Over the course of the past few years, a wide range of altcoins have come into existence that have made the crypto ecosystem a bit less dependent on Bitcoin, and TRON (TRX) is definitely one of those.
Why the Sudden Fall?
The crypto token TRX has grown in stature over the years and is now regarded as one of the leading altcoins in the world. However, it has not had a particularly great time today, and its value has plummeted significantly due to the wider crash in the market that has been led by Bitcoin. TRX has plunged by as much as 10.5% and at one point was trading at just $0.01715 per token.
The general crypto market has quite volatile over the past few months, with big gains often being followed by big crashes. Bitcoin fell by as much as 5% within the matter of a few hours today, and that resulted in a wider crash in the market, as is so often the case.
That being said, it should be mentioned that the fall in TRON may be attributed to other causes besides Bitcoin’s crash. Earlier on today, news broke that several important members of the cryptocurrency industry were going to lose access to bank accounts.
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The founder of TRON, Justin Sun, is among those who will no longer have access to his bank account. This is a particularly significant development and one that could have far-reaching consequences for the entire project. The founder of the TRX project went on the social media platform Twitter and stated that despite having held an account for as long as eight years, his bank, the Bank of America, is going to close his account.
Bank of America has not provided any explanation with regards to its actions, but it is believed that banks are now cracking down on accounts that are directly related to the cryptocurrency industry.
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