Despite Multiple Developments Bears Takeover the Crypto Market
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- Tesla’s CEO has so far kept quiet about his plans for the social media platform.
- Bitcoin’s price soared when the Bitcoin Conference in Miami came close to an end.
A 9.2 percent stake in Twitter purchased by Elon Musk piqued the interest of cryptocurrency enthusiasts worldwide. However, when he declined to join Twitter’s board of directors, he gained notoriety. Because Elon Musk will not be joining Twitter’s board of directors, the company is vulnerable to a hostile takeover attempt by Musk. That is what conservative Twitter users expect from Musk, but the mysterious Tesla CEO has so far kept quiet about his plans for the social media platform.
The Luna Foundation and its CEO, Do Kwon, have made significant progress toward their goal of collecting $10 billion worth of bitcoin. However, the Luna Foundation’s wallet is currently ranked 19th in the overall BTC wallet rankings.
FOMC’s Latest Inflation Forecast
Bitcoin’s price soared when the Bitcoin Conference in Miami came close to an end. Even though the conference participants viewed it as a “sell the news” event, Macroeconomic indicators are pointing to a recession. Bond prices are at multi-year highs, and crypto is taking a beating due to rising inflation. It will be interesting to see how BTC performs in light of the FOMC’s latest inflation forecast, released on Wednesday. Most altcoins are also trading in red including the second-largest coin Ethereum.
According to Crypto Rover, a well-known analyst, Bitcoin’s price can be changed by just one piece of news and can reach ATH. So naturally, the crypto community is eagerly awaiting such an announcement.
Coin prices began to fall almost immediately after the Bitcoin 2022 conference concluded. As of this writing, Bitcoin is hovering around below $41,000, and there will likely be more declines to come. Money appears to be flowing out of risky assets like cryptocurrencies and into safe-haven investments like U.S. and German bonds, as bond prices soar to multi-year highs due to spiraling inflation.
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