This week on The Market Report, Cointelegraph analyst and writer Marcel Pechman breaks down everything that has been happening between Twitter, Elon Musk and Dogecoin (DOGE). He also covers the Changpeng “CZ” Zhao arrest rumors and Japanese crackdowns on crypto exchanges.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $27,240 on Bitstamp. Its lowest since March 28, the performance followed an outbreak of claims that Binance CEO Changpeng “CZ” Zhao, already under investigation by United States regulators, is now wanted by Interpol. The claims came from an accidental leak of an encrypted tweet by the private Twitter account Cobie, which appeared to lack evidence, resulting in a market rebound. Bitcoin (BTC), however, quickly bounced back and is now trading at over $28,000 and has some investors and industry experts looking toward a pump to $30,000. Could we see this happening anytime soon? Pechman explains the reasoning behind these claims.
On April 3, social media giant Twitter changed its icon to that of the symbol on the popular meme token Dogecoin, which is up sharply in light of the news, with its price surging by more than 22% in an hour to $0.09784. The icon change took place platform-wide and is directly visible by the social media giant’s estimated 360 million monthly active users and visitors to the platform alike. Shortly after the icon change, the Twitter and Tesla CEO tweeted a meme, which appears to imply that the change will be around for some time. Is there anything tangible here, or is it just a nothing burger? Should the crypto industry really be paying attention to such news involving Musk and Dogecoin? Pechman has some strong opinions on the matter.
In a warning letter released on Friday, Japan’s Financial Services Agency (FSA) said that a number of foreign cryptocurrency exchanges, including Bybit, MEXC Global and Bitget, have been conducting business in the country without proper registration, violating the nation’s fund settlement laws. The FSA’s action follows a crackdown on unregistered crypto exchanges in the East Asian nation. In 2020, the FSA introduced new regulations requiring crypto exchanges to register with the agency and obtain a license to operate in Japan. Pechman explains what is going on and if this is another crackdown on crypto.
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