Tron (TRX) – The country with the world largest population is celebrating its peculiar New Year festival and the wave is felt around the world. Starting from 28th of January, it has been a very busy moment in China as millions of Chinese travel to their home country for about two weeks or more.
While the purpose of travelling home within the festive period has transformed from just reuniting with friends and families to engagement in domestic and international tourism and other business activates, it has been reported that transportation and trading has witnessed spike in the country.
However, in the case of cryptocurrency and blockchain, the festival should not pinch an inch since the government of the country has publicly placed embargo on all online crypto trading activities as well as peer-to-peer or Over-the-Counter transactions.
Contrarily, Tron (TRX) within this period has witnessed some level of rise in the market, and people are beginning to link it to the festival.
How It Affects Tron (TRX) And Other Crypto Trading
Starting from January 20, Tron has been witnessing miraculous growth in the market as the altcoin continues to maintain its line on the upside trend.
A day to the festival, Tron (TRX) attained its highest market value in the last 20 days – $0.030. Even though there has been a slight plunge in its price, the altcoin is still performing beautifully well in the market.
While many attached the market gain to the launch of BitTorrent assets which was completely embraced by users, there are slight reasons to believe that the Chinese New Year festival is amongst the factors affecting the growth of the altcoin in the market.
In Spite Of The Ban, Crypto Activities Occur In China And Its Environs
Irrespective of the embargo on crypto trading, enthusiasts and traders of digital currencies still find their way around it to make transactions. While some make use of VPNs (Virtual Private Networks) to bypass online restrictions, crypto dedicated businesses have left the county for other hospital places like japan, Malta and Singapore, amongst others.
China’s Crypto Ban Resulted To The Rise Of Tron (TRX)’s Partner, Binance.
Tron (TRX) strategic partner benefitted from the crypto ban in China to becoming the world largest crypto exchange platform. Binance used this opportunity to exploit countries like Singapore, Taiwan, Malta, Switzerland and South Korea amongst others after staging its head office in Tokyo.
Thus, before travelling for the festival, a number of Chinese would have made trades on their lovely Binance exchange owned by a Chinese, and Tron (TRX) would likely feel the effect.
Justin Sun Is From China, And Tron (TRX) Has An Head Office In Beijing
Tron (TRX) was founded by a young respected Chinese, Justin Sun, who is also the creator of China’s Snapchat, Peiwo. He progressed as the first millennial graduate from the University of Hupan haven defended his project – “Reflections and Thoughts on a Four-Year Journey as an Entrepreneur.” Furthermore, despite the clampdown on cryptos, Tron foundation currently maintains dual headquarters in Beijing and San Francisco.
Therefore, Sun and its produce would be given more preference and reverend in the province ahead of others.
Lastly, Tron (TRX) is working on China’s Google, Baidu cloud computing service. It was rumored that Tron (TRX) will test, operate, and build blockchain products based on Baidu Cloud. As such, Tron is gradually creating inroads for itself in the province despite the clog.
To end it all
The slight deep Tron (TRX) is witnessing at the moment is probably because of the absence of the few people who are still dealing with Cryptocurrencies in the province, and withdrawal of personal crypto assets by Chinese both at home and abroad for easy spending might also be a factor.
Conclusively, Todays Gazette wishes all Chinese amongst other celebrating the New Year festival a blissful period.
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