Justin Sun, founder of TRON, bought Bitcoin (BTC) amid continued declines across the crypto market. Sun announced on May 19 that it bought Bitcoin worth $ 153,818,183. The CEO made his acquisition of Bitcoin at a time when the entire cryptocurrency market is in a free fall. According to his Twitter post, Sun bought his Bitcoin at the center of the high volatility that brought the currency’s value down to nearly $ 30,000.
I have bought 4145 #Bitcoin with $ 152,818,183 at average price $ 36,868.
– Justin Sun 🅣🌞 (@justinsuntron) May 19, 2021
I bought 4145 #Bitcoin with $ 152,818,183 at an average price of $ 36,868.
Justin Sun buys Bitcoin Dip
Sun said it acquired 4,145 Bitcoin at an aggregate price of $ 36,868. Buying Bitcoin at a time when the cryptocurrency market is experiencing huge losses, shows that the CEO is optimistic in the top currency. At the time of this writing, Bitcoin had risen from the amount Sun bought its coins for. The king currency is currently traded with a gain of 0.89% to $ 39,750. In addition, BTC was traded for as low as $ 30,681 in the last 24 hours and as high as $ 40,725 in the same period. BTC has fallen by almost 22% in the last 7 days. The highest cryptocurrency also jumped 115.50% in its 24-hour turnover.
In another tweet, TRON’s CEO added that it also acquired 54,153 Ethereum (ETH) in the amount of $ 135,891,796 at an average price of $ 2,509.
Wu Blockchain declared that Sun could have influenced the price of ETH to fall below $ 1,000. Wu Blockchain referred to a statement by Castonguay that Sun’s 606 ETH position was almost liquidated and could have brought down altcoin.
MicroStrategy remains optimistic about Bitcoin
Prior to Sun’s announcement, MicroStrategy Inc announced that it has added more Bitcoins to its portfolio. The company’s CEO, Michael Saylor, posted on Twitter to announce the addition on May 18. According to a filing with the United States Securities and Exchange Commission (SEC), MicroStrategy’s most recent acquisition of BTC is worth $ 10 million. The company purchased 229 Bitcoins at an average price of approximately $ 43,663 per currency.
MicroStrategy started acquiring BTC in August last year and has added more currencies to its portfolio since then. As of May 18, MicroStrategy had 92,079 Bitcoins, totaling an aggregate price of $ 2.251 billion to $ 24.450 per currency.
Before the fall, Bitcoin was trading around $ 53,953 for about a week. The cryptocurrency started to decline in value after Tesla Inc, CEO Elon Musk, said that Bitcoin’s energy use is harmful to the environment. Before criticizing Bitcoin for energy consumption, Musk was a well-known supporter of Bitcoin and influenced his earnings over time.
In addition, Chinese regulators also issued a report to enforce the ban on cryptocurrencies in the country for financial and payment institutions. Noting that Bitcoin “has no real value support”, the associations warned investors against losing their money on cryptocurrency investments. In the report, regulators indicated that Bitcoin is not backed by a monetary authority and does not have monetary properties.