The world most popular cryptocurrency Bitcoin dropped its price by 30% in a day. Altcoins followed Bitcoin downhill and dropped by 30%-50% crashing the market. Yesterday’s correction was on the same level as the Covid-19 crash. While the market crash, there were others who took the opportunity by “buying the DIP”. Many called “Black Wednesday sale” for the digital currency ecosystem.
Justin Sun, the founder of Tron, announced through his Twitter account that he purchased over $150 million worth of bitcoin. Justin sun takes the benefit of drop-in Bitcoin and Ethereum price.
Sun said, “I have bought many on a dip today this is only my BTC purchase keep building buy the DIP”.
Sun bought 4145 bitcoin with $152,818, 183 at average price $ 36,868. The second purchase was made for 54,153 ETH at an average price of $2,509 for an estimated $135 million.
While other big bulls such as Michael Saylor and Elon Musk posted messages in favor of the digital currency. CEO of ARK investment, Cathie Wood, also backed up digital currency saying, “Bitcoin will hit $50,000”. She said that Bitcoin is “for sale” now.
Sun join industry leader Michael Saylor of MicroStrategy, who announced on Tuesday that the company purchased another $10 million in Bitcoin. Michael Saylor revealed that entities under his control hold 111k BTC and none of them have sold a single Satoshi.
The crypto market started showing recovery as BTC strengthens its position by about $35,000. Ethereum on the other hand also topped $2500.
