Trust Wallet Tokens Up More Than 90 Percent When Bear Market
JAKARTA The main token of Trust Wallet's crypto wallet, TWT, has increased significantly in the past week. TWT has increased by more than 90 percent in the past week, according to Coingecko data.
The increase in the TWT token was triggered by the collapse of the FTX central crypto exchange. The bankruptcy of the exchange triggered crypto users to leave crypto trading platforms by moving their crypto asset holdings to digital wallets, including Trust Wallet.
In addition, Binance boss Changpeng Zhao also advises users to switch to a non-exchange crypto wallet, namely Trust Wallet. This is intended to avoid the risk of losing user funds as experienced by FTX users.
For your information, Trust Wallet is a digital wallet owned by Binance that was acquired in 2018. Trust Wallet is a hot wallet, a designation for application-based digital wallets and is connected to the internet. Like most digital wallets, Trust Wallet can also be accessed by various networks including Ethereum, BNB Chain, and more.
In addition, prominent crypto and YouTuber supporter Ben Armstrong, or better known as Bitboy, has also encouraged the crypto community to store their crypto asset holdings in Trust Wallet's digital wallet.
U.Today reported crypto investors began to leave the exchange (exchanger) en masse when FTX went bankrupt. According to CoinMarketCap data, apart from Trust Wallet, other self- wallet providers have made a profit. SafePal (SFP) has skyrocketed 50 percent in the last 24 hours.
As a result of the bankruptcy of FTX, global payment company Visa has stopped its relationship with FTX. This has an impact on stopping FTX-branded Visa debit cards that will no longer be available.
At the time of writing, the price of the TWT token rose 11.7 percent in 24 hours. Meanwhile, in the past week, the price of TWT has skyrocketed by 92.5 percent based on data reports from Coingecko. This increase is contrary to the condition of the crypto market which has decreased due to the bankruptcy of FTX.