{"id":111602,"date":"2019-08-08T10:21:38","date_gmt":"2019-08-08T17:21:38","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=111602"},"modified":"2019-11-25T06:45:56","modified_gmt":"2019-11-25T06:45:56","slug":"tron-price-action-july-indicates-market-maturation","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/tron-price-action-july-indicates-market-maturation\/","title":{"rendered":"TRON price action in July indicates market maturation"},"content":{"rendered":"<p>It has been a tumultuous few weeks for TRON and BitTorrent\u2019s CEO <a href=\"https:\/\/cryptoslate.com\/people\/justin-sun\/\">Justin Sun<\/a>, who seems to have been embroiled in one predicament after another since calling off his widely-trumpeted lunch date with Warren Buffet. Intriguingly, the price-action of TRX during the spate of controversies may prove the cryptocurrency market has reached a significant level of maturity.<\/p>\n<p>A case study by <a href=\"https:\/\/coinmetrics.substack.com\/p\/coin-metrics-state-of-the-network-c72\">Coinmetrics<\/a> highlighted that Tron (TRX) traders responded nearly instantly to three announcements July 22-23 regarding Sun, suggesting a certain level of efficiency in a market that has traditionally been deemed too immature for institutional participation.<\/p>\n<h2>Examining TRON\u2019s price-action during July<\/h2>\n<p>The two days in late July were particularly eventful days even for Sun\u2014a <a href=\"https:\/\/cryptoslate.com\/justin-suns-controversies-plagiarism-teslas-warren-buffett-kidney-stones-and-a-deleted-apology\/\">controversial figure<\/a> whose flamboyant promotion of TRON has on more than one occasion landed him in hot water with both <a href=\"https:\/\/cryptoslate.com\/justin-sun-darkest-hour-apologizes-over-marketing-tron\/\">the authorities<\/a> and his <a href=\"https:\/\/cryptoslate.com\/ethereum-vs-tron-battle-intensifies-vitalik-buterin-and-justin-sun-clash-over-twitter\/\">fellow cryptocurrency founders<\/a>. In response, TRX dropped more than 29 percent in USD value during the period.<\/p>\n<figure style=\"width: 1600px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/PnkIjED3bZO7Vd97H0u7IdMtuB89plNORU4WaUt6osd4DW5c0aDXqLZ2LkrlDgxxRX8Ol0q6_l3ODcDCpGV3AP7CLzKUVvIvwK4mRdPdnEDB9BqQ_RhxzxGlMnTaUKOVib5hIMfc\" alt=\"Tron USD price chart by TradingView\" width=\"1600\" height=\"768\" \/><figcaption class=\"wp-caption-text\"><a href=\"https:\/\/tradingview.com\/symbols\/TRXUSD\">TRX\/USD<\/a>\u00a0charts by TradingView<\/figcaption><\/figure>\n<p>TRX became discernibly volatile upon news that Sun, <a href=\"https:\/\/cryptoslate.com\/tron-founder-justin-sun-cancels-lunch-warren-buffet-health-complications\/\">canceling<\/a> his highly publicized lunch with legendary investor Warren Buffet claiming to have been stricken by a sudden bout of kidney stones. The cancelation was first announced by the Tron Foundation at 21:28 UTC, July 22, and at 21:49 pushed to Sun\u2019s 1.2 million followers on Chinese social media app, Weibo.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">TRON Foundation announces postponement of Warren Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones. Parties agreed to reschedule at a later date. <a href=\"https:\/\/twitter.com\/GLIDEsf?ref_src=twsrc%5Etfw\">@GLIDEsf<\/a> <a href=\"https:\/\/twitter.com\/WarrenBuffett?ref_src=twsrc%5Etfw\">@WarrenBuffett<\/a><\/p>\n<p>&mdash; TRON Foundation (@Tronfoundation) <a href=\"https:\/\/twitter.com\/Tronfoundation\/status\/1153416554593210368?ref_src=twsrc%5Etfw\">July 22, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Following the news, TRX began a steep descent seeing the coin lose nearly 8 percent in USD value in an hour.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/lh4.googleusercontent.com\/CmCS1K7TXGyHxMS7hIUx9mU6YU0vcTFfnhOipq3l_8Vk-PV34ywNIkCifoiC9WP_G4fIj6Onok-eQsO54Xyd-Kw55UVR7IelocKEogTjW2eOPfgZMEG1nA73ZbvtgGbBld9WyqT-\" alt=\"Tron USD price chart by TradingView\" width=\"1600\" height=\"839\" \/><\/p>\n<p>In the next instalment of Sun\u2019s two-day saga, Beijing-based media outlet Caixin <a href=\"https:\/\/cryptoslate.com\/justin-sun-is-allegedly-being-held-by-chinese-authorities\/\">issued a report <\/a>alleging the TRON founder and CEO was being held by authorities in China for unknown reasons. Later, the 21st Century Business Herald <a href=\"https:\/\/m.21jingji.com\/article\/20190723\/herald\/3a1b37e3195123741bc895fdd3509b63.html\">published<\/a> a number of seemingly incriminating allegations against Sun including that the 28-year-old had conducted illegal fundraising and money laundering, and distributed child pornography.<\/p>\n<p>Expectedly, the news did not bode well with the bulls. Breaking at 14:45 UTC July 23rd, the Caixin announcement appeared to stimulate a 30-minute sell-off this time resulting in an even greater 9 percent decline in price.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/2Z294Aebq22Y8758LOsq8tvxW4Z5Gjxsa4ydGR0FGjnlehqjolCxtktgK8jZcKF6KibHsPm-RwDzBSjecAcEJNZId_4YrIXOyRtnGqxPP5285CVH6glWYPZiKzhgc2P5xj8A0CtT\" \/><\/p>\n<p>The third high-impact event came at 17:45 UTC when Sun <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1153721234384773120\">tweeted<\/a> a photo of himself in San Francisco, intended to disprove he was being detained in China. This time buyers were spurred into action, and price quickly rebounded up to $0.0254.