Justin Sun Dispels Bitcoin Liquidation Rumors Amid Market Plunge

As bitcoin and the rest of the market plummet in one of the worst crashes in recent history, the community is actively trying to track down the source behind this cataclysm.

Justin Sun, Tron’s founder and HTX advisor, was also accused of liquidating him and his team, which only intensified the market’s decline.

The total value of liquidated positions has soared to over $1 billion over the past 24 hours. Over 275,000 merchants have been busted in the same time period.

Naturally, the two largest digital assets – BTC and ETH – are responsible for the lion’s share, with $355 million and $343 million, respectively.

Sun was quick to refute rumors that he and his team were also among those with liquidated positions, saying they “rarely” open such trades. Instead, he noted, they “prefer to engage in activities that provide greater support for the industry and entrepreneurs, such as staking, running nodes, working on projects, and helping project teams provide liquidity.”

The price of Bitcoin has been on a massive decline for the past 72 hours or so. It all started last Friday when it stood at $66,000, but quickly dropped to $60,000 and even below that level over the weekend as the situation worsened.

However, the culmination (at least for now) came a few minutes ago when BTC dropped below $50,000 for the first time in nearly six months. Altcoins have also crashed hard.

Some of the reasons behind this market-wide cataclysm can be found here and here.

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