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June 5, 2022

Binance, Elon Musk's Twitter Acquisition. What to expect from Crypto markets?

Elon Musk's Twitter acquisitio is not going smoothly as people thought.

Elon-Musk's-Twitter-Acquisition.-What-to-expect-from-Crypto-markets Elon-Musk's-Twitter-Acquisition.-What-to-expect-from-Crypto-markets

Elon Musk on Twitter acquisition

The father of Dogecoin, Musk wants to buy Twitter. How will the cryptocurrency market react?

Tesla “head” Elon Musk has taken a bold step toward acquiring the social media platform Twitter (which holds a considerable place in public discourse in cultural, political and financial markets, including cryptocurrencies). Earlier, Musk’s tweets were criticized for having too much influence on Tesla’s stock price, and the South African rich man’s undue influence on cryptocurrency market prices was also criticized.

Initially, Musk’s acquisition news was seen as another social media stunt, but on April 25, after weeks of heated discussions with Twitter’s predecessor, Musk officially bought Twitter for $54.20 per share, more than The company’s $44 billion total bid was 38 percent higher, and Twitter’s board has accepted the offer, but plans have not yet been finalized.

The tech giant claims that under his leadership Twitter will become a bastion of “free speech”, but the smart trader will be keeping a close eye on the economic fallout of the deal. How will this move affect the market?

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Musk’s cryptocurrency holdings: Bitcoin and Dogecoin

Musk has previously started a “big bull market” in cryptocurrencies with a tweet. The “Father of Dogecoin” transformed Dogecoin (DOGE) from a little-known meme token to a popular cryptocurrency worth nearly $1. He also helped Bitcoin go from around 3.5 million to $65,000 in less than a few months. Whenever Musk belittled cryptocurrencies online, the market tends to turn bearish.

The initial impact of this acquisition on Bitcoin (BTC), which is often a “barometer” for the entire crypto market, was positive. Bitcoin, which has been in the doldrums for a long time, could drop below the $30,000 mark. After Musk’s proposed acquisition of Twitter, the price of bitcoin briefly topped $40,000 and was trading around $38,000 as of this writing on April 4. Musk said he sees bitcoin as a true store of value and prefers to hold bitcoin over dollars during tough economic times.

It is conceivable that after the acquisition proposal was issued, the price of Dogecoin also surged by as much as 30%. The price increase appears to be driven by a flood of high-priced trades, with 2,440 Dogecoin transactions in excess of $100,000 on Monday. This suggests that Dogecoin’s “whale investors” are moving a lot of DOGE, awaiting Musk’s move to buy Twitter.

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Crypto influencers join in

Big names in the crypto industry have responded positively to the takeover offer. Notably, Twitter founder Jack Dorsey called Musk “the only solution I trust” in terms of managing the company, but added, “In principle, I don’t think anyone should have Or manage Twitter. I want Twitter to be a public product at the protocol level, not a private company.” Dorsey himself is a big advocate of blockchain, and as CEO of Block (formerly Square), he continues to be a key player in crypto. Innovate in the currency and fintech industries.

Ethereum founder Vitalik Buterin also expressed skepticism at first, saying that Twitter could be in danger of becoming a “Musk echo chamber,” but concluded that, compared to the platform In the current situation or if another major company steps in to buy Twitter, Musk’s plan to run Twitter is preferable.

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Cryptocurrency payment verification?

Musk has been complaining about the “junk bugs” on Twitter, promising to “beat the garbage bugs or try to beat them as hard as they can.” As soon as news of this acquisition came out, an interesting discussion started: Dogecoin’s micropayments could be used to verify accounts before they were allowed to send a certain number of messages, a so-called “orange check.”

The idea was proposed on May 1 by billionaire Mark Cuban, who said: “We’ve added an optimistic feature to Dogecoin. Everyone pays 1 Dogecoin for unlimited sending rights. If Someone questioning a tweet as spam and confirming it artificially can get Doge coins for sending spammers.” He explained that spammers marked with a “criminal record” must send 100 times the amount of Doge coins, but if The questioner is wrong, and the questioner will lose their cryptocurrency.

Cuban’s Dogecoin suggestion quickly garnered more than 10,000 likes on Twitter, and Musk agreed, saying it was “not a bad idea,” according to Dogecoin co-founder Billy Marcus ( Billy Markus also said he “liked the idea.” If Musk brings this idea to life, it will undoubtedly be a positive move for DOGE or other cryptocurrencies.

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NFT the twitter avatar?

Musk is positive on cryptocurrencies but negative on NFTs (non-fungible tokens). It is an ongoing trend for NFT holders such as members of the Boring Ape Yacht Club (BAYC) to use their NFTs as social media avatars. But under Musk’s leadership, it seems unlikely that Twitter will be more closely integrated with NFTs. Earlier, Musk slammed the move as “nasty” when Twitter allowed users’ profiles to be set as NFTs, tweeting, “Twitter is wasting its engineering power when crypto crooks are on a rave On this nonsense, it fuels a spree of cryptocurrency scammers.” On the other hand, Musk’s tough stance on platform scammers could have a positive effect on the NFT market as a whole.

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