Justin Sun is preparing to buy between $50 million and $100 million worth of bitcoin even as the broader crypto market is facing a sharp sell-off. The Tron founder is planning to add to his bitcoin exposure after prices fell to their lowest levels in months.
During Asian trade on Monday, Bitcoin briefly fell to about $74,700, its lowest level since April of last year.
After buying at market highs last year, many corporate cryptocurrency owners are now deeply in the red after the decline, which has erased more than 20% of bitcoin’s value since mid-January.
Sun’s planned purchase stands in contrast to those losses, potentially allowing him to accumulate at more attractive prices. Meanwhile, Binance also announced a major bitcoin purchase for its user protection fund, signaling confidence from large industry players.
Tron’s native token TRX has held up relatively well during the downturn, trading around $0.284 and remaining above its December lows. In broader terms, TRX has stayed in an uptrend since late 2022, even as bitcoin and other assets face pressure.
You need to login in order to Like
Leave a comment