Dogecoin price soared as much as 8% following news that Elon Musk was proposing to buy Twitter for his original offer price of $54.20 a share, according to Bloomberg News. At the time of publication, Dogecoin was changing hands at $0.064, up 7.86% at press time.
As a result of the news, Twitter stock rose up to 18%, and trade has since been suspended. According to people familiar with the situation who requested not to be identified discussing confidential material, Musk made the suggestion in a letter to Twitter.
Musk had been attempting for months to break his April agreement to purchase Twitter. After a short while, he started to exhibit symptoms of buyer’s remorse, claiming that Twitter had misled him over the size of its user base and the prevalence of automated accounts known as bots.
Going forward with Musk’s initial terms bodes well for Twitter since it means the company will be led by a temperamental billionaire who has spent months openly criticizing its leadership, arguing against its worth, and changing his mind.
It also means that his disputed assertions, such as that Twitter lied about the proportion of users who were bots, are unlikely to be examined in court. Musk and Twitter representatives didn’t respond to requests for comment on the letter or whether the company would accept the proposal.
US stocks and cryptocurrencies both rose as investors bet that central banks will soon abandon their aggressive interest-rate hikes. Bitcoin, the largest digital coin by market value increased by as much as 3.3% on Tuesday to reach its highest level since September 27.
Other cryptocurrencies such as Solana, Binance Coin, Ethereum, XRP also made progress. That is consistent with the broad increases in US stocks.The S&P 500 rose as high as 3% on Tuesday. The success of Bitcoin and the S&P 500 have been connected all year.
According to Michael Purves, founder and CEO of Tallbacken Capital, “it’s really difficult to find days where Bitcoin’s up and the markets aren’t up.” The inverse is also true, he continued: falling Bitcoin prices typically coincide with falling stock markets.
Advocates of the largest cryptocurrency are hopeful that after two straight months of losses, October, which historically has been one of its greatest months for gains, would see a return to form for Bitcoin.The virtual currency typically increases by about 25% in October and has advanced more than 85% of the time during it, since 2015.
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