Merry ChristmasShock Binance’s $300M Bomb Could Be About To Hit Bitcoin And Crypto Price

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BitcoinBTC and cryptocurrency prices have been taken down sharply by the ongoing FTX crisis which may be about to engulf other major crypto companies.

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Bitcoin price plunged to levels not seen in more than two years, with the $2 trillion crypto crash sparking a global financial crisis warning and fears swirling around FTX rival Binance.

Now, Justin Sun, the founder of the tron ​​crypto network and one of crypto’s most well-known public figures, has invested $300 million in bitcoin and crypto exchange Binance over the past month in a desperate attempt to calm growing fears in the crypto market.

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“Merry Christmas,” Sun posted on Twitter in response to an automated account reporting a $200 million tether transfer from Sun to Binance. Earlier this month, Sun deposited $100 million into Binance in an attempt to shore up the exchange’s finances.

“In the past, Binance has been through many crises,” Sun told Coindesk last week, adding that he always wants to “help Binance grow and show confidence” in the business.

Binance has seen billions of dollars in withdrawals in recent weeks as traders withdraw funds from the platform, fearing it will suffer the same fate as FTX and causing some users to warn users to “withdraw their funds immediately. “.

Earlier this month, Binance Chief Executive Changpeng “CZ” Zhao warned that the “crypto winter” was not over yet and said he expects “the next few months will be bumpy”. However, CZ predicted that Binance “will survive any crypto winter.”

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CZ then dismissed Binance’s instability accusations as nothing more than “jealous” FUD [fear, uncertainty and doubt] spread by rivals in a Twitter thread.

CoinbaseCOIN Managing Director Brian Armstrong issued a similar warning, saying he expects there will be “more contagion” from FTX’s collapse before the crisis subsides.

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