- Elon affirmed that X won’t launch any crypto token.
- Crypto investors on FUD; DOGE falls by 1.15% in 24H.
The second week of August started with a boom in the crypto market where the unfortunate announcement spread around. The Boss of Twitter (known as ‘X’), Elon Musk has denied the launch of a crypto token for X. Following this denial of scam and rumors by Elon, Dogecoin (DOGE) went on an abrupt surge of over 2% which led to bullish momentum. As per the previous view on DOGE, it felt evident that Elon’s promotion had an impact.
As of a recent update, Elon Musk said, “Never will X launch a crypto token.”
Elon Musk Blowing Cryptocurrencies
According to Forbes, Elon’s declaration creates wild speculation which might blow up the prices of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Dogecoin (DOGE). Certain crypto analysts have predicted that the bearish sentiment might affect crypto trading. As it was believed that Elon promoted DOGE, now it doesn’t reflect the same whereas the recent surge on Friday has fallen by 1.15% according to CoinMarketCap.
The global crypto market cap has decreased by 0.08% compared to the previous day. With the chance of the crypto market breaking down the wall, Elon’s stance of bringing up the price is higher. However, Elon considers the unlikely rumors being spread with no proper affirmation from X.
On August 6, 2023, Elon tweeted, “We just keep making X better and better, every day.” Meanwhile, Mark Zuckerberg, the CEO of Facebook (termed ‘Meta’) commented, “Threads will copy and become better and better too.”
Irrespective of the crypto community, the newer version of Twitter, X has bought changes into trading. The use of eToro if X doesn’t work as a crypto trading platform, might be useless. By the way, the curiosity of eToro was awakening at the moment of its arrival and Elon had an optimistic view over cryptocurrencies.
Confusingly, the crypto investors are yet trading and the digital form of currencies might rule the nation in the future days as UPIs do up to date. The crypto market faces criticalities during the end of Q3. Challengingly, Q4 might turn effective towards the crypto market and its growth.
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