Twitter CFO And Dollar Push Crypto Into Corrective Modus

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Last Updated on 17 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Whereas last week we were still looking at $70k Bitcoin, this week we’re happy to be holding on to $60k. The drop comes after social media found out that there’s more than just CEO Jack Dorsey over at Twitter.

The Twitter CFO, Ned Segal, explained in an interview with the Wall Street Journal that investing in crypto “doesn’t make sense right now” and quickly brought the house down.  Twitter may have seen its revenue grow now that the media firm has gone to a subscription model, but that doesn’t mean that they will just blindly follow Dorsey’s desire to invest it in Bitcoin.

He stated that Twitter would:

Have to change our investment policy and choose to own assets that are more volatile.

Dorsey, who once said that the Bitcoin white paper was like ‘poetry’, has not reacted to the surprising statement by his CFO. This news, in combination with a rising dollar which reached its highest level against the euro in about 16 months now that President Joe Biden was finally able to sign his infrastructure bill, plunged the crypto market into corrective modus.

Advertentie.

Ethereum versus Etherium

Ethereum has dropped by some 8%. The pullback was so significant that the Vitalik Buterin invented coin started trending on Twitter again. Problem for the Americans was that they spelled it wrongly.

Bitcoin dipped below $60k this morning with analyst Alex Kuptsikevich at FxPro remarking:

While the cryptocurrency market remains in its bullish phase, the tendency towards consolidation is worrisome, shaping the market’s advance in small steps.

AdriaVidal / Depositphotos.com