Tron [TRX] Up 5% Amid Rumours of Justin Sun Investing in Poloniex

By Vinnie Singh
Published October 19, 2019 Updated October 22, 2019
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Tron [TRX] Up 5% Amid Rumours of Justin Sun Investing in Poloniex

By Vinnie Singh
Published October 19, 2019 Updated October 22, 2019

Tron (TRX) has grown 5% in the last 24-hours following rumours of Tron CEO Justin Sun investing in Poloniex’s new digital firm. 

Justin Sun May Invest in Poloniex

On Friday, cryptocurrency exchange Poloniex announced in a blog post that it was spinning out of Circle and forming another company – Polo digital assets with new backers and a global focus. Among Poloniex developmental plans is focusing on global traders and spending $100M on expanding and developing the platform. Also, US customers will no longer be able to use Poloniex from the next month.

According to rumours, one of the new backers of Poloniex is Justin Sun. The unconfirmed news comes from several Circle employees who refuse to be named. According to sources, Justin Sun is leading the Asian investment consortium backing Poloniex’s new company and he visited Circle’s Boston headquarters regarding the same yesterday and today. Justin Sun has not yet confirmed if the rumours are actually true.

TRX Up 5% Amid Rumours

TRX has grown 5% in a sluggish market in the last 24-hours, and this upward movement seems to have come as a reaction to the news of Sun’s plans of investment.

Source: CoinMarketCap

Tron began the week at $0.0161. It reached a weekly high of $0.168 on Tuesday, but it could sustain the upward movement for long, and it closed at $0.0157. On Wednesday, it tumbled further and hit $0.0148 before bouncing to $0.152. On Thursday, it plunged to the weekly low of $0.0146, but embarked on an upward movement again, closing at $0.0154. Yesterday, plummeted to a low of $0.0147, but began an upward journey again to reach $0.0155. Today, it rose to $0.0157 to mark a nearly 5% gain in a 24-hour period. At press time, it is trading at $0.0155.

Other Developments at Tron

Today, Tron announced the details of its association with Huobi Global. Justin Sun tweeted that users would now be able to deposit TRC20-USDT on Huobi with upto 30% Annualized Percentage Rate (APR) interest as a reward.

Source: Twitter

Today, as an update on its partnership with the sports betting platform, Sportsbet.io, Tron announced that users would be able to use their TRX to bet on the platform from October 20.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Vinnie Singh
72 Articles
All things Blockchain & Crypto. 3 years for writing for Crypto Publications, ICOs and Blockchain cos. Book Junkie. Travel Freak. Food rules my mood. Enough said. Follow me on twitter @vinniesingh7 or mail me at vinnie[at]squadx.io

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