2023-10-27

🧐Bitcoin All-Time High in Turkey and Nigeria

October 27, 2023

Good morning, beautiful people,So..Bitocin held $34k all week...let's see if we can get through the weekend!

Let's take the plunge!

🇹🇷🇳🇬 Unbelievable BTC Peaks in Turkey and Nigeria!
😡 SBF's Dodge and Weave
🧮 Numbers, Recovery, and Optimism

🚀 Bitcoin Peaks in Turkey and Nigeria Amid Economic Turmoil

Bitcoin has taken Turkey and Nigeria by storm, reaching all-time highs despite the rest of the world seeing it at 50% below its peak in U.S. dollars. 📈💰

The reason? Inflation, and lots of it.The Turkish lira and Nigerian naira are both on a slippery slope, leading people to flock to Bitcoin.As of Friday morning, Bitcoin was trading at a whopping 960,000 against the lira and 27.4 million against the naira. That's a 30% increase in just a month! 💵➡️📉

I think the work "boom" isn't hyperbolic here!Local exchanges in these countries have seen a bitcoin trading frenzy, with a staggering $40 million worth traded in the past 24 hours alone.And that's not even counting the folks trading on global platforms like Binance or Coinbase. 🌏💻

The economic situation in both Turkey and Nigeria is, to put it mildly, not great. The naira has dropped 0.45% in the past month and a shocking 45% in the last six months against the U.S. dollar. The lira? Even worse, with a 2.9% drop in the last month and a 31% nosedive in the last six months.Inflation is running wild, with Nigeria seeing a 25% increase compared to last year and Turkey topping the charts at a jaw-dropping 51% increase. 💹📊

With people's wallets feeling lighter and lighter, it's no surprise that they're turning to Bitcoin as a lifeline.This is what mass adoption looks like...jump on the train or get left behind!

The takeaway? When the going gets tough, the tough get Bitcoin.

🏛️ Judge Calls Out SBF's Evasive Trial Tactics

In the latest courtroom saga, Sam Bankman-Fried, the once-celebrated founder of FTX, is finding himself in hot water as U.S. District Judge Lewis Kaplan casts a critical eye on his less-than-clear responses during his ongoing criminal fraud trial. 🤨🔍

Bankman-Fried, in a performance that could rival a seasoned politician, navigated the cross-examination with a dance of evasion, pausing dramatically and playing a game of verbal gymnastics with Assistant U.S. Attorney Danielle Sassoon's questions.His tactic? Rephrase, pause, and dodge....almost as if he has something to hide...

Judge Kaplan, however, was having none of it.He likened SBF's responses to a shady real estate deal, painting a picture of a man who bought a house with dubious funds and kept his real estate lawyer in the dark. 🏠💰“Part of the problem is that the witness has what I’ll simply call an interesting way of responding to questions,” Kaplan noted with a touch of sarcasm.

In this legal circus's center ring, SBF is accused of misusing FTX customer funds for his personal financial escapades.The defense is playing the "good faith" card, claiming SBF was just following legal advice during his FTX reign.But Kaplan, ever the sharp jurist, pointed out that this line of defense is about as useful as a screen door on a submarine when it comes to the charges at hand.The day wrapped up with Kaplan pondering aloud whether the jury should be privy to the defendant’s cryptic answers.

📊 Justin Sun's Group: Financial Prosperity Amid Crypto Winter

The founder of TRON, Justin Sun, has thrown open the books, revealing the financial health of the Justin Sun Group, a conglomerate boasting assets like HTX, Poloniex, TUSD, and of course, TRON. 💰📈

The third quarter of 2023 was nothing short of impressive for the group, as it raked in a cool 202 million dollars in income, kept its expenses to 104 million dollars, and danced to the tune of a 98 million dollars profit.That’s a 14% increase, folks—a clear sign that whatever financial wizardry they’re practicing, it’s working.

While the rest of the industry was busy licking its wounds from the FED's high interest rates, Justin Sun’s empire was thriving, proving that even in a crypto winter, some are just built for the storm. ❄️💪

But wait, there’s more!Justin Sun, never one to shy away from a bold prediction, is prophesying a spring recovery for the crypto market, coinciding with the anticipated adoption of the Bitcoin ETF."We believe that the harshest winter is behind us,” he declared, eyes set on a brighter Q4 and Q1. 🌱📈We are all hoping you're right, JS!

It's worth noting these numbers are just the operational highlights; they don’t even touch on the investment-type gains and losses.And with investment-related companies like Rexchip Coffee shooting through the roof this quarter, it seems the Justin Sun Group has found a way to keep the good times rolling, even when the crypto market says otherwise.Let's just be cautious, folks...you know what can happen when someone rises rapidly..cough...SBF!