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What to Know Tron’s BitTorrent Token Airdrop This Week

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The first thing to know about the BitTorrent Token (BTT) airdrop is that it’s not just a one-off event.

This first one begins a series of monthly airdrops that will run until February 2025.

There are 990 billion BTT tokens created on the Tron blockchain. Of those, 10.1 percent have been designated for airdrops to TRX holders over the next six years, starting on Monday. Furthermore, the monthly airdrop will get bigger as time goes on, increasing once every February.

“Think of Tron and BitTorrent like a razor and a blade,” Justin Sun, founder of Tron and CEO of BitTorrent, told CoinDesk via a spokesperson. “You need both together to create a new internet economy driven by decentralization. We are seeding BTT to deliver a marketplace of innovations and applications across the web.”

When the Tron blockchain reaches a block height of 6.6 million, the team will take a snapshot of TRX balances and split up the first airdrop proportionally to all TRX holders. The first 12 airdrops will each distribute 990 million BTT tokens. Holders of one TRX will receive 0.11 BTT next week, according to Binance.

Currently ranked the eighth largest blockchain by market capitalization according to CoinMarketCap, Tron is currently worth $1.75 billion as of this writing. That’s down in value compared to when the ERC-20 version of TRX migrated to Tron’s standalone blockchain, which then stood at $3 billion.

Last June, Tron acquired BitTorrent, one of the oldest decentralized protocols on the internet. Then it announced it would create a new token called BTT for use with its file-sharing services. The public sale for that token sold out almost instantly, much like early sales during the initial coin offering (ICO) craze.

Is BTT safu?

Though Binance has been communicating all the information about the BTT distribution, users don’t need to hold their tokens on the exchange to receive the free tokens.

Two wallets that were featured at niTROn Summit 2019 have confirmed that their users are all set to receive airdrops of TRC-10 tokens (the standard used to create BTT). Tron Wallet and Trust Wallet have both confirmed that they are ready to support the airdrop, as have exchanges Binance, OKEx and Huobi.

“We support TRX, TRC-10 tokens, and if you control your keys, you will get an airdrop of BTT,” Viktor Radchenko of Trust Wallet confirmed to CoinDesk over Telegram. We previously spoke to Rachenko when non-fungible tokens were the hot topic in crypto.

“There’s not anything left to do,” Fred Terenas, who runs business development for Tron Wallet, told CoinDesk, adding that his team is still getting that question endlessly.

Terenas has noticed one action advanced users are taking to get ready.

With the forthcoming initial BTT airdrop, he said, holders of other TRC-10 tokens are moving to TRX to get the free BTT. “Some people go out and get rid of whatever they have to get the airdrop,” he said. This has led to short-term price drops for TRC-10 tokens, though Terenas expects many users to return to their original holdings after they receive some BTT.

Planned chaos

This dynamic, however, could play out each month. Such movements to and from TRX will make for an interesting ongoing experiment.

With its long airdrop plan for BTT, Sun’s Tron has positioned TRX as the proverbial gift that keeps on giving.

The total monthly airdrop will increase five times over the next few years, ending at 1,402,500,000 BTT per month in February 2025.

That said, if this is a strategy by Tron to encourage its supporters to HODL, Turing Advisory’s token economics expert, Siddhartha Kalla, doesn’t see it working.

“In general, the price of a token can drop much more than what the airdrops are worth,” he said, “so this should not be seen as a ‘long-term hold’ strategy for TRX holders, going by the history of airdrops in the space.”

Kalla does foresee advantages for Tron’s partner, Binance, however.

“One thing that jumps out is the set date on which the balances are eligible for the airdrop. This is bound to increase volatility and trading volume around this date, which is likely good for Binance,” Kalla noted, while acknowledging he couldn’t be

“There is not too much precedent here with a long airdrop.”

source:.coindesk.

Tron

Tron – TRX is Climbing Back Today

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Tron price:$0.23
Key TRX resistance levels:$0.025, $0.027, $0.03, $0.033, $0.035
Key TRX support levels:$0.02, $0.0018, $0.017, $0.015, $0.0127

*Price at the time of writing


Tron Long Term Price Prediction: Bearish

As highlighted in our weekly coins to watch article, the TRON-based Tether USDT, -0.02% giveaway is still rolling out to holders as per the incentive plan launched together with Raybo Technology, a China-based technology company. Daily airdrops are distributed on supported exchanges. Meanwhile, terms and conditions are apply for eligibility in the $30 million reward payout.

Now, let’s see how the TRX/USD market has been performing in the short, mid and long-term time frames.

TRON TRX, 13.46%, however, has seen a little recovery over the past few hours after meeting important support at the $0.02 price level. Today, the market is climbing back with price growth of 9.50%. The bulls are stepping back into the market on a short-term basis. 

With this action, TRX may continue to rise to immediate resistance at $0.025 and $0.027. A further drive could bring us back to the $0.03, $0.033 and $0.035 levels. However, the market appears bearish from a long-term perspective. 

At $0.027, a possible price rejection can fall the market back to $0.02, $0.018 and $0.017, as illustrated on the daily chart. A significant break could drive the price to $0.015 and $0.0127, near the 2018 low. Then, the RSI might dip to the oversold area but it is now supported on the 30 level.

