Crypto Founder Justin Sun Swoops In on Crash, Buys Bitcoin Under $40,000

Crypto Founder Justin Sun Swoops In on Crash, Buys Bitcoin Under $40,000

News
May 19, 2021 by J.D. Smith
28
As crypto traders endure Bitcoin’s plunge to nearly $30,000, Tron CEO and founder Justin Sun says he bought a large amount of the leading cryptocurrency – under $40,000. Sun tweeted, “I have bought 4145 Bitcoin with $152,818,183 at average price $36,868.” ADVERTISEMENT Sun joins industry leader Michael Saylor of MicroStrategy who announced on Tuesday that

As crypto traders endure Bitcoin’s plunge to nearly $30,000, Tron CEO and founder Justin Sun says he bought a large amount of the leading cryptocurrency – under $40,000.

Sun tweeted,

“I have bought 4145 Bitcoin with $152,818,183 at average price $36,868.”

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Sun joins industry leader Michael Saylor of MicroStrategy who announced on Tuesday that his company purchased another $10 million in Bitcoin amid the market sell-off that has pushed the price of Bitcoin to January levels.

“MicroStrategy has purchased an additional 229 Bitcoins for $10.0 million in cash at an average price of ~$43,663 per Bitcoin. As of 5/18/2021, we hodl ~92,079 bitcoins acquired for ~$2.251 billion at an average price of ~24,450 per Bitcoin.”

Last Wednesday, Bitcoin was trading at $53,953. Its price decline began amid reports that tech entrepreneur, Tesla CEO and Bitcoin supporter Elon Musk was potentially reversing course and dumping Tesla’s BTC holdings.

Concerns about China’s restrictions on crypto, Bitcoin mining and its impact on the environment have also triggered ongoing debates about the cryptocurrency’s long-term viability.

The king coin has taken traders and investors on a bumpy rollercoaster ride with intense swings all week, dipping to a 24-hour low of $30,681 and a high of $43,609, according CoinMarketCap. It is trading at $38,177, down 11%, at time of writing.

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Featured Image: Shutterstock/S.Gvozd