Home
News
- Oil sector was dealt with the worst blow in history, shocking price drop took the cryptocurrency community by storm, who have compared the long-traded commodity to an illiquid altcoin.
- While in series of the reaction, the TRON founder Justin Sun is the foremost speculator to put his points and prediction.
- The responders also suggested Justin worry more about TRX prices rather than oil prices.
Market analysts across the globe have been constantly calling for a recession but nobody was aware of the sudden price drop of the oil hitting hard to $0 per barrel. It is a grim situation in the oil market clutching the attention of the entire investors’ ecosystem.
This creates the first time in history where producers are paying the buyers for disposing of their supplies.
Speculations regarding oil price drop
However, this legendary event will somewhere play a severe impact on cryptocurrencies’ price. The sudden fall in the price of crude oil is assumed in the consequences of the COVID-19 pandemic. The May futures contracts on West Texas Intermediate crude (WTI), that expires on Tuesday a dropped to -$37.63 per barrel unlike a plus price of about $30 on Friday.
As almost all countries are facing lockdown from several days that led to halting their international flights, land-based travels are restricted in almost all the countries to avoid the severe spread.
Perhaps, with dipping oil prices, a lot of people astonish if this could impact the cost of mining, and thus affecting the price of bitcoin. The prime coins slid on Monday created barely warm reactions for disreputably volatile cryptocurrency markets.
Justin Sun’s Tweet Attracts ranging Response from Twitter Community
While in series of the reaction, the TRON founder Justin Sun is the foremost speculator to put his points and prediction. Recently, he shared his view in a chicky mood saying now one can buy one WTI crude oil for 1 TRX and could receive $37 USD cashback.
https://twitter.com/justinsuntron/status/1252585806453039105
This taunted post depicts that Justin is also amazed by this sudden price drop. This reaction was responded in a flip-flop way by the users saying now we can assume the value of TRX is zero. The responders also suggested Justin worry more about TRX prices rather than oil prices.
I have no idea why ppl suddenly start to use #TRON. #TRX $TRX😆 https://t.co/wOMvddgpYr
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 20, 2020
Recently Tron Network has recorded the highest daily increase in the new accounts which was expressed by a TRON community member on Twitter, to which Justin replied surprisingly that he has no idea why the users suddenly decided to begin using TRON.
