Tron (TRX) founder reveals buying more than 4,000 bitcoin

Tron (TRX) founder Justin Sun announced on Twitter that he had purchased 4,145 bitcoin for almost $153 million at an average price of $36,868, claiming he is holding a strong point as the global cryptocurrency moves toward recovery after a week of heavy decline.

During this period, a window of opportunity was opened for whales to buy up bitcoin. The accumulation of the cryptocurrency was led by MicroStrategy, with its Chief Executive Officer Michael Saylor announcing the company has made two purchases (271 and 299 units).

Sun’s more than 4,000 bitcoin purchase is now being considered as one of the largest buys in recent times led by Tesla’s $1.5 billion investment back in February.

Pushing Bitcoin prices down

Tesla and its founder and Chief Executive Officer Elon Musk shunning away from bitcoin is now being considered as the one reason for the recent crypto market crash.

It can be recalled that Tesla suddenly announced it will no longer accept the cryptocurrency as payment with Musk criticizing the digital asset as non-friendly to the environment. This caused bitcoin to lose more than $10,000 and fell to the $42,000 level.

Meanwhile, three Chinese regulatory bodies issued an order banning financial institutions from conducting cryptocurrency transactions, pushing bitcoin prices further down to a low of $30,681.50. At one point, the virtual currency plummeted to below $30K.

A challenging road for recovery

Currently, the market is looking to lean on positive stimulus fundamental news to offset the negative impact of the price crash most cryptocurrencies experienced.

At press time, bitcoin is trading at $39,790 and is well below its all-time high of above $64,000. A similar situation applies to other major crypto assets such as ethereum, binance coin and dogecoin.

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