Justin Sun sued by SEC. Effect on Bitcoin? - page 4.

suzanne5223

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Quote from: Edwardard on March 22, 2023, 03:01:35 PM

Does anyone know how many btc does justin have to dump on us ?

No one can tell actually but I don't see the negative impact of Justin Sun's sue by the US SEC with the inclusion of 8 celebrities who were arrested for illegal promotion of TRX and BTT. Everybody knows the drill if you offer some promotion/sale to the US market the US SEC rules and regulations must be obeyed. No matter how powerful anyone maybe once he offers unregistered bounty programs not to mention multiple which were done by Justin Sun he has to face the consequences.
I am glad that the 8 celebrities that promote the movement are also sued because some influencers are the reason why most newbies are victims of scam projects.

Die_empty

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Quote from: Edwardard on March 22, 2023, 03:01:35 PM

Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/

It is only the court that can determine if the allegation against them is true or false. Justin Sun was sued together with some celebrities including Akon. SEC alleged that these celebrities promoted Sun's TRX and BTT as if they had interest in them. We know that banks have been on the news for the last few weeks, maybe they want to shift the people's attention to the crypto space. The banking sector have gradually lost it's reputation this few days, maybe they want to also dent the image of some key players in the industry to also give the sector a bad name. The impact of this suit on the price of bitcoin will not be much, hopefully within few days bitcoin will recover.

bitmover

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Quote from: stompix on March 22, 2023, 04:59:19 PM

Quote from: Edwardard on March 22, 2023, 03:01:35 PM

Another stressfull news for the community.

Stressful?
Maybe you meant stressful for the Tron community, not the entire crypto community.Justin Sun has started having a really bad influence on nearly everything he touches, and lately, all his plans ended in either a failure or a dumpster fire.

Exactly.

Tron is just one more of many altcoins projects which has little importance in the crypto world.

All the FUD and badnews we saw recently have absolutely zero impact in bitcoin technology and fundamentals.

BUSD, USDC, FTX, justin, musk, nothing of all that matters for bitcoin.

While Banks are collapsing because FED is raising rates and inflation is soaring bitcoin stands as one amazing alternative. Tron and any other cryptocurrencies are just trying to get some of bitcoin credit, but in the end they are of little importance.

lionheart78

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Quote from: Merit.s on March 22, 2023, 04:53:58 PM

This will only affect the price of bitcoin to dump a little and I can see that this might be the lowest the price is will dump to or to 26k. Each time I see bitcoin price on correction,I feel happy regardless of what causes the dump because I do see these dumps as an opportunity for bitcoin price to go higher than the recent price. With this news on the suing of Justin Sun by SEC,I will be looking forward to see bitcoin price hits 29k-30k soon. I might be wrong but this is my own observation of the recent price movement since the beginning of this year.

I do not think the news about Justin Sun being sued by SEC will have an effect on the Bitcoin market. Remember Justin Sun is sued not because of BTC but of manipulating the volume of TRX through wash trading. If something is about to be affected, I think it should be TRX and other cryptocurrencies to where Justin Sun is affiliated.

The current price retrace of Bitcoin to sub $27k and temporarily pointing toward $25k is not because of this news but the current interest hike announced by FED[1]. With the announcement, somehow fiat money gains its strength even though banks are failing.

Quote

Bitcoin
slid 4.8% to $26,895.88, according to Coin Metrics. Ether
fell 4.1% to $1,726.58, following a big move higher on Tuesday.

But somehow as of this reply, Bitcoin price already recovered above $27k.

[1] https://www.cnbc.com/2023/03/22/bitcoin-rises-ahead-of-key-fed-decision.html

stompix

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Quote from: Edwardard on March 22, 2023, 03:01:35 PM

Another stressfull news for the community.

Stressful?
Maybe you meant stressful for the Tron community, not the entire crypto community.Justin Sun has started having a really bad influence on nearly everything he touches, and lately, all his plans ended in either a failure or a dumpster fire.

But one must see the funny irony in this, just three days ago:
Justin Sun Puts Forward Proposal to Acquire Credit Suisse

Anyhow, this is not bad for BTC is bad for Tron and their shitcoins, one less alt on this over-saturated market just makes it a bit better.