<\/p>\n<h2>TRON and the paradigm of \u201cmarket efficiency\u201d<\/h2>\n<p>The efficient-market hypothesis (EMH) can be defined as a market\u2019s ability to price in available information and stems from the assumption that, in a market with \u201cstrong\u201d efficiency, assets will always be priced at their fair value.<\/p>\n<p>As pointed out by <a href=\"https:\/\/coinmetrics.substack.com\/p\/coin-metrics-state-of-the-network-c72\">Coinmetrics<\/a>, closer examination of the three events surrounding TRON\u2019s price-action may make the case for \u201cmoderate\u201d\u2014not strong\u2014efficiency in the cryptocurrency market.<\/p>\n<p>Where a strong market would have been able to react instantly to unexpected developments such as the Buffet lunch cancelation, TRX traders did not take meaningful action until 22:25 UTC when they instigated a precipitous sell-off. This comes in contrast to markets such as equities, which would be expected to respond near-instantaneously to the initial event.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/lh4.googleusercontent.com\/AXwskcCxFjTpN7TFgoq992ZhbgP-RuYQLeht0oQ0W48tOKxg0F2vG-EJOJ5XXL1ibjIn01WO3f4_eaTYjQcIFyj-MQwa922S_hmcO-zTMD3UBvWN_XCR8UFA3X5qBRB_Q0pd6xsw\" alt=\"TRON USD price chart by TradingView\" width=\"1600\" height=\"879\" \/><\/p>\n<p>The two subsequent events were priced in nearly instantly, however, with TRX\u2019s price declining or increasing noticeably within minutes of their announcement. Per EMH, this would be explained on account of the enhanced attention of traders, who would have become more ready to react to new information as it was released.<\/p>\n<p>&nbsp;<\/p>\n<h2>What would a strongly efficient market mean for crypto adoption?<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/lh5.googleusercontent.com\/6sgXVNAMyOHwoWQz-YcjLZN2W_HgJ8T8CU9FQBzX_K5m6WjXdx0KcCJSIwyhxeCHaEYQ2w3oOJQ3H8VJ2uc6Te33Y1-3OiHO08Leqkfu0BWLpYs3fQFfNdnk2Vqh27fPLyoAZoiO\" alt=\"Tron USD price chart by TradingView\" width=\"1600\" height=\"1033\" \/><\/p>\n<p>A lack of efficiency in the cryptocurrency market may have inhibited (or be a product of) the asset class\u2019s supposed transition into an institutionally-sponsored, likely multi-trillion-dollar, market.<\/p>\n<p>With efficiency, traders in theory are able to trade with access to accurate and complete information, and in the eyes of regulators and market participants, this is imperative.<\/p>\n<p>Assuming TRX, as the <a href=\"http:\/\/www.coinmarketcap.com\">12th-largest cryptocurrency<\/a> by market capitalization, represents the current state of efficiency in the crypto market, this would give a compelling explanation as to why institutional trading powerhouses have <a href=\"https:\/\/cryptoslate.com\/goldman-sachs-postpones-launch-of-bitcoin-trading-desk\/\">remained on the sidelines of the market<\/a>, and the U.S. Securities and Exchange Commission has <a href=\"https:\/\/cryptoslate.com\/another-day-another-etf-denial-sec-rejects-7-bitcoin-etf-proposals\/\">dismissed a string of supposedly robust Bitcoin ETF applications<\/a> on the basis they could not \u201cprevent fraudulent and manipulative acts and practices.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It has been a tumultuous few weeks for TRON and BitTorrent\u2019s CEO Justin Sun, who seems to have been embroiled in one predicament after another since calling off his widely-trumpeted lunch date with Warren Buffet. Intriguingly, the price-action of TRX during the spate of controversies may prove the cryptocurrency market has reached a significant level [&hellip;]<\/p>\n","protected":false},"author":175,"featured_media":94208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29,15323,6849],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TRON price action in July indicates market maturation<\/title>\n<meta name=\"description\" content=\"Intriguingly, the price-action of TRX during the spate of Justin Sun controversies may prove the cryptocurrency market has reached a significant level of maturity.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/tron-price-action-july-indicates-market-maturation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TRON price action in July indicates market maturation\" \/>\n<meta property=\"og:description\" content=\"Intriguingly, the price-action of TRX during the spate of Justin Sun controversies may prove the cryptocurrency market has reached a significant level of maturity.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/tron-price-action-july-indicates-market-maturation\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-08T17:21:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-25T06:45:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/tron-fund-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jonnie Emsley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"TRON price action in July indicates market maturation\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jonnie Emsley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/tron-price-action-july-indicates-market-maturation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/tron-price-action-july-indicates-market-maturation\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#person\",\"name\":\"Jonnie Emsley\",\"url\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"caption\":\"Jonnie Emsley\"},\"jobTitle\":\"Contributor\",\"description\":\"Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. 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