The Justin Sun Group, comprising TRON, HTX, Poloniex, and TUSD, has announced a 14% surge in their earnings compared to the previous quarter.
Sun interprets the consistent increase in revenue amidst challenging conditions as a positive indicator for an even more prosperous fourth quarter, as the market begins to show recovery signals.
In an update posted on platform X, dated October 26, Sun revealed that the group’s actual revenue for the third quarter of 2023 reached $202 million, with profits approximated at $98 million. Drawing from these figures, the group now anticipates revenues for the upcoming quarter to be around $190 million, potentially resulting in profits of $104 million.
Sun maintains an upbeat outlook for the fourth quarter, despite the third quarter facing significant industry challenges, including the impact of elevated interest rates implemented by the Federal Reserve, which contributed to a reduction in the industry’s overall revenue. The founder of TRON expresses confidence that the most tumultuous periods are now in the past. With the anticipated approval of the Bitcoin ETF on the horizon, Sun is optimistic about the crypto market making a strong comeback in Q4 of 2023 and Q1 of 2024.
Sun’s remarks on platform X are in alignment with insights from analysts at the financial powerhouse Morgan Stanley, who have indicated that the Bitcoin and crypto winter may finally be coming to an end.
Following a prolonged period of declining prices since late 2021, Bitcoin, the leading cryptocurrency in terms of trading volume, has surged past $30,000, marking what many believe to be a major transformative phase moving forward.