The Justin Sun-founded cryptocurrency Tron (TRX) has advanced in the market, displaying an impressive gain of about 6.5% over the previous day. TRX has been struggling amid rumors of Justin Sun’s possible arrest and the demise of Tron’s USDD stablecoin. This bullish trend is, at least, a breath of fresh air for TRX and its entire community.
192 million TRC-20 USDT moved to Kraken
While the recent price increase has certainly piqued investors’ interest, there appears to be more to the story than meets the eye. There have been significant transfers of TRC-20 USDT, totaling about 194 million, from addresses linked to the well-known cryptocurrency exchange OKX to the Kraken exchange in the last 48 hours alone. MistTrack, a well-known blockchain analytics company, reported on Twitter.
A total of 192 million $USDT has been transferred from @okx to @krakenfx in the past two days.https://t.co/A4cgyObidl pic.twitter.com/wPgopbmq6K
— MistTrack🕵️ (@MistTrack_io) May 22, 2023
The timing of this transfer is noteworthy, as it coincides with the upcoming opening of digital asset trading for retail investors in Hong Kong on June 1. The TRON community anticipates TRX becoming a tradable cryptocurrency once this new trading opportunity becomes available.
With TRX’s market cap currently standing at an impressive $7 billion, this recent price surge raises questions about the potential impact of these significant USDT transfers and the implications for TRX’s future performance.
Tron (TRX) Unaffected Amid Huobi Exchange Closure
Interestingly, the ongoing Tron (TRX) price uptick came as Huobi, a global cryptocurrency exchange led by Justin Sun, was ordered to shut down due to an alleged failure to register with the Malaysian Securities Commission (SC).
On May 22, the Securities Commission of Malaysia (SC) issued an official statement, emphasizing that Huobi Global had failed to register as a cryptocurrency exchange operator and must halt all activity immediately.
The SC’s order demanded that Huobi Global cease all operations in the country, including disabling its website and mobile applications. The regulator further instructed the company to refrain from circulating advertisements or promotional materials to Malaysian investors.
As part of the regulatory directive, Malaysian investors were advised to cease trading on the platform, withdraw their funds, and close their accounts.
Although this regulatory development has had a significant impact on the cryptocurrency exchange scene, the news did not dampen the recent price surge observed by Tron (TRX). TRX continues to lead the overall market as a top gainer at press time, showcasing resilience amid the closure of Huobi in Malaysia.