Bitcoin (BTC) fell 0.3 percent. Other cryptocurrencies also experienced little change in value. Meanwhile, a move by TRON inventor Justin Sun drew attention. Sun invested $300 million in Bitcoin and altcoin exchange Binance last month. Here are the details…
The actions of the founder of TRON drew attention
cryptocoin.com As we have reported, cryptocurrency prices have fallen sharply due to the FTX crisis, which continues to engulf other major crypto companies. Bitcoin price plunged to lows not seen in more than two years as the $2 trillion crypto crash triggered warning of a harsh global financial crisis and fears swirling around FTX rival Binance. Now, Justin Sun, the founder of crypto network Tron and one of crypto’s best-known personalities, has made a move.
He invested $300 million in Bitcoin and crypto exchange Binance last month in a desperate attempt to allay growing fears in the cryptocurrency market. Sun responded to an automated account reporting a $200 million Tether transfer from Sun to Binance. He wrote “Merry Christmas” in response to the tweet. Earlier this month, Sun invested $100 million in Binance to support the exchange’s financing. “Binance has had many crises in the past,” Sun told Coindesk last week. He added that he always wanted to “help Binance grow and show confidence in the company.”
Binance users panicked
Binance has faced billions of dollars in withdrawals in recent weeks. Investors panicked that the exchange could suffer the same fate as FTX. This has led some to warn users to “withdraw their funds immediately”. Investors also withdrew funds from the platform with this fear and panic.
Earlier this month, Binance CEO Changpeng “CZ” Zhao warned that the “crypto winter” is not over yet. He said he expects “the next few months to be bumpy”. However, CZ predicted that Binance “will survive any crypto winter.” CZ denied Binance accusations of instability. He said these pointed to a “jealousy” spread by his rivals. Overall, he continued to reject it on the grounds that it was nothing more than FUD [fear, uncertainty, and suspicion]. Coinbase CEO Brian Armstrong issued a similar warning, saying he expects “more contagion” from FTX’s collapse before the crisis is over.