☕️The Morning Cup: Binance helped Elon Musk to acquire Twitter, Dogecoin spiked after the takeover
Good morning, good day, and good evening. Welcome back to The Morning Cup. It’s your weekly recap of the latest in crypto news and your start to the week, no matter where you are. Don’t worry, we’ve selected just what you need to stay up-to-date, so you won’t spend time pouring through the news you don’t need, only the news you care about.
Market Watch!
DOGE spikes following Musk’s Twitter buyout
Thanks to Elon Musk’s acquisition of Twitter, his favorite crypto, Dogecoin (DOGE), also rallied over the week, gaining over 90% from around $8.1 billion to $15.9 billion at one point. According to CoinGecko, the spike makes DOGE the eighth largest cryptocurrency by market cap at press time. As for Bitcoin (BTC) and Ethereum (ETH), they are now trading at $20,506 and $1,581 respectively. For the 24h gainers on Poloniex, they are CHZ/USDT, SAND/USDT, XLMBEAR/USDT, SANTOS/USDD, PSG/USDT, LINKBULL/USDT.
So what happened this week?
Elon Musk takes over Twitter with Binance’s $500M investment
The Musk-Twitter saga is over! But, the platform’s future direction is unclear as Elon Musk fired four top executives, including the CEO Parag Agrawal, soon after taking ownership. Tweeted last Friday with a simple line: “the bird is freed”, the world’s richest man implied the Twitter deal was sealed after months of twists and turns in the courtroom. A filing with the US government confirmed the takeover worth $44 billion. Since Musk fired four top executives soon after the acquisition, some are concerned about the future direction of Twitter. In addition, Changpeng Zhao, the founder, and CEO of Binance, revealed that the exchange was Musk’s equity investor with $500 million wired two days ahead of the takeover. Zhao also tweeted that Binance will establish a team to bring social media and Web3 together to widen the adoption of crypto and blockchain technology. Apart from Binance, Sequoia Capital, Fidelity Management, Andreessen Horowitz and Brookfield were also Musk’s co-investors in the Twitter buyout. As Musk fully controls the board, it’s unclear how the co-investors will influence the platform in the future.
Crypto lobby group welcomes Rishi’s appointment of UK Prime Minister
Crypto evangelists in the United Kingdom are excited about Rishi Sunak’s appointment as their new Prime Minister since Sunak expressed hope to turn the country into an international hub for crypto during his time as the Exchequer. Sunak, 42, of Indian descent, was chosen by his Conservative Party members last Monday to replace Liz Truss, who was in office for just 45 days. Sunak served as the Chancellor of the Exchequer from 2020 to 2022. During his tenure as the Exchequer, he had expressed his intentions to make the country into a global crypto hub with the aim of regulating stablecoins as a form of payment. Although Truss’s government had also expressed a commitment to Sunak’s crypto plans, some have worried about the direction of the proposal after Truss’s departure. However, the crypto world in the UK has reignited the hope again after Sunak’s appointment and Crypto UK, the industry lobby group, is one of them. As reported by CoinDesk, the aforesaid body thinks that Sunak’s appointment would bring a positive sign to the crypto and the general economy. Meanwhile, Hong Kong plans to legalize retail trading of cryptocurrency according to a Bloomberg report on the matter, with some believing that the city is now beefing up its policies on crypto trading so that it can compete with its neighboring country, Singapore.
74% of institutional investors optimistic about buying crypto — Fidelity
A survey conducted by Fidelity, the international financial institution, shows that over 70% of institutional investors plan to buy crypto in the future, even if the crypto market is still bearish. Fidelity revealed last week that 58% of institutional investors, including hedge funds, financial advisors and high-net-worth individuals, had invested in digital assets in the first half of 2022, representing a 6% increase from the year before. Meanwhile, 74% of institutions said they were planning to buy digital assets in the future. In addition, 51% of the respondents hold a positive perception of digital assets, up from 45% in 2021. Fidelity’s survey included 1,052 institutional investors spread across the U.S., Europe and Asia.
New Listings on Poloniex
Here’s what we’ve listed recently:
⭐️New Coins
⚽️Fan tokens
Manchester City Fan Token (CITY)
Paris Saint-Germain Fan Token (PSG)
Futures
Polopedia
Socios, the blockchain-powered fan token platform created by Chiliz, was our subject this past week.
Crypto Glossary
This week, we are going to explain a new acronym, NGMI, which refers to “not going to make it”. NGMI is the opposite of WAGMI (what we explained last week) that the term is often used to make fun of or ridicule people with poor financial decisions. Besides, NGMI is also used to mock those skeptics who hold negative comments on the crypto markets.
What’s happening here at Poloniex?
This is what Poloniex’s week looked like
Weekly highlights
Campaigns
Our recap of ongoing campaigns that YOU can get involved in!
Trade APT Futures with $500 Subsidy to Win $20,000! (10/25–11/4/22)
Poloniex FIFA World Cup Carnival: Trade Fan Tokens to Split $100,000! (10/24–11/19/22)
Become a Poloniex KOL to Win a Commission of up to 60% and Share 10,000 USDT (10/1–12/31/22)
The community megaphone📢
Highlights from the community
And that about covers it for this week! Curious about our campaigns or upcoming events? Give us a shout in our Telegram channel-
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Thanks for spending some time with us as we went over what’s going on. And wherever you are, from the team here at Poloniex, good morning, good day, and good evening!
