Tron extended its global reach yesterday to the 1.14 million registered traders present on Indonesia’s biggest currency trading platform. The Indodax exchange is reported to process over $20million of crypto trades a day and is expected to exceed the country’s stock exchange trading volumes by the end of this year.
The new listing has come as a welcomed addition to the platform, despite the nation’s pre-existing crypto ban imposed by the Indonesian central bank back in January earlier this year. Since then however, it’s been widely accepted that this legislation only extends to the select use of cryptocurrencies as a method of payment; thankfully for the local crypto-enthusiasts, trading on the Indodax exchange and mining both fall outside the parameters of this ban.
Despite this recent development, TRX has continued to perform badly in tune with the rest of the crypto market today, as Bitcoin shows a bearish divergence back below $7,500.
The Tron community will be feeling cheated as the recent mainnet launch and this new listing have both failed to push the token above $0.07. Currently valued at under $0.06, the token has suffered -5.30% losses against the US dollar over the last 24hrs, as community support no doubt withdraws into pegged value assets like tether or DigixDao - which is currently surging over 15% at the time of writing.
Many hopes will now be pinned on the TRX token migration from erc-20 to the Tron mainnet that’s scheduled to take place on June 21st-24th, to deliver a late wave of bullish support. Will we see new Indonesian investment rally behind TRX over the coming week and lift the token beyond the $0.07 resistance? We’ll have to see.