Coinspeaker
Liquidity Crunch: Tron-based Tokens Surge as FTX Users Try Withdrawal Alternatives
The surge started after FTX announced it reached a $13 million agreement with Tron to allow holders of TRX, BitTorrent (BTT), JUST (JST), Sun Token (SUN) and Huobi Token (HT) to swap assets directly from FTX to external wallets. Despite disabling new deposits of Tron-based tokens on FTX, many traders on FTX began to up their bids for the TRX and other Tron-based tokens.
Recall that FTX previously halted withdrawals on November 8 after the FTX token lost $8 billion of its value. The downtrend caused a liquidity crunch, causing the exchange to pause withdrawals. Afterward, a potential Binance-FTX deal to provide liquidity fell through even as users ramped up withdrawal requests as fears that FTX was going down multiplied.
Implications of the Tron-based Tokens Surge
TRX temporarily surged by as much as 4000% on FTX to trade at $2.50. Contrarily, it continued to trade at about $0.05 on other exch
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