By Nathan Ferguson
Most cryptocurrency investors view Musk joining Twitter as a boon as the Tesla executive has voiced about clamping down on rampant scams that target newbie investors.
Bitcoin’s fluctuations played out again. The leading cryptocurrency dropped from the $43,400 intraweek peak to explore the lows of $40,450. BTC lost around 4.8% last week as Fed Reserve hiked interest rates amid surged inflation. Ethereum approached the $3,500 level last week but dropped to $3,040 at this publication, losing over 5% on the week.
BTC demand by large investors has been dropping, according to data. Coinbase Pro announced an exit of large Bitcoin tranches. The report shows the tranches summed to $30,000 Bitcoins in a day this week. Also, March saw similar patterns.
Elon Musk and Twitter
DOGE’s supporter Elon Musk’s poll on whether Twitter follows the free speech policies assumed a massive proportion. The Tesla CEO became the leading Twitter shareholder after buying 9.2% of the platform’s stocks. Surprisingly, he denied the offer to join the Twitter board. The latest spin has Musk interested in purchasing 100% of TWTR shares to ensure faster innovation.
What does that have to do with Dogecoin? The social media platform has a Twitter subscription that allows individuals to erase and edit their tweets. Recently, Musk advocated for DOGE payments for the subscription, triggering an 8% surge for the meme token. Users appear fascinated by Musk’s Twitter to take over as the Tesla executive advocates for freedom of speech for users and tackl8ng rampant scams that target amateur investors.
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For now, BTC hovers around the 40K mark. The bellwether crypto lost 0.27% over the last day to trade at $40,320. Bitcoin lost approximately 5.39% over the past week. Also, the global market capitalization reflects the struggle as it stayed nearly flat, losing 0.05% to $1.88 trillion (Coinmarketcap data).