Dogecoin price has risen more than 30% in the crypto market since Elon Musk confirmed the purchase of Twitter. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Elon Musk buys Twitter
📍‌The Twitter acquisition will be made official this Friday. Musk has declared himself “Chief Twitter” after closing the deal to buy the social media company for $44.000 billion. The acquisition of the platform will be made official this Friday.
Musk posted a letter to advertisers on Twitter to make clear his reason for buying the social network and to express his vision of what the platform will be in the future. He stressed that he will reverse account censorship and minimize content restrictions to guarantee freedom of expression. However, he also stated that the social network will not become "a hell of all against all" where people can act without any consequences; on the contrary, Musk aims for Twitter to be a common and global digital space in which a wide range of opinions and beliefs can be debated in a healthy way, he said. Musk also said that he aspires to turn Twitter into a respected advertising platform that allows people to find products according to their needs and companies to grow.
In relation to the crypto industry, Musk had flirted with the idea of ​​adding support for Dogecoin on Twitter Blue. So, with the news, the price of Dogecoin (DOGE), his favorite cryptocurrency, has skyrocketed by more than 30% at the time of writing.
The price of DOGE in the market is $ 0,080 dollars per unit, according to data from CoinMarketCap. Likewise, Dogecoin's market cap has surpassed $10.600 billion, although it still remains the tenth most valued cryptocurrency in the industry, behind Solana (SOL).
Source: CoinMarketCap
Reddit NFTs generate over $8 million in sales
📍‌The digital collectibles that Reddit gave away to its users have racked up $8,18 million in sales. According to the data According to Dune Analytics, Reddit NFT sales volume skyrocketed on October 23. Since then, NFT holders have generated between $200 and $2,54 million in sales per day, with the highest volume seen on the 24th.
Source: Dune Analytics
At the end of August, Reddit distributed a series of free NFT avatars to users of its social network. The launch was done as a way to test the platform's new features, allowing users to set their avatars as profile pictures. Reddit's NFTs are based on the Polygon Network sidechain, to ensure sustainability and reduce environmental impact.
Will cryptocurrencies make a comeback in China?
📍‌For 100x co-founder and former BitMEX CEO Arthur Hayes, cryptocurrencies have not left China yet and may not do so in the long term. In a opinion piece Published via Entrepreneur's Handbook, Hayes commented on the possibility of the cryptocurrency market returning to the Asian powerhouse, especially after seeing Hong Kong's great interest, one of its special administrative regions, to establish regulations that guarantee the development of this industry in the region.
According to Hayes, Hong Kong is working on “regaining its role as a global hub for cryptocurrency trading” and China may be looking at the region as a safe space to experiment with the crypto market in the future. Hayes highlighted the crypto ecosystem as one of the most innovative, with the ability to “attract the best engineers and financial services professionals” and give rise to innovative solutions. He also highlighted the important role that technology has played in making China a world power, so there is a possibility that the country will get back into the action, referring to cryptocurrencies.
A few days ago, the Hong Kong Securities and Futures Commission, known as SFC, announced its Interest in allowing retail investors the ability to trade cryptocurrencies directly.
Nokia believes that the Metaverse is the future of communication
📍‌For Nokia, the Metaverse will replace smartphones as the primary communication technology. Nokia's chief strategy and technology officer Nishant Batra believes the experience of the Metaverse will surpass smartphones for the second half of the decade.
Continue reading: JP Morgan considers implementing digital identity management systems based on Web3
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