Connect with us

Altcoins

Ethereum [ETH] and Tron [TRX] spike as Justin Sun drops hint of major partnership with Ethereum

Avatar

Published

on

Ethereum [ETH] and TRON [TRX] spike as Justin Sun drops hint of major partnership with Ethereum
Source: Pixabay

Justin Sun, the CEO of the Tron Foundation, recently hinted of an imminent partnership with his long-time foe Vitalik Buterin, the co-founder of Ethereum. As it would be a symbiotic relationship between the two, their respective cryptocurrencies saw a massive spike on April 8.

Ethereum [ETH] shot up by a massive 8.66 percent, reinstating its position as the top altcoin in the market. Tron [TRX] saw a significant 6.11 percent increase in its price as it looked to claw back into the top-10 cryptocurrencies list. At press time, the coins marked the highest increase in the top-20 coin list, as the market held firm above $184 billion, with Bitcoin [BTC] inching closer to the $5,300 mark.

The Tron CEO hinted in a podcast with The Crypto Chick on April 6 that partnerships with “Ethereum developers” and enterprises built on the network would be tabled in the future, in a bid to “make the industry better”.

Given the history between the two major crypto-proponents, their partnership can only be a positive sign for the industry. Furthermore, the powerhouse combination of their respective networks, coupled with their Decentralised Applications push, may mean a bigger and more powerful network for developers.

Source: Trading View

The top altcoin has seen a major upswing as the Bitcoin green wave stormed through the market over the past week. Prior to the hinted partnership induced upswing, the coin surged from $141.75 to $167.57, where it was trading at 1700 UTC on 7 April. Beginning around the aforementioned time, the coin pushed up by a massive 10.79 percent to reach $184.38. At press time, the coin declined to $182.45.

Ethereum’s valuation has seen a massive increase of almost $2 billion since the hint was dropped. The coin’s current market price stands at $19.26 billion, inching closer to the $20 billion-mark, which it was above prior to November 2018.

FCoin took the top-spot for ETH trading volume and accounted for 4.58 percent of the global volume via the trading pair ETH/BTC. Other notable exchanges on the list were LATOKEN, ZBG, DOBI Exchange and Coineal.

Source: Trading View

Tron might not have reached the height of Ethereum’s spike, however, the coin managed to break multiple resistance levels as the market stabilized its collective upsurge. After the mid-week correction dropped the coin’s price from $0.0288 to $0.0253, the upward trajectory began. At 0200 UTC on April 7, the coin began rising up from $0.0268 by 9.71 percent to reach $0.0294, within a matter of hours. At press time, Tron’s price dipped slightly and was trading at $0.0285.

Market Capitalization also mimicked the price movement almost to a tee, with the coin’s market cap reaching a high of $1.94 billion in the recent wave. Since then, the coin has seen its market cap dip to the current value of $1.905 billion, behind the top stablecoin Tether [USDT], by around $200 million and well ahead of Bitcoin SV [BSV] by over $400 million.

OKEx takes the top spot for TRX trade volume, accounting for 11.2 percent of the global volume via the trading pair TRX/USDT. Other notable exchanges holding significant quantities of TRX volume are Huobi Global, BitForex, DigiFinex and HitBTC.





Subscribe to AMBCrypto’s Newsletter


News

GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

Published

on

GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending