How will Elon Musk buying Twitter affect the crypto market?

Musk, who has already been Twitter's largest investor with a 9% stake and Tesla’s CEO, has declared having brand new resolutions for the platform to make it private, saying that it is a highly potential asset. We’ll go through some of the most blindsiding of his plans for one of the most popular social services, Twitter.

With the scammers and frauds having stolen $2 million from Twitter investors using giveaways, Twitter’s “single most annoying problem” has been known to be spams, in a Tweet by Musk. Hence, getting rid of spam bots is the first thing Musk has promised to achieve after buying the platform. This would count as an enormous win to the users of the platform with the number of scammers escalating day by day. Prioritizing free speech is another act which has caused significant moves in the market, bringing different banned political or social figures like Donald Trump back to the stage. Making an open-source algorithm and human authentication plus adding a number of new features is among Musk’s other long shuts for the platform.

Overall, the movement has had an incremental effect on the crypto market with Dogecoin surging 30% in price and also its market cap increasing over night. As a matter of fact, Elon musk, known as the ‘Dogefather’, helped Dogecoin make a comeback into the top 10 most valuable cryptocurrencies. He also seems to be planning to have some ever-unpredictable announcements in the next few weeks for the Twitter users. Much to your surprise, someone just created a crypto coin called ‘Elon Buys Twitter’ (EBT), whose price Jumped 4000% In 24 Hours!