News in brief
Elon Musk was the most visible on the corporate scene, having finally reached a deal with Twitter management to take it over. We have seen some new macro data, but April’s results so far are still under the influence of combination of high inflation, the war in Ukraine and continued material shortages due to disrupted global supply chains, which all threaten to lower the economic performance also in the second quarter of this year. Gold made a relatively large move, down below the important $1,900 per troy ounce level, due to the US dollar, which climbed to a two-year high against a basket of currencies on Monday.
After falling down to a multi-week low at $38,000, Bitcoin managed to bounce back up and reclaimed $40,000. The altcoins are also well in the green today, with Dogecoin stealing the show following a 33% surge after the Elon Musk-Twitter news.
Bitcoin (BTC) is now trading at 40,400 USD up by 4,8% in 24h
Ethereum (ETH) is now for 2,990 USD up by 6,1% in 24h
PlatonCoin (PLTC) is now for 0,797 USD up by 10,5% in 24h
Total marketcap is currently at 1.967 trillion USD up by 4.3% in 24h
(all data valid at the time of publishing, from Coingecko.com)
Elon Musk and Twitter: Elon Musk will acquire popular social media platform Twitter for $43.4 billion. The Tesla and SpaceX CEO has long used the platform to promote crypto assets like Dogecoin and Bitcoin, post memes, and get himself in trouble with the SEC. Musk aims to launch “new features,” “increase trust” by making “algorithms open source,” defeat spam bots, and “authenticate all humans.”
Fidelity and crypto investments: Fidelity Investments will allow its clients to allocate part of their retirement savings to Bitcoin. The company, which manages some $4.2 trillion in assets, on Tuesday told The Wall Street Journal and other publications that it plans to permit investors to add a bitcoin account in their 401(k)s, so long as their employers allow it. Reports suggest the new functionality could be rolled out as soon as the summer of this year. Fidelity would let retirement savers allocate up to 20% of their portfolio to Bitcoin, although that number could change.
Market sentiment shift: In the last just a day, the market sentiment shifted with over $100 billion flowing into the crypto market cap, which has increased from $1.76 trillion to $1.873 trillion in only 24 hours, representing a total of $103 billion, according to CoinMarketCap data. As things stand the global crypto market cap is $1.87 trillion, a 5.26% increase, while the total crypto market volume over the last 24 hours is $94.32 billion, which makes a rise of 29.06%.