The MACD is currently negative after oscillating at the positive zone since pre-December, indicating a bear market.

Tron Medium Term Price Prediction: Bearish

Significantly, the TRX/USD pair has made a medium-term bearish reversal after hitting $0.04 in late June. Now, the price action is forming a falling wedge pattern, which confirms a downtrend for the Tron market. 

During this session, we can see how TRX slightly bounced after falling to $0.02 at the lower wedge boundary. The buyers have shown a reaction, and if they can continue to gain momentum for the rest of this session, the price may close at $0.029 after surpassing the $0.0255 and $0.027 resistances.

However, the market may still fall back to key support at $0.02. Breaching this support could drop the price to the $0.017 and $0.015 support levels. The RSI is now rising after a positive cross. We may see a short-term bullish move if it climbs further. On the MACD, Tron is at the extremely negative zone, reflecting a dominant bear bias in the market.

Tron Short Term Price Prediction: Bearish

On the short-term, Tron is on the downside and has been constructing a falling channel pattern over the past 11 days of trading. The TRX/USD pair has reached the $0.024 level at the top of the channel boundary, where trading is likely to bounce back to $0.022 and $0.02 before we see a possible break down.

If the bulls can manage to sustain the price above the channel, the $0.027 and $0.0295 resistances will play out after breaching a minor resistance at $0.025, as labeled on the chart. Meanwhile, the hourly RSI is rising and it’s likely to meet a short-term resistance at the 70 level. A break upwards could launch a bull-run in the market.

Following the long bearish scenario, the hourly MACD has just seen a positive crossover.

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Poloniex, BigOne, and KuCoin roll additional support to USDT-TRON airdrop

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A couple of top crypto exchanges recently announced that they are extending support to the USDT-TRON airdrop which has already begun from July 15, 2019.

According to the latest blog post by Ploniex published on July 12, the exchange offers flexibility by supporting all three networks for Tether (Omni, Eth, and Tron). The exchange claims that this effort is among its best initiatives taken to enhance exchange “as the best possible exchange for crypto traders and enthusiasts.”

Subsequently, the exchange will be converting “a specific number of Tether into TRC-20,” which is currently on the Omni network. As per the earlier announcement, Tron is airdropping approximately 30million worth of USDT-TRON as a daily interest to holders of these tokens. According to the Poloniex Exchange;

The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex.

BigONE And KuCoin Supports USDT-TRON Airdrop
Poloniex is currently supporting deposits as well as withdrawals of USDT on the Tron network and subsequently credit airdrop to eligible holders of USDT. Besides Poloniex, another exchange, BigONE has also announced to support TRC-20-USDT. The official announcement of BigONE reads that the exchange has opened deposit service of TRC20-USDT and it will also support the airdrop of TRC20-USDT.

From now on, users can deposit TRC20-USDT to BigONE. Once the airdrop starts, BigONE will take a snapshot of TRC20-USDT that BigONE users hold at 16:00:00 (UTC) every day, the announcement reads.

In addition to Poloniex and BigONE, KuCoin exchange also published a blog post, detailing its plan of supporting TRC20 based USDT. The exchange states that users from Monday, July 15 can apply for KuCoin “to convert their USDT to TRC 20 based USDT” and obtain the reward. The KuCoin announcement states that;

Due to the limited amount of TRC20 based USDT in circulation on KuCoin and in the market, we recommend that users apply as soon as possible. When the available TRC20 based USDT reaches an insufficient level, users will not be able to apply for a lock.

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Tron CEO Justin Sun, Plans To Convince Warren Buffet To Soften His Stance On Digital Assets – He Reveals His Approach

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You may recall that Justin Sun has been gathering friends to take to the famous upcoming lunch that he will be having with Warren Buffet.

Sun gained massive media exposure not too long ago after he won an important charity auction.

Not too long ago, Sun won an eBay charity auction to have lunch with renowned investor Berkshire Hathaway CEO Warren Buffett.

Justin Sun explains his upcoming approach with Warren Buffet

Sun is really hoping that he’d be able to convince Warren Buffet to soften his vision on cryptos and their potential.

During a new interview with Forbes, he talked about his goals for the upcoming meeting mentioned above.

Here’s what Sun had to say:

“I don’t think we can convince him that all crypto and blockchain is good, but I hope he walks away knowing more about the industry and its potential…” Sun began.

He also said, “I’m not sure how much I can persuade him in three hours or less. I will point him to the recent moves by other big companies to embrace crypto. J.P. Morgan, IBM, and now Facebook are all jumping into the market based on its promise of borderless commerce and decentralized finance.”

Justin Sun invites Donald Trump to lunch

Other than this, another move that Sun made and it’s really worth mentioning is that he also invited President Donald Trump to the lunch as a response to his tweets against crypto.

Here’s Sun’s invitation for Trump:

A lot of enthusiasts were rooting for the idea and Sun is not the only one trying to convince Trump to come to the lunch and be open to changing his stance on the digital assets and their future.

Trump did not offer an answer to Sun’s invitation as and far as we know, he might not even know who Justin Sun is.

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