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Tron [TRX] gains support from OKEx for margin trading, post BitTorrent airdrop announcement




Source: Unsplash

The whole cryptocurrency witnessed the bear’s wrath earlier today, with a majority of the coins spotted bleeding in double digits within a fraction of minutes. This included all the top currencies in the market such as Bitcoin [BTC], Ethereum [ETH], XRP, Litecoin [LTC], and Tron [TRX]. To add on, Ethereum [ETH] lost its second position to XRP again, right after the bear’s first strike.

Tron [TRX], a leading cryptocurrency in the market, was making the most out of the bull market as the currency rose from the tenth position to place itself at its current eighth position in the market and claiming the throne of the biggest winner in the market. However, the coin was unable to escape the bear’s wrath, as it was amongst the coins that had seen a loss in double-digit and dropped to the ninth position.

Nonetheless, the coin is recovering much faster than any other cryptocurrency, gaining back all it lost in the market. According to CoinMarketCap, at press time, Tron was trading at $0.0273 with a market cap of $1.82 billion. The cryptocurrency recorded a trading volume of $776.08 million and saw a rise of over 36% in the past seven days.

Amidst all the major market movement, OKEx, one of the leading cryptocurrency platforms in the space, has stepped forward to give the coin an additional push in the market. The exchange announced the opening of the marginal market for the coin. With this service, customers will be able to open a position for the coin with leverage, money borrowed by the exchange for trading. Additionally, a trader can either short or long their position based on the market trend for the cryptocurrency.

The exchange platform has announced that the coin will be paired with Tether [USDT] and Bitcoin [BTC] for margin trading. OKEx has also stated that the customers of the platform will be able to either avail 2x leverage on their available balance or the maximum amount mentioned by the exchange, with the preference given to the smallest amount.

Available loan amount for Tron on OKEx | Source: OKEx

Available loan amount for Tron on OKEx | Source: OKEx

Justin Sun, the Founder and CEO of Tron Foundation said on Twitter:

“Thanks for support. @OKEx #TRON

KYxWarMonkey, a Twitterati said:

“I knew once I went 100% all in on #trx #tron you [Justin Sun] would take care of us and you answered very well! Can’t wait to see Trons future! Xoxo”

Recently, the coin was in the spotlight because of the announcement pertaining to BitTorrent, the largest Torrent platform in the world. The Foundation unveiled the BitTorrent token [BTT] whitepaper, a TRC10 cryptocurrency, and announced that the crowdfunding of the token would be held on Binance’s new platform, Binance Launchpad. To add on to investors delight, Justin Sun announced that the BitTorrent token would be airdropped to the whole Tron community – all the TRX hodlers.

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.