TRX's USD Exchange Rate Jumps 270% Higher on FTX After Exchange Brokers Deal With Tron

On Thursday, at approximately 12:48 p.m. (ET), the embattled exchange FTX revealed that it has created a special facility with Tron. The deal allows holders of specific Tron-based coins to withdraw the tokens to external wallets on a 1:1 ratio. While coin market aggregation sites say tron tapped a high of $0.

Timeline of Tron

Tron's stablecoin USDD de-pegged following significant USDD conversions to USDT and USDC TRX has since recorded massive coin distribution leading to a further price decline amid the FTX debacle Amid the general cryptocurrency market's decline due to the collapse of FTX, Tron's [TRX] algorithmic stablecoin Decentralized USD (USDD) fell from its $1 peg.

TRX ditched its low volatility phase after the broader market pulldown Barring an exception, the crypto's funding rates on most exchanges depicted a bearish edge In challenging its compression phase within the $0.061-$0.

Once a week, the official Tron Twitter account would tweet out an update for the world to see. The events of the past week, the post claims, have provided Tron with new possibilities.

Tron [TRX] recently published its latest weekly report, which discussed all the necessary and notable community developments over the last seven days.  ?Check out #TRON  Highlights from this week (Oct 29, 2022 – Nov 4, 2022).

With the recent general market price rally, Tron [TRX] traded at a five-day high of $0.06382 on 5 November as per data from CoinMarketCap. The cryptocurrency stood at rank #15 by market capitalization.

TRON network recently released its latest weekly update, one that you might want to look into especially if you are a TRX trader/investor. In fact, some argue that these developments might influence the demand for TRX going forward.

Tron, a decentralized, open-source blockchain-based operating system with smart contract functionality, recently released its monthly report for the month of October. There, the company behind the cryptocurrency TRX highlighted some of the developments that gave its ever-supportive community plenty of reasons to celebrate.

Tron [TRX] recently released its October's monthly report, wherein it mentioned all the notable developments of the ecosystem in the last 30 days. Looking at the report suggested that Tron witnessed quite a few heated moments in October, as several developments gave hope for brighter days to come.

Blockchains have often been compared to each other for how fast they can process a transaction, as it is a factor that helps in understanding the capabilities of a blockchain. Tron [TRX] recently topped the list of blockchains in terms of transaction speed.

As per a tweet shared by Wu Blockchain, Justin Tron may soon initiate mass layoffs in his newly acquired exchange Huobi. Wu further shared how Huobi's CEO and CFO have already submitted their resignations to Justin Tron.