path, where the final value is determined in trading uncoupled from BTC.
For TRX, the influence of BTC pairs is still extremely large, but lately, the share of USDT trading expanded to 18%. In this, TRX is similar to EOS, which moves counter to the market, and sees its price defy the drop of BTC with better resilience. Warnings apply that USDT trading may artificially inflate the price.
TRX lost more than 27% in the last week, as the markets turned to red and continue the slide. TRX traded at $0.043, down a net 9.3% in the past 24 hours alone. Now, TRX might have to fight to regain positions, and hope for a positive effect from the elections.
TRON has taken care to create a simple and intuitive voting process through its wallet, unlike the EOS vote which relies on third party sites and command line prompts. The requirement is to freeze TRX tokens for three days in order to vote. However, it is unknown how many new TRON wallets are out there, and how many withdrawals from exchanges would be needed.
On a more positive note, the Ledger team has reached out to TRON for achieving the best way to include the TRX asset in hardware storage. The biggest challenge would be to create a cold storage wallet that also has functionalities to lock tokens and vote. But just the inclusion of TRX on the popular hardware wallet would help the project spread to a wider group of investors
Read more at: Crypto Invest