On the evening of July 4th, Justin Sun, the founder of the Tron blockchain, made a significant post on social media platform X (formerly Twitter).

1. Justin Sun’s Post on July 4th

In his post, Justin Sun proposed to buy $2.3 billion worth of Bitcoin (BTC) from the German government through over-the-counter (OTC) transactions.

The aim of this proposal is to mitigate the negative impact of the German government’s BTC sales on the market price. In the past two weeks, wallets associated with the German government have been transferring BTC to centralized exchanges (CEX), causing considerable market fluctuations.

Specifically, the German government has moved over $300 million worth of BTC to CEX and to the address “139Po”. The government wallets currently hold 40,359 BTC (approximately $2.32 billion), down nearly 10,000 BTC from the initial 50,000 BTC.

These BTC holdings were reportedly confiscated from the illegal movie streaming site Movie2k earlier this year. Germany is now the fourth-largest BTC holder globally, behind the UK, China, and the USA.

On July 4th, the German government’s wallet transferred $172 million worth of BTC to various addresses. For more details, see: Mt. Gox and German Government Move Bitcoin on July 4th, 2024!

Arkham’s article about the German government’s move to transfer BTC on July 4

2. Market Reaction

Crypto community reacts after Justin Sun’s post

The crypto community reacted positively to this news. Some users humorously suggested that Justin Sun is protecting small crypto investors better than governments.

Others speculated if Sun could also purchase the BTC that Mt. Gox is preparing to return, worth about $9 billion. This highlights Sun’s significant influence in the crypto market, as he holds an estimated $1.5 billion in assets.

Justin Sun’s move appears to have impacted BTC prices. Specifically, BTC formed a strong bullish candle on the 4-hour chart, trading around $58,100, reducing the 24-hour decline to 4%.

Bitcoin (BTC) price chart on 4-hour frame (4H)

Overall, BTC seems to be absorbing the series of negative news released in recent days. With strong buying support at $57,000, investors might hope for a stabilization in the coming days.

Source: Tradecoinvn