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The purchase of BTC at a time that the crypto market is shedding huge losses shows that Justin Sun is bullish on the top coin.
TRON founder Justin Sun has bought the Bitcoin dip amid the ongoing declines across the crypto market. Sun announced on the 19th of May that he had bought Bitcoin worth $153,818,183. The CEO made his Bitcoin acquisition at a time when the entire crypto market is on a freefall. According to his post on Twitter, Sun purchased his Bitcoin at the center of the high volatility that dropped the coin’s value to nearly $30,000.
I have bought 4145 #Bitcoin with $152,818,183 at average price $36,868.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 19, 2021
Justin Sun Buys Bitcoin Dip
Sun said he acquired 4,145 Bitcoin at an aggregate price of $36,868. Buying BTC at a time that the crypto market is shedding huge losses shows that the CEO is bullish on the top coin. At the time of writing, Bitcoin has increased over the value at which Sun bought his coins. The king coin currently trades at a 0.89% gain to $39,663. Also, BTC has traded as low as $30,681 in the last 24 hours and as high as $40,725 in the same period. BTC has dropped nearly 22% in the last 7 days. The top cryptocurrency has also jumped 115.50% in its 24-hour trading volume.
In a separate tweet, TRON CEO added that he also got 54,153 ETH worth $135,891,796 at an average price of $2,509.
Wu Blockchain stated 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 nearly liquidated and could have pulled down the altcoin.
MicroStrategy Remains Bullish on Bitcoin; Buys Dip
Ahead of Sun’s announcement, MicroStrategy Inc (NASDAQ: MSTR) announced that it had added more Bitcoin to its portfolio. The company’s CEO Michael Saylor took to Twitter to announce the addition on the 18th of May. According to a filing with the US Securities and Exchange Commission (SEC), MicroStrategy’s most recent BTC acquisition is worth $10 million. The company acquired 229 Bitcoins at an average price of approximately $43,663 per coin.
MicroStrategy began its BTC acquisition in August last year and has added more of the coin to its portfolio since then. As of the 18th of May, MicroStrategy owned 92,079 Bitcoins totaling an aggregate price of $2.251 billion at $24,450 per coin.
Before the plunge, Bitcoin was trading around $53,953 about a week ago. The cryptocurrency started reducing in value after Tesla Inc (NASDAQ; TSLA) CEO Elon Musk said that Bitcoin’s energy usage is harmful to the environment. Before slamming Bitcoin over energy consumption, Musk was a known supporter of Bitcoin and has influenced its gains over time.
Additionally, Chinese regulators also issued a report to reinforce the crypto ban in the country for financial and payments institutions. Noting that Bitcoin has “no real value support,” the associations warned investors against losing their money in crypto investment. In the report, the regulators indicated that Bitcoin is not backed by a monetary authority and possesses no monetary properties.