While Elon Musk’s $44 billion acquisition of Twitter took the financial world by storm, the acquisition didn’t miss the cryptocurrency world. Those who’ve been keeping abreast of developments since the early hours of the morning have already started to put stable cryptocurrencies on the stock markets.
Elon Musk’s effect on the cryptocurrency world
It’s been rumored for some time that Elon Musk wants to buy Twitter, but it was estimated that the board of directors would not allow it. For this reason, until now it has not been considered a serious development. Yesterday, however, things changed.
First, in the evening hours came the news that Elon Musk had started negotiations with the board, while news came that the papers had been signed overnight. However, in the morning hours, cryptocurrency activity began to attract attention.
Stable cryptocurrencies were being transferred to the exchanges, possibly with information leaked from inside the company. Bitcoin, which had fallen to as low as $38k, began to rise. It’s currently over $40,000. US stock markets have also shown a similar move.
On the other hand, DOGE, which is associated with Elon Musk, has taken off. DOGE, which was around 12 cents in the morning, has risen to 17 cents at this point. Daily volume has topped $4 billion. Elon Musk’s next moves will also determine DOGE’s direction.