Quote from: decodx on March 22, 2023, 03:13:38 PM

And the timing certainly seems suspicious, doesn't it? Maybe the SEC was trying to distract us from the FOMC meeting with a little crypto drama.

Common, if the SEC would actually go after each suspicious case as they should they could make the news every single week, look at what has happened in all those deals behind every single one of the failures in FTX, 3AC, Genesis, how every single of those stablecoins are backed by empty promises just as bad as Credit Suisse, they have enough material for years to come just on recent events.

Besides, the dump started after the FED announcement, 2 pm EST is 18 on this graph

Merit.s

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This will only affect the price of bitcoin to dump a little and I can see that this might be the lowest the price is will dump to or to 26k. Each time I see bitcoin price on correction,I feel happy regardless of what causes the dump because I do see these dumps as an opportunity for bitcoin price to go higher than the recent price. With this news on the suing of Justin Sun by SEC,I will be looking forward to see bitcoin price hits 29k-30k soon. I might be wrong but this is my own observation of the recent price movement since the beginning of this year.

AmoreJaz

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Quote from: decodx on March 22, 2023, 03:13:38 PM

Wow, sounds like there's never a dull moment in the crypto world!

But seriously, it's not surprising to see the market react to news like this. Investors don't like uncertainty, and legal trouble for a high-profile figure like Justin Sun can certainly create a lot of it. And the timing certainly seems suspicious, doesn't it? Maybe the SEC was trying to distract us from the FOMC meeting with a little crypto drama.

Will BTC bounce back from this, or will it continue to take a beating? Only time will tell, but I have a feeling this won't be the last we hear about this story.

we know that BTC always bounce back, whatever situation we are in. there were a lot of worst situations that we have surpassed. this one is just another hiccup in this market. but we are still above 25k, wherein, we've been down to 25k since june 2022. so we are still doing good if we refer from that period.
as you said, time will tell when or how the market will going to perform these days. i guess, we just need to observe what's gonna happen next.

coolcoinz

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Quote from: Edwardard on March 22, 2023, 03:01:35 PM

Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

Bitcoin dumped because FED hiked rates again exactly at the time when it dumped that's why there was a pump first about 30 minutes before the FED's announcement because people were speculating there would be a pivot. Since there was no pivot some traders dumped fearing the following decrease in stock prices would affect bitcoin.

Why wasn't there a bigger panic? Probably because the stocks have taken into account a possible hike and because bitcoin is slowly decoupling from stocks.

Bitcoin doesn't care about a shitcoiner like Sun and his schemes. Shitcoins don't affect bitcoin.

livingfree

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I don't think that there will be much effect on bitcoin with SEC suing him. He can even afford to pay to have a dinner with Warren Buffett and that's a lot of "learning" for him.

Maybe the drop that we recently saw was due to him but then as I look at the market, it's all good and up again. So it seems that the market was quite affected by it but then it has recovered so fast that it makes it look like there's little to no effect at all.

Woodie

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What's the worst that can come from this..if Justin Sun loses against SEC Roll Eyes

I think the worst that can happen is maybe paying some fine nothing more and probably being requested to getting whitelisted for tether to keep being used in this jurisdiction otherwise with so many banks going down at the moment I think the world is distracted and won't affect the markets much.
If anything I believe with banks being affected which were suppose to be their clients safe house,it's clear crypto is the only answer and price is expected to keep soaring.

decodx

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Wow, sounds like there's never a dull moment in the crypto world!

But seriously, it's not surprising to see the market react to news like this. Investors don't like uncertainty, and legal trouble for a high-profile figure like Justin Sun can certainly create a lot of it. And the timing certainly seems suspicious, doesn't it? Maybe the SEC was trying to distract us from the FOMC meeting with a little crypto drama.

Will BTC bounce back from this, or will it continue to take a beating? Only time will tell, but I have a feeling this won't be the last we hear about this story.

Edwardard

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Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/

Topic: Justin Sun sued by SEC. Effect on Bitcoin? - page 4. (Read 624 times)