Ethereum

Long

2024

Billion

<p>Recent data reveals a staggering $1.04 billion in liquidations within just 24 hours. This upheaval has seen many positions unwound, including those of high-profile figures in the crypto world. Notably, rumors have circulated on Twitter suggesting that Justin Sun, the influential founder of Tron, faced a liquidation.</p> 
<p>The statistics paint a vivid picture of the turmoil. Long positions bore the brunt, with $898.57 million worth of liquidations compared to $139.79 million in short positions. Bitcoin alone saw $348.01 million in liquidations, predominantly from long positions ($299.21 million), while Ethereum faced $341.16 million, with long positions accounting for $296.41 million.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfXiwc-xLIVkFsYfVxU8ZeeQuSHzAXjqtVVQPIRHdIh1xTXbU84Uiz1eOqWrFOYbqun8wagdLYm_XaQ_d1GVVlZqAkczdjHWMrsFyStAwMiLmWiRp4miuN0Iz5VLJdRcC-GDKNLhqbVZ6B5RvgkXU7ptfft?key=dtDqvXPViTmXIQnHt_Irtw" alt="Coinglass liquidations">
  <figcaption class="wp-element-caption">
   Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener">Coinglass</a>
  </figcaption>
 </figure>
</div> 
<p>In this chaotic environment, 273,033 traders experienced liquidation events, with the largest single order—an impressive $27 million—executed on Huobi’s BTC-USD pair. These figures underscore the market’s current instability and the intense pressure on leveraged traders.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The rumors about our positions being liquidated are false. We rarely engage in leveraged trading strategies because we believe such trades do not significantly benefit the industry. Instead, we prefer to engage in activities that provide greater support to the industry and…</p>— H.E. Justin Sun 孙宇晨 (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1820329108494320116?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 5, 2024</a>
  </blockquote> 
 </div>
</figure> 
<p>Despite the turbulence, Justin Sun has addressed the speculation surrounding his financial positions. Sun and his team have refuted claims of significant liquidations, stating that they rarely engage in high-risk leveraged trading. Instead, their focus remains on more stable and constructive industry contributions, such as staking, running nodes, and supporting project liquidity.</p> 
<p>He reassured the community that the recent market fluctuations were not due to negative news and urged everyone to reject fear, uncertainty, and doubt (FUD). To further support the industry, Sun announced the creation of a $1 billion fund to combat FUD, increase investment, and provide liquidity.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>Also Read: <a href="https://www.cryptotimes.io/2024/08/05/bitcoin-whales-buy-84000-btc-in-july-2024-highest-in-decade/" target="_blank" rel="noreferrer noopener">Bitcoin Whales Buy 84000 BTC in July 2024 Highest in Decade</a></p> 
</blockquote>

Justin Sun’s Crypto Position Liquidated: True or False?

The Crypto Times

Other articles published on Aug 5, 2024

Australia’s Big Banks Block Crypto Payments Amid Rising Crypto Popularity

Ethereum (ETH) Investors Are Confident In Mpeppe (MPEPE) 500x Potential

Solana Memecoin TRUMPSEC Will Rally Over 19,000% Before CEX Listings, While SHIB and Dogecoin Str...

Polygon Price Analysis: Sharp 16% Drop in 24 Hours, What’s Behind the Decline?

Top Four Altcoins Considered As ‘Heavyweights’ For Massive Gains

Bitcoin to Hold Steady during the Middle East Tensions and Chief Support Zones

Join our free newsletter for daily crypto updates!