News

Jinse Finance reported that the latest data from the University of Michigan shows that the U.S. Consumer Sentiment Index fell by 3.3 points to 50.3 in November, marking the second lowest level in history and significantly below the market expectation of 53.0 points. This is the fourth consecutive month of decline for the index. The Current Conditions Index dropped by 6.3 points to 52.3, reaching a historic low; the Consumer Expectations Index fell by 1.3 points to 49.0, the third lowest level since July 2022. Notably, the current Consumer Sentiment Index is now lower than during all previous economic recessions, including the 2008 financial crisis. Analysts pointed out that although official inflation data shows some easing, the prices of essential goods remain high, causing widespread economic pressure among U.S. consumers. Many believe that the U.S. is, in fact, already in a recession. (Golden Ten Data)

Jinse Finance reported, citing Cointelegraph, that Faruk Fatih Özer, the former CEO of Turkish cryptocurrency exchange Thodex, was found dead in prison on November 1, with preliminary investigations indicating a possible suicide. Özer was sentenced in 2023 to 11,196 years in prison for orchestrating a $2 billion cryptocurrency exit scam. In April 2021, Thodex suddenly suspended trading and withdrawal functions, after which Özer fled overseas. After more than a year on the run, he was arrested in Albania in August 2022 and extradited back to Turkey in April 2023. This case prompted the Turkish government to strengthen regulation of the cryptocurrency industry, including banning crypto payments and implementing new investor protection measures, which indirectly boosted the adoption and trading activity of cryptocurrencies locally.