08/06 update below. This post was originally published on August 4
Bitcoin, ethereum and other major cryptocurrencies, including the meme-based dogecoin and Ripple’s XRP
XRP
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster
The bitcoin price rally this year has stalled after bitcoin doubled since the beginning of the year, with surprise White House contender Robert F. Kennedy Jr. (RFK Jr.) issuing a shock bitcoin “slavery” warning.
Now, with crypto watchers already gearing up for a major earthquake next year, traders are braced for mercurial billionaire Elon Musk to lob a (yet another) grenade into the crypto market that could play havoc with the price of bitcoin, ethereum, XRP, dogecoin and other major coins.
It’s at the start of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
Tesla CEO Elon Musk has repeatedly teased financial services on X (Twitter), boosting the price of … [+]
Musk’s X, the social media platform owned by the Tesla billionaire and widely known as Twitter, is plotting to turn the app into a financial-data giant with a trading platform built inside the app, it was reported by Semafor, citing anonymous sources and a leaked document it claims was sent by X to financial data providers, asking for quotes for financial content, real-time stock data, and other features.
08/06 update: Musk has issued a stringent denial that X will launch a cryptocurrency of its own to rival bitcoin, ethereum, XRP or dogecoin, potentially feeding expectations the company will integrate existing cryptocurrencies.
“Elon Musk and 𝕏 never launched a crypto token,” an X dogecoin fan account posted to the site alongside screenshots of headlines falsely claiming it had. Musk replied: “And we never will.”
Musk’s post was flooded with replies from people speculating the confirmation meant the meme-based bitcoin rival dogecoin would eventually be adopted by the social network.
“Real-time information is a powerful force, especially in the world of investing,” the request for proposals reads, adding: “Twitter’s real-time, public platform has become the heartbeat of the financial community.”
However, despite some data providers indicating they’d be interested in the work, Musk denied knowledge of the plans. “No work is being done on this to the best of my knowledge,” Musk posted to X (Twitter) after the report’s publication.
“X is an increasingly important part of the DIY investing community,” a representative for eToro told Semafor. “We are hugely excited to see how X will develop and are in close contact with the team around future projects.” The share price of trading app Robinhood fell sharply after the report was published.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has fallen sharply since its late 2021 peak but has bounced back this year, with … [+]
“Cryptocurrencies are now a staple part of the financial world and so their inclusion as a payment option for the rebranded Twitter platform would make complete sense,” Louis Schoeman, managing director at Forex Suggest, said in emailed comments.
“Just this April, Musk teased that dogecoin payments could be coming to Twitter when he suggested that dogecoin could be a payment option for the platform’s premium service, Twitter Blue. The fact that Tesla
TSLA
Musk has repeatedly said he wants to turn X (Twitter) into an all-singing, all-dancing WeChat-style super app. Last month, Musk briefly added the dogecoin Ð symbol to his X account—with bitcoin and crypto market watchers predicting Musk’s plans for X could be an “absolute game-changer.”
