Justin Sun Bought Bitcoin after 50% Drop

It appears that Justin Sun believes this is the right time to be adding to his Bitcoin stash. After the unexpected crash in the crypto market that saw Bitcoin’s prices go below $40,000 and then go as low as $31,000, a number of investors have decided to take the risk and buy the dip, hoping that the trend will reverse soon and they will be able to enjoy the profits. Big swings on prices are considered rather normal where cryptocurrencies are concerned and similar to what has happened before, many believe that the price of Bitcoin, as well as other cryptocurrencies, will once again soar. 

The founder and chief executive of TRON, Justin Sun appears to be one of these people as well and so, he believes it is the best time to be jumping on the Bitcoin bandwagon. He clearly believes that Bitcoin is going to resume its charge higher. He disclosed that he had purchased a total of 4,145 Bitcoin, which was valued at more than $150 million at the time of purchase. This means that Sun bought the pioneer cryptocurrency at an average price of $36,800. Bitcoin had reached a new all-time high in mid-April when it hit $64,000, but in the latest sell-off, its value has come down to as low as $31,000. 

According to some analysts, the price crash of Bitcoin is the year’s greatest wealth transfer, as 50% of Bitcoin’s value was wiped out before it made a slight recovery. However, it appears to be falling once more. While some crypto holders did move quickly to liquidate their holdings, there are a number of crypto bulls who think the market will make a recovery. The chief executive of MicroStrategy, Michael Saylor seems to be one of these people. In his opinion, cryptocurrencies will once again resume their bull-run. 

Interestingly, one of the influencers who inferred that the crypto market would make a recovery also included Elon Musk. He posted hand emojis, along with diamond hands, as the latter refers to investors who hold their investment for the long-run and don’t fall for the vagaries of volatile markets. One of the biggest investors to have publicly disclosed buying the dip is Justin Sun, but he is not a newcomer in the crypto space. After all, he serves as the CEO of TRON and BitTorrent. According to him, Bitcoin has made great contributions to decentralized technology. 

In the past week, the crypto market has drastically plummeted, as more than 50% of its value was wiped out in a matter of hours. Bitcoin appears to be suffering heavily from the crash, as the coin’s price had first slipped to $30,000, climbed to just below $40,000 and is now back below $31,000. Elon Musk did play an important role in this crash as the Tesla CEO announced that his electric car company would no longer be accepting payments in Bitcoin. He cited the energy consumption of the token as the reason behind this move, as it damages the environment. 

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