As bitcoin and the rest of the market dump hard in one of the worst crashes in recent history, the community is actively trying to locate the source behind this cataclysm.

Justin Sun, the founder of Tron and HTX’s advisor, was also blamed that he and his team were liquidated, which only intensified the market crash.

The total value of liquidated positions has skyrocketed to more than $1 billion over the past 24 hours. More than 275,000 traders have been wrecked in the same timeframe.

Naturally, the two largest digital assets – BTC and ETH – are responsible for the lion’s share, with $355 million and $343 million, respectively.

Sun was quick to refute the rumors that he and his team were also among those with liquidated positions, saying they “rarely” open such trades. Instead, he noted that they “prefer to engage in activities that provide greater support for the industry and entrepreneurs, such as staking, running nodes, working on projects, and helping project teams provide liquidity.”

Bitcoin’s price has been on a massive downfall for the past 72 hours or so. It all began last Friday when it stood at $66,000 but quickly dropped to $60,000 and even below that level during the weekend when the situation worsened.

However, the culmination (at least for now) came minutes ago when BTC slipped below $50,000 for the first time in almost six months. The altcoins have crashed hard as well.

Some of the reasons behind this market-wide cataclysm can be found here and here.

The post Justin Sun Dispells Rumors of Bitcoin Liquidations Amid Market Crash appeared first on CryptoPotato.

from CryptoPotato https://ift.tt/nNc6gd3