Tron founder Justin Sun has transferred $100 million in cryptocurrency to Binance, according to Whale Alert. The crypto data tracker flags two transactions involving the Tron founder.
First, $100 million in USDC moved from an unknown wallet to the Tron founder. “100,000,000 USDC (99,980,000 USD) was transferred from an unknown wallet to Justin Sun,” WhaleStats reported.
Then, $100 million worth of USDC was transferred from Justin Sun to the crypto exchange Binance.
The market had a significant decline after key crypto businesses severed links with the embattled Silvergate bank, and it is currently suffering under pressure due to the rising uncertainty of further implications.
Michael van de Poppe, a well-known cryptocurrency analyst, predicts that if Bitcoin fails to hold its position around the $22,300 region, its price would plunge sharply and may even reach $19,500.
Van de Poppe goes on to elaborate on his prognosis, saying that if Bitcoin crosses the $19,500 threshold, there might be a full bloodbath in the cryptocurrency market, with altcoins falling by roughly 15–25%.
The largest cryptocurrency by market size, Bitcoin, has the Sword of Damocles hovering over it, making it susceptible to an additional drop in the event of any adverse news connected to the crypto sector.
Although being bullish on digital assets since mid-December, Matrixport, a cryptocurrency exchange and loan platform, claimed that indications from the U.S. economy are suddenly making it more concerned.
The company proposed lowering exposure by 50% if bitcoin (BTC) prices fall below $22,800 in a research paper that was released early on Friday, but it did not say it is now time to be blatantly pessimistic.
The price of the biggest cryptocurrency by market capitalization continued its drop and was about $22,238 at the time of publication.
According to Matrixport, the Fed will cease hiking interest rates as a result of the dramatic decline in U.S. inflation expected this year, which will allow the market to rise in response.
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