It was ultimately clear after weeks of disputes that Elon Musk would take over Twitter. Musk became Twitter’s owner late Thursday as his $44 billion deal to take over the company officially closed, marking a new era for one of the world’s most influential social media platforms. He announced it with the tweet, “The bird is freed” on Twitter. In parallel, the cryptocurrency Dogecoin, promoted by Musk, has also shot up again, pulling Bitcoin and Ether along with it.
The Dogecoin price has doubled since October 25, 2022. BTC consolidated well above $20,000 in this environment, and ETH also gained over 20%.
It remains to be seen whether this is only a short-term recovery or whether the crypto-friendly Musk has caused a trend reversal in the crypto winter with the takeover of Twitter.