Twitter Sets Up Crypto Team, New All-Time High at $69K for Bitcoin
Twitter sets up a cryptocurrency team to work on Bitcoin and blockchain. Bitcoin jumps past $69,000 to reach all-time high.
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Principal Points
- Bitcoin price jumps to a new record high of $69,000, surpassing previous high of $68,480
- Social media Twitter sets up a crypto team to focus on Bitcoin and blockchain
Bitcoin Rallies to a New Record on Hot Inflation Report
The price of bitcoin, the biggest token in the cryptocurrency market, skyrocketed to a new all-time high of $69,000 on Wednesday. The token eclipsed its previous record of $68,480 made a day earlier. That said, the strong upside move came right after the US reported inflation hit a 30-year high.
In more detail, bitcoin gained about $3,000 on the news that consumer prices in the US rose 6.2% in October. The level of price increase was last seen in 1990. To this end, traders and investors flocked to bitcoin as a hedge against inflation.
Despite bitcoin’s high volatility, market participants highlighted they recognize the token’s safe-haven characteristics. In other words, money flows to bitcoin during increasing inflation as a way for investors to protect their portfolio from devaluation.
Twitter Sets Up a Dedicated Crypto Team
In signs of accelerating global adoption of bitcoin and cryptos, Twitter announced yesterday it is forming a new team. The social-media company is hiring crypto experts for the new department called “Twitter Crypto”.
The main goals of the Twitter Crypto team will include finding ways to allow Twitter users to earn money by accepting cryptocurrencies. In addition, the team will also be working on integrating blockchain technology into the social media platform.
With this in mind, Twitter said the new team will “set the strategy for the future of crypto at Twitter”. It’s worth noting that Twitter already allows creators to receive bitcoin in the form of tips for their content.
What to Watch in the Markets?
In the meantime, Tesla stock would be among the most-watched movers in the financial markets today for several reasons.
The first one, Elon Musk sold almost $5 billion worth of Tesla shares over the past three days. More specifically, a series of documents released by the Securities and Exchange Commission show Elon Musk sold 4.5m Tesla shares. Previously, he held a total of over 170 million shares in the electric-vehicle company.
And second, the stock has been increasingly jittery over the past few days. The heightened volatility came after Elon Musk’s Twitter poll said he should sell 10% of his Tesla holdings.
To this end, traders and investors could use the elevated swings to enter into the individual stock. Broadly, equities on Wall Street slipped on Wednesday after the inflation report for October arrived above expectations.
As a result, all three major indexes dropped by 0.6% or more. Presently, however, stock futures show investors might attempt to buy the dip. More precisely, S&P500 futures were up 0.1%, while Nasdaq futures gained 0.2% ahead of the opening bell on Thursday.