Justin Sun says “harshest winter” for crypto has passed
- Justin Sun group’s Q3 performance revealed a profit of $98 million, despite industry challenges.
- Justin Sun anticipated a spring recovery for the crypto market in Q4.
The third quarter brought a wave of uncertainty to the crypto sector, as various developments unfolded across the industry. However, the Tron [TRX] protocol managed to navigate these challenges effectively.
Realistic or not, here’s TRX’s market cap in BTC’s terms
Made it out of Q3
Justin Sun recently shared a snapshot of the performance of his group of companies in Q3. The group consists of TRON, HTX, Poloniex and TUSD amongst others.
He revealed that the actual revenue for the quarter reached $202 million, while expenses stood at $104 million, resulting in a profit of $98 million.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) October 26, 2023
Sun acknowledged that the entire third quarter presented challenges for the crypto industry. Amidst the backdrop of the Federal Reserve’s higher interest rates, the sector’s overall revenue experienced a declining trend.
However, the Justin Sun group managed to maintain its revenue growth rate, even during this challenging period. As the overall market enters a recovery phase in the fourth quarter, there’s optimism about future performance.
Sun pointed out that the revenue forecast for the fourth quarter remained relatively conservative, leaving room for the financial performance to potentially surpass expectations.
Sun also expressed optimism about the industry’s future. He believes that the harshest winter for cryptocurrencies has passed.
With the potential approval of a Bitcoin ETF on the horizon, the crypto market is expected to experience a spring recovery in the fourth quarter of this year and the first quarter of the next year. This outlook is underpinned by a firm belief in the continuous improvement of overall financial indicators.
Is your portfolio green? Check out the TRX Profit Calculator
How is TRX doing?
Despite Sun’s positive outlook, it’s important to note that the social volume around TRX, Tron’s native token, continued to decline. Moreover, the weighted sentiment around TRX also decreased, indicating that negative comments outweighed the positive ones in social discussions.
On the price front, TRX has shown resilience and maintained an upward trajectory. At the time of writing, TRX was trading at $0.0904.