Will Bitcoin (BTC) Rain on Tron (TRX) and BitTorrent’s (BTT) Parade During the Airdrop?
Fans and investors of Tron and BitTorrent are anxiously waiting for the first BTT airdrop for holders of TRX on Monday, February 11th. The airdrops are particularly unique in that they will happen on the 11th of every month for the next six years. The last airdrop will be on February 11th, 2025.
By giving BTT incentives for holding TRX for the next six years, many crypto traders predict that there will be a lot of trading activity surrounding TRX and BTT around the time period of each airdrop. Firstly, more crypto traders will rush to buy Tron simply for the extra BTT during the airdrop. As a result, the trade volume associated with these two digital assets is bound to increase considerable. Secondly, the circulating supply of BTT will increase every month due to the airdrops thus creating a situation where the value of the token might be affected negatively.
Exchanges Supporting the Airdrop
BitTorrent Inc. has gone ahead and issued an official list of exchanges and wallets supporting the airdrop. By provided an official list, BitTorrent and Tron are trying to prevent TRX and BTT holders from being scammed by the numerous fake websites also promising attractive airdrops. The updated list of exchanges and wallets at the moment of writing this is as follows.
An Unstable Bitcoin Might Rain on the Parade for TRX and BTT
Seasoned crypto traders know that for altcoins to have a good day in the crypto markets, BTC has to be either stable or also exhibiting bullish characteristics. The inverse is also true. When Bitcoin starts to fall in value, the crypto markets go down with BTC. This fact has earned Bitcoin the undisputed title of The King of Crypto.
Judging by the fact that the last few days have seen low trade volumes across the board, BTC has fumbled a few times by going below the $3,400 psychological support level. One theory that has emerged to explain the low trade volume is the current festivities surrounding the Chinese New Year Celebrations. The festivities have been scheduled to extend till the 19th of this month.
BTC Might Fall Further
One famous crypto analyst who goes by the pseudonym of @MagicPoopCannon has predicted that Bitcoin is bound to bottom out at the low $2,000 levels. His tweet making the prediction can be found below.
Marketwatch has also released an informative report indicating that BTC is massively oversold as its weekly RSI is approaching levels below 30. The last time Bitcoin was this oversold, was in early 2015. The report also went on to add that Bitcoin could easily test $3,100 and even fall further to $2,270.
Summing it up, the past few days has seen a weak BTC and general low trading volume across the entire crypto markets. One theory that has been put forth to explain the relative inactivity in the crypto markets, is the ongoing Chinese New Years Celebrations. Given that the first airdrop of BTT to TRX holders is only days away, a weak BTC might overshadow the hype and excitement surrounding the event. As a result, TRX and BTT might not exhibit the desired gains many crypto traders are expecting.
What are your thoughts on the recent bearish sentiment around Bitcoin? Will it ruin the excitement surrounding the first BitTorrent (BTT) airdrop for Tron (TRX) holders? What are your expectations for the 11th during the airdrop? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.