Web 3 Diaries – Tron Breaches 2-Month Resistance
TRON [TRX] staking continued to decline over the past week and the data from Santiment was not likely to inspire confidence in investors. However, the price action showed bullish signs and lower timeframe bulls can look for trade opportunities.
TRX clocked 9% increase last week while Bitcoin [BTC] added 5% during the same period, but the most popular cryptocurrency witnessed increased volatility as compared to TRX. A drop in BTC prices is likely to pull TRX lower as well. If BTC remains stable or posts gains, TRX will also move upward.
The market structure of TRX has been bearish on the daily timeframe after the move below $0.066 on 7 March. Since then, the price set a series of lower highs, with the most recent one being the $0.067 level.
Bitcoin Average Transaction Fee Jumps to 2-Year High at $7
Bitcoin prices may be finding it difficult to break through trading range, but that is hardly a dampener for miner or related activity.
Bitcoin blockchain involving Ethereum-style tokens and non-fungible token (NFT)-like “inscriptions” has driven up congestion on the network, pushing the average fee rate to the highest in nearly two years while showering miners of the cryptocurrency with extra revenue.
On Wednesday, the average fee per Bitcoin transaction rose to $7.25, the highest since July 2021. For comparison, the rate so far this year had fluctuated between roughly 50 cents and $4, data from BitInfoCharts shows.
Genesis Creditors Sweating As FTX Chases $4 bn In Loans And Collateral
FTX Group is making moves to take back nearly $4 billion in cash and crypto from defunct lender Genesis Global Capital (GGC) and its affiliate GGC International.
According to court papers filed on Wednesday, these funds include almost $2 billion in loans and collateral handed to GGC by Sam Bankman-Fried’s Alameda Research and more than $1.62 billion that was withdrawn from FTX by the two firms before it went bust.
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