- Justin Sun denies rumors of liquidation, emphasizing minimal engagement in leveraged trading strategies.
- Market turmoil leads to over $1 billion in liquidated positions, with Bitcoin and Ethereum facing significant declines.
- Sun advocates for activities that support the cryptocurrency ecosystem, aiming to foster stability within the industry.
Justin Sun, the founder of Tron, has publicly disputed allegations on the liquidation of his positions. He explained that the speculation about his liquidation is baseless. Sun emphasized that his team rarely uses leveraged trading tactics since they do not think these trades benefit the cryptocurrency market.
Market turmoil and allegations
Rumors began spreading earlier today, coinciding with a significant decline in the cryptocurrency market. According to allegations, Sun and his crew liquidated funds, which contributed to the ongoing market downturn.
The situation sparked an uproar of social media comments, with some users claiming that Sun was about to be liquidated. The market movement intensified as the total value of liquidated positions capped $1 billion in just 24 hours. As a result, both Bitcoin and Ethereum witnessed huge declines, with Bitcoin plummeting below $50,000 and Ethereum falling below $2,200.
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Sun’s stance on leveraged trading.
In response, Sun reaffirmed his opposition to leveraged trading. He indicated a preference for activities that benefit the bitcoin ecosystem, such as staking, maintaining nodes, and providing liquidity to project teams. The strategy demonstrates his commitment to promoting industry stability.
Impact on the cryptocurrency market
The recent market volatility caused significant liquidations, with long positions accounting for around $900.83 million and short ones for around $160.21 million. Bitcoin alone saw $362.83 million in liquidations, most of which came from long holdings, while Ethereum saw $346.47 million. During this period, almost 278,000 dealers were liquidated, totaling $1.06 billion. The figures highlight the current volatility of the cryptocurrency market.
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