Altcoins
Cryptocurrency Traders Rejoice As Joe Biden Drops Out Of Election Race, Smart Investors Are Already Buying Altcoins 100x
With Joe Biden withdrawing from the US election, the path for pro-cryptocurrency Donald Trump to win the race is clear. Although Bitcoin initially fell after the news broke, it rose again after Kamala Harris was announced as the new candidate. Injective Protocol is launching an ETP, Cardano is preparing for the completion of the Chang Hard Fork, while DTX Exchange is set to become the go-to place for all kinds of transactions.
What are the effects of Biden’s resignation on altcoins such as Injective (INJ), Cardano (ADA) and DTX Exchange (DTX)?
Immediately after Biden officially announced his withdrawal from the presidential race, Bitcoin plummeted to around $65,800, triggering $67 million in long liquidations. Uncertainty spooks the market, and so shortly after, when Kamala Harris was announced as his successor, the market regained confidence. Bitcoin then skyrocketed to new highs of around $68,000, liquidating $34 million in short positions.
While Kamala Harris has never stated her stance on cryptocurrency, she is known to be mostly pro-Silicon Valley and pro-tech. However, most Twitter users on cryptocurrency believe she won’t win, with a tweet from @xBorovik receiving over 1,000 likes for stating:
“Kamala Harris, as the Democratic candidate, is optimistic about crypto!
She has NO chance of winning!!
This is super optimistic for crypto!!”
In the long term, altcoins such as Injective (INJ), Cardano (ADA) and DTX Exchange (DTX) are poised to take advantage. This is partly due to the strong odds that pro-crypto Trump will win the election. And also because of speculation that SEC Chairman and crypto’s thorn in the side, Gary Gensler, may retire in the future.
Will Injective’s new ETP (INJ) bring significant investment?
With the rise of Trump and the fall of Gary Gensler, tokens like Injective (INJ), Cardano (ADA), and DTX Exchange (DTX) no longer have to worry about being classified as securities. This means they can be traded freely and easily. Injective (INJ) is in the green across all time frames, up over 200% year-to-date.
That said, this impressive price rally for Injective may have pushed it into oversold territory, and it is trading below the 50% Fibonacci resistance level. This is evidenced by yesterday’s sluggish performance following the official announcement by the Injective (INJ) team and 21Shares regarding the release of an INJ-based ETP (Exchange Traded Product).
Injective (INJ) is up just 0.2% over the past 24 hours at the time of writing, sitting at $21.17.
However, in the long term, the 21Shares ETP (called AINJ) could well cause the token to rise if network activity can increase.
Hoskinson Announces Next Cardano (ADA) Upgrade Will Be Called “Tasseled Wobbegong”
Although Cardano (ADA) development activity has been extremely slow compared to other blockchains and projects, such as Injective (INJ) and DTX Exchange (DTX), the chain is finally (almost) ready for the next stage of its evolution: the Chang Hard Fork.
This milestone marks the completion of a series of upgrades known as the Voltaire Era. For users, this means that once 75% of nodes have been upgraded, the chain will become more decentralized. Ownership and decision-making will be transferred from IOHK to the community. Currently, approximately 25% of nodes have been upgraded.
Since the community will be in charge of naming future forks and updates, co-founder Charles Hoskinson whimsically suggested that anything goes for names. His idea was that the community could call the next update “Tasseled Wobbegong.”
While it may sound like gibberish, it is actually the name of a slow and silent predator called a carpet shark, which makes itself scarce before devouring its prey. Presumably, Hoskinson is humorously responding to those who complain about the slow pace of Cardano (ADA) development.
Cardano (ADA) is currently up 38% on the yearly charts and 0.5% on the daily charts.
Can DTX Exchange (DTX) Capitalize on the Upcoming Pro-Crypto Administration?
As the future looks bright for the cryptocurrency markets, cryptocurrencies with good ideas and a small market cap (and therefore much more room for growth) are the ones that the top crypto whales are choosing, hoping for massive returns. DTX Exchangee (DTX) is one such cryptocurrency. The goal of DTX Exchange (DTX) is to make it easy for people to trade cryptocurrencies and other financial products.
If Trump wins the presidency, there will be a strong demand for advanced yet easy-to-use trading platforms. And DTX Exchange (DTX) will meet this need by offering over 120,000 financial products, from traditional assets like stocks, bonds, and CFDs to crypto assets like tokenized real-world assets (RWAs) and crypto ETFs and ETPs. All with a fast, intuitive user interface and features like social trading and copy trading to help new users or those with lots of money but little time.
DTX Exchange (DTX) will also offer things not found in traditional exchanges, such as no KYC requirements and high leverage of up to 1000x.
And it’s even better for DTX Exchange (DTX), because unlike Cardano (ADA) and Injective (INJ), the token is new. This means that it takes much less money to significantly move the token’s price.
DTX Exchange (DTX) is currently trading at $0.04, with a market cap of $19 million, compared to Injective’s $2.6 billion and Cardano’s (ADA) $15.3 billion. This means it has plenty of room to grow 100x.
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