Altcoins
Crypto Traders Cheer as Joe Biden Drops Out of Election Race, Smart Investors Are Already Buying Altcoins 100x
With Joe Biden finally dropping out of the US election, the path for the crypto-friendly Trump to win the race is clear. While Bitcoin initially fell after the news broke, it rallied after Kamala Harris was announced as the new candidate. Injective Protocol releases an ETP, Cardano prepares for the finalization of the Chang Hard Fork, while DTX Exchange is set to become the place to go for all types of trading.
What are the effects of Biden’s resignation on altcoins like Injective (INJ), Cardano (ADA), and DTX Exchange (DTX)?
Soon after Biden officially announced his withdrawal from the presidential race, Bitcoin dropped to around $65,800, causing $67 million in long liquidations. The uncertainty scares the market, and so shortly after, when Kamala Harris was announced as the successor, the market regained confidence. Bitcoin then rose to new highs 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 tech. However, most Crypto Twitter users believe she won’t win, with one tweet from @xBorovik receiving over 1,000 likes for saying:
“Camilla Harris as Democratic candidate is OPTIMISTIC for Encrypt!
He has NO chance of winning!!
This is super bullish for Encrypt!!”
In the long term, altcoins like Injective (INJ), Cardano (ADA) and DTX Exchange (DTX) are poised to take advantage. This is partly due to the high probability that Trump, pro-crypto, will win the election. And also to speculation about the subsequent retirement of Gary Gensler, chairman of the SEC and a thorn in the side of cryptocurrencies.
Will Injective’s (INJ) New ETP Generate 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 increase of Injective may have pushed it into oversold territory, and it is trading below the 50% Fibonacci resistance level. This is evidenced by the slow performance yesterday after an official announcement from the Injective (INJ) team and 21Shares about the release of an Exchange Traded Product (ETP) based on INJ.
At the time of writing, Injective (INJ) is up just 0.2% over the past 24 hours, settling at $21.17.
However, looking long-term, the 21Shares ETP (called AINJ) could very well increase the value of the token if network activity were to increase.
Hoskinson Teases 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. What this means for users is 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, about 25% of nodes have been upgraded.
Since the community will be responsible for naming future forks and upgrades, co-founder Charles Hoskinson bizarrely suggested that anything goes with the naming. His idea was that the community could call the next upgrade “Tasseled Wobbegong.”
While it may sound like gibberish, it’s actually the name of a slow, silent predator called a carpet shark that hides before devouring its prey. Presumably, Hoskinson is jokingly responding to those who have complained about the snail-like pace of Cardano’s (ADA) development.
Cardano (ADA) is currently up 38% on the yearly charts and up 0.5% on the daily charts.
Can DTX Exchange (DTX) Benefit From Pro-Crypto Administration in the Future?
While the future of cryptocurrency markets is bright, major cryptocurrencies are choosing coins with good ideas and low market caps (and therefore much more room to grow), in the hopes of making huge profits. DTX Exchangeand (DTX) is one of those coins. DTX Exchange (DTX) aims to make it easy for people to trade cryptocurrencies and other financial products.
If Trump wins, there will be a huge demand for advanced yet easy-to-use trading platforms. And DTX Exchange (DTX) would meet that need by offering over 120,000 financial products, from traditional assets like stocks, bonds, CFDs to crypto assets like tokenized Real World Assets (RWA) and crypto ETFs and ETPs. All with a fast, intuitive user interface and things like social and copy trading to assist new users or those with a lot of money but little time.
DTX Exchange (DTX) will also offer features not found on traditional exchanges, such as no KYC requirements and high leverage of up to 1000x.
And things are looking 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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