Tron founder Justin Sun stated that he and his team primarily engage in leverage trading positions and focus on blockchain development.
The significant shockwaves emanating from the 18% drop in the broader crypto market over the past 24 hours have resulted in major liquidations in leveraged positions.
Several rumors began circulating that Tron founder Justin Sun got rekt with over $152 million in liquidations of the leveraged positions, with the Ethereum price plummeting by over 20%.
However, the Tron founder refuted these developments, clearing any uncertainty on the liquidation process.
Justin Sun Clears Air on Liquidations
The crypto market’s recent sell-off during the Asian trading hours on Monday has resulted in over $1 billion in total crypto market liquidations.
Most traders who held leveraged long positions got Rekt, with rumors implying that Justin Sun was among them.
However, the Tron founder has denied the allegations, asserting that he and his team seldom implement leverage trading strategies.
Justin Sun maintains that leverage trades constitute no advantage to the crypto market.
Instead, the Tron founder stated that he and his team will focus on activities that benefit the crypto sector and entrepreneurs.
He also stated that the Tron team continues to focus on activities such as staking, running nodes, assisting project teams in providing liquidity or working on blockchain projects.
Liquidations: On the Rise
The crypto market is experiencing significant volatility as the Bitcoin price fell to $50,000.
However, it has recouped to $52,800 levels at press time.
The daily trading volumes have increased by 161% to an astonishing $71.8 billion.
Bitcoin critic Peter Schiff believes the situation might worsen once the US market trading starts Monday.
Currently, the US futures are experiencing a significant decline.
Schiff anticipates that the Bitcoin ETF market will undergo a significant liquidation, with a 30% decline anticipated.
There is talk of a hard landing in the US economy amid fears of a recession and hard landing.
However, there are reports that the Fed may intervene before September to announce a 50 basis point rate cut.
