TRON Trades Down On Rumors of China Regulatory Pressures

What's Status of TRON Founder Justin Sun?
Is China taking aggressive action against crypto-founders?
Crytpo and Bitcoin Futures Story of Day

Crytpo and Bitcoin Futures Story of Day


OVERNIGHT CRYPTO MOVERS

Bitcoin U$9,744.00 -2.41%
XRP  U$0.3110; -0.43%
Ethereum  U$207.85.; -2.12% 
EOS U$4.2289; +2.71%
Litecoin U$90.03; -0.37% 
Bitcoin SV  U$163.10; -4.35%
TRON U$0.023333; -3.51%

CRYPTO STORY OF THE DAY

Yesterday, There Were Conflicting Reports Released On The Whereabouts And Status Of TRON Founder Justin Sun - The Narrative Moved From Sun Being Under An Exit Ban And Facing A Slew Of Charges In China To Him Proving On Periscope That He Was In Fact In San Francisco - This Is The Second Time In A Month Rumors Have Circulated Around Chinese Government Enforcement Action Against TRON

On Monday, Sun announced that he had asked Warren Buffet to delay their lunch (which Sun had won bidding over USD 4M for) due to illness (kidney stones). Hours later The 21st Century Herald, a Chinese business news outlet, ran an article which accused Sun of leading an illegal ICO (TRON) and running a Ponzi scheme among other illegal activities and was under investigation by the Chinese Government. The article implied that it was not sickness but rather questions around Sun's status that had caused him to postpone the Buffet lunch. That narrative was picked up aggressively by both Twitter and various news sources. Later in the day, however, crypto-news platform The Block gave the first indication that Sun may not be in China after noting he was in fact staying in San Francisco. Sun later went on streaming video platform Periscope to prove the point. Earlier in the month a video circulated online showing protesters and police at the TRON offices. TRON later made a statement claiming the protestors had invested in a TRON imposter and that the police had been sent for their protection.

Takeaway: Were the Chinese taking aggressive action against crypto-founders at the same time the topic is heating up in US political spheres, it would be significant. That said, whether the last two stories are coincidence/attacks or whether this is a, 'where there is smoke there is fire' situation, is yet to be seen. TRON traded down yesterday even as the rumors were far from verified - hinting that actual enforcement could have serious price implications.

About the Author

FRNT Financial is an Institutional Brokerage which offers clients a variety of products along with research & analytics in the crypto-space.