According to reports, Tron, the number 10 largest crypto by market capitalization per CoinMarketCap data, has lost 17% from its valuation. It should be recalled that the digital asset has been in an uptrend in recent days.
Now, only days before the power lunch event, the digital asset has lost a large sum of its valuation in only 4 hours. This incident occurred in the morning when the Tron foundation took to its official Twitter handle to announce that Justin Sun, the network’s founder has come down with kidney stones. Leading to the postponement of his lunch with Warren Buffett, the investment mogul.
The Price of Tron Started Falling only Minutes after the Announcement
According to the report, following the announcement of Sun’s predicament and the subsequent decision to postpone the lunch with Buffet, the price of Tron began to fall minutes later. Since the announcement to press time the price of Tron has fallen by 17.02%. According to CoinMarketCap, the TRX token is now trading at $0.023947.
Tron’s total market capitalization was $1.72 billion as of when this report was published. While briefly it appeared that the price collapse had been halted, Tron later went on to fall by 7.34% once more this added to subsequent loses took the total to 17%. Sun’s power lunch with Buffett, while costing Tron’s CEO a lot after the coin lost value, may cost millions for Tron’s price valuation.
Other Digital Assets also Lost Value with Tron
It is understood that Tron wasn’t the only digital asset bleeding in the crypto market. A number of top digital assets were also in the red when Tron took the hit. Bitcoin, the world’s largest digital currency by market cap was also bleeding along with top ten coins, XRP, and Bitcoin Cash.
All of the above mentioned digital assets were all falling by about 5% via the daily chart. The king of cryptos, after a few days of enduring sideways movement, BTC fell again. It was trading below $10,000, as of press time. Despite this price action for BTC, coin’s dominance remains bullish and is set to return above the psychological $10k level.
EOS and BitcoinSV Were Down By 6%
However, the other coins outside the top ten digital assets by market cap were performing even worse than the king of cryptos. The likes of Litecoin and EOS for example were down by about 6% in the last 24 hours in what has been an underwhelming day for digital assets. We were hoping that the worst days were behind us for digital assets, but today’s example is just another horrid day for major cryptos.
Despite the red spots making rounds today, there is still a bright spot. One of such is BitcoinSV. The Craig Wright backed digital token actually sailed against the wind. However, the recently forked asset class was pumping instead of trading in the red. The above mentioned price pump took the value of BitcoinSV from the $167 area to the $181 position in less than two hours. This is an impressive feat for the asset class in a period when cryptos have underperformed.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.