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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

How Justin Sun Almost Caused Ethereum To Drop Below $1,500

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Ethereum ETHUSD

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After a display of strength in the past weeks, Ethereum dropped below $2,000 for a brief moment. The cryptocurrency seems to be recovered, but the crypto market could still face some resistance to return to its pre-crash levels.

A report by Wu Blockchain claims that ETH’s price barely escaped from a bigger fall. Data provided by Philippe Castonguay shows that Justin Sun, CEO at the Tron Foundation, has a $1 billion position on the Ethereum-based Liquity Protocol.

This 606,000 ETH position was almost liquidated and, due to its size, could have caused the price to crashed below $1,500 or $1,000 approximately. Castonguay said:

There was about a 2 minute window where Liquity Protocol went into recovery mode and Justin Sun’s $1B dollar position could’ve been liquidated, but it didn’t happen. He just rebalanced his Trove 5 minutes ago, paying $300m back of debt.

However, Castonguay later clarified that the protocol’s liquidation mechanism would have prevented ETH’s price from plunging. Liquity operates with entities called stability providers. Once a position is liquidated a 0.5% percent goes to the liquidators and 9.5% is distributed to every stability provider. Castonguay added:

His ETH would’ve been purchased by the Stability Providers at *market price*. Buyers would’ve met seller at the same spot price.

JustinSun said in Chinese community: Like a bullet passing through the scalp, I saved the cryptocurrency… https://t.co/vG7GTeoeKF pic.twitter.com/FRMmaExnuq

— Wu Blockchain (@WuBlockchain) May 19, 2021

Justin Sun Buys Bitcoin And Ethereum’s Dip

Sun took advantage of the drop in Bitcoin and Ethereum’s price. Via his Twitter account, he announced two major BTC and ETH purchases. He made the announcement in the same fashion as major corporations have disclosed their crypto holdings.

For the former, Sun claimed to have bought 4,145 BTC at an average price of $36,868 for an estimated $152 million. Sun said:

I have bought many on a dip today, this is only my #BTC purchase. Keep BUIDLING, buy the DIP.

The second purchase was made for 54,153 ETH at an average price of $2,509 for an estimated $135 million. Quoting MicroStrategy’s CEO, Michael Saylor, Sun said: “I’m not selling”.

At the time of writing, ETH trades at $2,621 with a 21.6% loss in the daily chart. In the weekly chart ETH has a 37.1% dropped and in the monthly chart maintains a 17.2% profit.

Ethereum ETH ETHUSD
ETH on a downtrend in the daily chart. Source: ETHUSD Tradingview

While the recovery has been impressive, the market might not be out of the woods. Data provided by Analyst Material Scientist on May 17th predicted a pullback on ETH against BTC. As the chart below shows, ETH had a retracement on this pair and could see further volatility in the coming days.

Ethereum ETH ETHUSD
Source: Material Indicators

Moreover, ETH and the rest of the market seem to have increased their level of correlation with Bitcoin, as it usually happens when any major price action occurs. In that sense, Material Scientists also expect BTC price to move sideways at current levels, at least, until June.

Ethereum ETH ETHUSD
Source: Material Indicators
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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