Justin Sun Accused of Buying Fake Followers!!! + Bitcoin Pumping in Venezuela
We have picked out four super awesome news for today’s news segment. Let me give you a glance at what they are. Now first up, we have news that a crypto firm has recently partnered with a football club. So who are they? You’ll just have to wait and see. Second up, it looks like Craig Wright challenges the court order that is requiring him to pay 500K in Bitcoin. He’s asked for a 14-day extension to file a motion. Next up, we have another scandal from Justin Sun, the CEO of TRON, noting that he is purchasing up to 5,000 followers on Twitter per day. And finally, it looks like the top crypto token, Bitcoin, recently broke a new record in Venezuela as the trading volume last week peaked at 114 billion sovereign bolivars (VES). Do you find these pieces of news interesting and want to know more about them? If so, please make sure you can stay here with me until the end of today’s video.
The Market Today
It’s really cool to see the market recovering pretty well today. Bitcoin is surging up to 6.54%, standing at $10,392. Similarly, Ethereum and Ripple’s XRP are gaining a lot, with an increase of 4.58% and 2.21% respectively. Other major cryptos such as LTC, EOS, BNB are also gaining from yesterday.
The first Crypto exchange – football club partnership ever
According to a new report on CCN, the Turkish Bitcoin Exchange has just signed a sponsorship agreement with a first division professional sports club – Yeni Malatyaspor. Now, for those who are unaware, BTCTurk, as the name suggests, is a Turkish cryptocurrency exchange. The announcement was posted on Reddit, revealing that under this partnership, the football club will feature BTCTurk’s logo on the team kit for the current 2019/20 season. The special thing here is that the sponsorship is reportedly the first-ever of its kind between a cryptocurrency exchange and a professional sports club. With this new collaboration, it suggests that the sports industry is quickly realizing the benefits of cryptocurrencies. With the deal closed, we can be sure that BTC, as well as BtcTurk’s presence in this area, will spread even further. BtcTurk CEO Özgür Güneri commented:
“With this agreement, we have taken a significant step to increase awareness towards Bitcoin and contribute to healthy growth of cryptocurrency industry in Turkey as well.”
Craig Wright delayed a 500,000 BTC payout
As reported by Cointelegraph, the self-claimed Satoshi Nakamoto is questioning a recent court order requiring him to pay 500,000 BTC to the estate of a former colleague. But that’s not all. Later last week, his representative, Andres Rivero filed a paper to the United States District Court for the Southern District of Florida, asking the judges to give him another two weeks to file a motion challenging Magistrate Bruce Reinhart’s order in favor of Dave Kleiman’s estate. They reasoned that their legal team would need this extension to address the legal validity of the order. They also mentioned a major hurricane threatening Central and South Florida as the reason for extra time. In conclusion, Rivero assured that the motion was “brought in good faith” rather than for the “purposes of delay.” On the other hand, Craig Wright warned the 500,000 BTC payout could result in a fresh volatility of crypto markets because Kleiman may have to sell a large number of Bitcoin tokens in order to pay the estate tax.
Justin Sun is accused of buying 5000 followers per day
According to a recent post on Cointelegraph, the crypto market commentator Josh Rager has accused Justin Sun of cheating by buying nearly 5,000 followers per day for his Twitter account. The facts were noted by Josh Rager on September 1st, which is revealed in his tweet:
“Looks like you’re still buying 5,000 to 6,000 followers per day. My favorite stat is how you went from losing net-negative followers per month to gaining 5k followers daily like clock work in late 2018.”
To prove his argument, Rager attached a screenshot from Twitter statistics aggregator SocialBlade, which shows that Sun’s profile has recently attracted up to 5,000 new followers every 24 hours. While Justin Sun has no response to such accusations, some crypto users positively commented on the post, arguing:
“He is a meme yes. But that doesn’t mean the product is crap. So far it works quite good. I would rather use a DApp running on Tron than on Ethereum. But I have the feeling that his position scares some dev/investors away.”
Venezuela’s Bitcoin trading breaks a new record at 114B Bolivars
As the economy in Venezuela reaches higher stages of hyperinflation, citizens have turned to Bitcoin.; This has pushed Bitcoin’s trading volume in Venezuela to reach a new record of 114 billion sovereign bolivars (VES) in a week. Now, this fact was revealed yesterday by Coin Dance, a resource that tracks trade volume on P2P crypto exchange platforms. Just to give you a bit of context, this new record is pretty significant as the last record was only 77 billion. But if we look at it in terms of tokens, the change wasn’t so significant, only rising from 465 BTC to 533 BTC. So, what are the forces driving this situation? Cointelegraph reported that weekly highs in VES trading imply the weakness of the Venezuelan currency. The inflation rate, in fact, dipped in July after the implementation of some financial policies. July’s annual rate of inflation was around 265,000%. On the other hand, the Venezuelan government is still pushing its controversial national currency, the state-issued digital currency, Petro.
So what are your thoughts regarding all the news?
Do you think that the new partnership will boost the interest of local residents in BTC?
Do you think Craig Wright has a chance of winning regarding his appeal?
What do you think about the abnormal increase in the number of Sun’s followers?
Do you think more Venezuelans will turn to Bitcoin as a more reliable and stable currency?
Feel free to leave your thoughts in the comment box right below. And guys, please don’t forget to also like and subscribe to go into the draw to win $70 worth of Bitcoin and a Safepal wallet this week. It’s your girl Cindy with CryptoPig. Goodbye!
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing.