Today we are going to discuss how the Twitter Elon Musk deal will affect cryptocurrency markets and what kind of significant changes will be made on the social media platform.
What will change on Twitter?
Elon Musk buys Twitter, the popular social media platform, for $43.4 billion. Tesla and SpaceX founder has long used the site to promote crypto assets like Dogecoin and Bitcoin, post memes, and get himself in hot water with the SEC.
After the Twitter Elon Musk deal is confirmed we’ve learned that SpaceX CEO wants to launch new features, increase trust through making algorithms open-source, defeat spam bots, and “authenticate all humans.” But what exactly do these phrases imply for the community popularly known as “crypto Twitter,” or CT? What might this signify for the market in light of such a major upheaval on public display?
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
Twitter Elon Musk deal raises some questions
Musk is a risk-taker who loves to launch rockets into space and create tunneling flamethrowers. He frequently posts Dogecoin jokes that annoy the community, at which point his tweets are met with cheers for Dogecoin. But this Twitter Elon Musk deal might have significant ramifications for the crypto Twitterverse, both good and bad.
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
-Musk
On the plus side, there may be fewer spam bots, which means frauds and scams in the crypto sector will be reduced. Making the algorithm open source is a step toward establishing crypto-like concepts. On the downside, forcing human authentication to some extent takes away from social media platforms’ unique privacy and anonymity advantages. What if there are no more fake names hidden behind a cartoon or NFT avatar?
It remains to be seen what Musk has in store for the community. Twitter Elon Musk is still under review by regulatory authorities.
How the Twitter Elon Musk deal will affect the crypto market?
The Twitter Elon Musk deal might have larger implications for the stock market and cryptocurrencies in terms of price appreciation. Since Musk first announced that Tesla would buy Bitcoin, the market has been bearish for more than a year. Taking on so much debt to restore a firm may be interpreted as a signal across the market that the cycle isn’t over. With so much bearish sentiment, short bets, and a market that wouldn’t see it coming, all it would take is one little spark to set off another bull run.
For some time, Elon Musk has been responsible for driving asset prices through his Twitter platform. The “Dogefather” brought the meme coin within striking distance of $1 in under a month. In less than a few months, he helped push Bitcoin from $30Ks to $65K. He was subsequently the first one to strike back, starting the bearish trend inequities and cryptocurrency.
But, as we’ve seen time and time again in history, there’s no telling what might happen when one person takes the lead. What if it’s now he who starts the next bull run? The US stock market had one of its largest single-day turnarounds in some time. After a brief dip to $38K, Bitcoin has recovered above $40K.
Why did Dogecoin go up after Elon Musk bought Twitter?
The cryptocurrency named after a Shiba Inu meme, Dogecoin, which has long been a favorite of Elon Musk, was up 22.14 percent to $0.162 as of 01:10 a.m. IST Tuesday. You can find why did Dogecoin go up after Elon Musk bought Twitter in this article. We will see how Dogecoin will be affected further after the Twitter Elon Musk deal.
