With Joe Biden finally stepping down from the US elections, the way for pro-crypto Trump to win the race is clear. Although Bitcoin initially dropped after the news was released, it rose again after Kamala Harris was announced as the new nominee. Injective Protocol releases an ETP, Cardano gets ready for the finalization of the Chang Hard Fork, while DTX Exchange is set to be the place to go for all kinds of trading.
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 retirement from the presidential race, Bitcoin dropped to approximately $65,800, causing $67 million of long liquidations. Uncertainty spooks the market, and so shortly after, when Kamala Harris was announced as the successor, the market regained confidence. Bitcoin then whipsawed up to new highs of around $68,000, liquidating $34 million of short positions.
While Kamala Harris has never declared her stance on crypto, she is known to be mostly pro-Silicon Valley and tech. However, most Crypto Twitter users feel that she will not win, with one tweet by @xBorovik receiving over 1000 likes for saying:
“Kamala Harris as the democratic nominee is BULLISH for crypto!
She has NO chance of winning!!
This is super bullish for crypto!!”
In the long term, altcoins such as Injective (INJ), Cardano (ADA), and DTX Exchange (DTX) are ready to benefit. This is in part due to the high chance of pro-crypto Trump winning the elections. And also because of speculation regarding the subsequent retirement of Gary Gensler – SEC chair and thorn in the side of crypto.
Will Injective’s (INJ) new ETP bring significant investment?
With the rise of Trump and fall of Gary Gensler, tokens such as Injective (INJ), Cardano (ADA), and DTX Exchange (DTX), no longer need to worry about being classified as a security. This means they can be traded freely and easily. Injective (INJ) is in the green on all time frames, up by over 200% since the start of the year.
That said, this impressive rise in Injective’s price may have pushed it into oversold territory, and it is trading under the 50% Fibonacci level of resistance. This is highlighted by the sluggish performance yesterday after an official announcement came from the Injective (INJ) team and 21Shares about the release of an INJ-based ETP (Exchange Traded Product).
Injective (INJ) is up by just 0.2% over the last 24 hours at time of writing, at $21.17.
Still, looking to the long term, the 21Shares ETP (called AINJ), may well cause the token to rise if network activity can increase.
Hoskinson teases that Cardano’s (ADA) next upgrade is to be called “Tasseled Wobbegong”
Although Cardano (ADA)’s development activity has been extremely slow in comparison to other blockchains and projects, such as Injective (INJ) and DTX Exchange (DTX), the chain is finally (almost) ready for the next step in its evolution – the Chang Hard Fork.
This milestone signals the completion of a series of upgrades known as the Voltaire era. What this means for users is once 75% of the nodes have upgraded, the chain will become more decentralized. Ownership and decision-making will be handed from IOHK to the community. Currently, approximately 25% of the nodes have upgraded.
Since the community will be in charge of naming future forks and upgrades, co-founder Charles Hoskinson whimsically suggested that anything goes for the names. His idea was that the community might like to call the next upgrade “Tasseled Wobbegong”.
Although this sounds like gobbledygook, it’s actually the name of a slow and silent predator called a carpet shark, who lays low before eating up its prey. Presumably, Hoskinson is humorously pushing back at those who complained about the snail’s pace of Cardano’s (ADA) development.
Cardano (ADA) is currently up 38% on the yearly and 0.5% on the daily charts.
Can DTX Exchange (DTX) capitalize on the pro-crypto administration to come?
While the future looks good for the crypto markets, coins with good ideas and low market caps (and therefore much more room to grow) are what top crypto whales are choosing, in the hopes of massive returns. DTX Exchange (DTX) is one such coin. The aim of DTX Exchange (DTX) is to make it easy for people to trade crypto and other financial products.
If Trump wins, there will be a high demand for advanced but easy-to-use trading platforms. And DTX Exchange (DTX) will fill this need by offering over 120,000 financial products, from traditional assets such as stocks, bonds, CFDs to crypto assets such as tokenized Real World Assets (RWAs) and crypto ETFs and ETPs. All with a fast and intuitive UI and things like social and copy trading to assist new users, or those who are cash-rich but time-poor.
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 gets better for DTX Exchange (DTX), because, unlike Cardano (ADA) and Injective (INJ), the token is new. Meaning that much less money is needed to move the token price considerably.
DTX Exchange (DTX) is currently changing hands at $0.04, with a market cap of $19 million – as opposed to Injective’s $2.6 billion and Cardano (ADA)’s $15.3 billion market capitalizations. This means that it has plenty of room to grow by 100x.
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.