*Values are presented as per time of writing the article
BTC and Doge
Following reports that Twitter is expected to reach a deal with Tesla CEO Elon Musk on Monday, Bitcoin rose about 5.7% from its value during opening trading hours on last Tuesday. BTC hit $40K after the business deal was announced. Although this bullish price may last for a short period of time, it was reassuring to see a surge after a bearish sentiment reigned over crypto markets in preceding weeks.
Decline in BTC on crypto exchanges generally indicates a strong accumulation phase. But currently the bearish phase is still dominating crypto markets and this could either turn out to be profitable for investors or will end up finally falling to a sub $20,000 field. Which could result in the entire play being damaging to those who are already knee-deep in investitures.
If folks did want to see more bullish shifts in the market, it could be beneficial for Bitcoin to continue its dominance rate which is over 41.2% now. Current bullish divergence does indicate a continuing phase for BTC but it remains to be seen if macro cycle bottoms can encourage investors to keep pushing.
Dogecoin, placed at the third position last year in market cap ranking among all cryptocurrencies – has soared 26% after the billion-dollar deal went through. Musk had been advocating this memecoin through Twitter in the past months and is partially responsible for this massive surge of the cryptocurrency as he went forward in a billion-dollar acquisition deal. It peaked at $0.167 after details of the deal made rounds online.
This is nearly 13 times more than how much Bitcoin rose on the same day. Musk’s continuous sharing of memes relating to Shibu Inu dogs and other crypto memes has undoubtedly had a hand in pushing this crypto up the markets.
TWTR, that is Twitter’s stock has risen more than 5% pre-market among all the Musk-Twitter hype. At the time, it wasn’t known whether the acquisition would even go through. But his recent attainment of the huge online platform, there has been rising excitement among crypto enthusiasts. Since Musk has been the only person known to manipulate stock markets through mere tweets, it is expected that investors may be wary of the upcoming highs and lows that the market will go through in these weeks. Question remains, can this monumental authority further propel Elon to continue manoeuvring markets, now to an even greater extent?
Regardless, he has always freely voiced his intentions over how things should work with the platform. In a Vancouver TED talk, he had stated that Twitter is like a “de facto town square” and it is of utmost importance that users are able to employ their rights and “speak freely within the bounds of the law”. In a recent tweet, he clarified what exactly he meant by free speech and how hateful content and misinformation have no place on the platform as he simply intended to bring about changes in the platform that did not go beyond what the law permits.
By “free speech”, I simply mean that which matches the law.
— Elon Musk (@elonmusk) April 26, 2022
I am against censorship that goes far beyond the law.
If people want less free speech, they will ask government to pass laws to that effect.
Therefore, going beyond the law is contrary to the will of the people.
“The civilizational risk is decreased if we can increase the trust in Twitter as a public platform,” Musk said. You can read more on the ongoing free speech debate here. He also aims to decrease the growing number of spambots spreading through Twitter like a disease. The bots not only make user experience unpleasant but also have a major role to play in feeding misinformation and spreading political propaganda to the unsuspecting online audience.
Fluctuations among other cryptocurrencies
Just a couple days after the Twitter acquisition, the seesawing crypto market has been experiencing shifts again. With BTC back to being below $40K, Ethereum Classic also fell about 8%. Losses aren’t as great as preceding weeks, so that may provide some solace. Some other top-performing cryptocurrencies have also posted dips. This includes XRP that went down around 8.45% over the last week itself. It now stands at $0.71, leaving holders concerned over the steep decline.
Leading coins like Bitcoin and Ethereum have dropped around 2-3%, but not all coins are as inconsistent though. Monero, Terra’s LUNA and Apecoin have all posted gains as markets remain mostly flat. LUNA rose about 14.35% to $93.09, along with Monero (XMR) that went up from 18.58% to $272.55. The latter’s surge could be attributed to an upcoming hard fork due in July. News of the fork has been making the rounds online, which has also compelled Monero holders to go on a “Monerun” and take the crypto off centralized exchanges, as much is reasonable that is.
In addition, Bored Ape Yacht Club was trading at $17 in the last week of April, an impressive 40% increase from the previous week. It has become an exciting month-high value for the fungible ecosystem and definitely a delight for holders. Furthermore, parent company Yuga Labs have been looking to launch land sales as their bestowal to the Metaverse.
