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Binance’s $500 million investment was driven by free speech and Twitter monetization

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Musk removes the Twitter board and became the only director

In an SEC filing on October 27, the dissolution of Twitter’s board of directors, including Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou, was described as the “consummation” of Musk’s takeover of the social media platform.

A direct quote from the filing said, “On October 27, 2022, and as a result of the consummation of the Merger, Mr. Musk became the sole director of Twitter.”

The arrangement was “just temporary,” the Tesla CEO later stated in response to a Twitter user.

In the past, Musk has stated that the platform he owns will prioritize free speech, eradicating of spam bots and bogus accounts, an edit feature, and potentially even cryptocurrency payments.

Since becoming Twitter’s owner, Tesla CEO Elon Musk has been active in updating followers on the potential benefits of his new service.

He has already suggested charging a monthly fee of $19.99 to obtain the blue tick authentication and bringing back Twitter’s discontinued short-form video tool Vines, which received 69% support from five million respondents in an online survey.

In anticipation of Twitter integration, 62% of Dogecoin investors are profitable

On October 26, DOGE’s price increased after billionaire Elon Musk changed his Twitter bio to “Chief of Twit.” Before formally concluding the acquisition as the new owner on October 28, he paid a visit to Twitter’s San Francisco headquarters on the same day.

According to CoinGecko, the price of DOGE has increased 98.5% over the last seven days to $0.119 from October 31.

The price increase moves Doge hodlers ahead of Bitcoin (BTC) and Ether (ETH), who only make 54% and 57%, respectively, of DOGE holders who are “Making Money at Current Price,” according to statistics from blockchain intelligence platform IntoTheBlock.

According to CoinGecko, the events have also caused DOGE’s market cap to surpass that of the native tokens of smart contract platforms Cardano and Solana, making it the eighth-largest cryptocurrency in the world with a $16.3 billion market cap.

Crypto writer and Dogecoin enthusiast Matt Wallace stated to his 678,400 followers on October 28 that he thought a Dogecoin-integrated Twitter would demonstrate “what #Dogecoin is capable of!

While the Dogecoin supporter page Doge Whisperer hypothesized that a Dogecoin-based tip system would be put in place for well-liked tweets.

Dogecoin integration on Twitter is now a “real possibility,” according to Charles Hoskinson, CEO, and founder of Cardano.

Binance’s $500 million investment was driven by free speech and Twitter monetization: CZ

Changpeng “CZ” Zhao, CEO of Binance, explained the $500 million co-investment into Elon Musk’s Twitter, citing the possibility for monetization, the freedom of speech in the cryptocurrency ecosystem, and the chance to “help bring Twitter into Web3” in the future.

In a CNBC Squawk Box segment on October 31, CZ made the following remarks about the motivations behind his joint investment with Elon Musk to purchase the social media platform:

I believe Twitter has not been monetized well, it has not grown well, there are many tactical problems like bots that spam my comments, there’s scammer accounts on there, it’s not been run well.

However, he continued, “But I think the platform has huge value in itself, and especially now with Elon at the helm, we’re very confident.”

However, Musk won’t be making the decisions about which Twitter accounts are reinstated; instead, a new “content moderation council” will make those decisions. The multibillionaire businessman did, however, affirm in a tweet that the council will use its discretion while considering “widely diverse viewpoints.

According to CZ, it invested in helping Twitter eventually make the switch to Web3, such as by enabling cryptocurrency-based payments on the social media platform:

We want to help solve those immediate problems like charging for memberships [….] that can be done very easily by using cryptocurrencies as a means of payment.

Apple’s ridiculous new crypto regulations show how out of touch the company has grown

Apple stated that cryptocurrency exchange applications “may facilitate transactions or transmissions of cryptocurrency on an approved exchange” only “in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange” in its updated App Store policies published on October 24.

As developer apps “may not use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies, and cryptocurrency wallets,” any additional payments needed to unlock additional features will need to be made with “in-app purchase currencies.”

Apple argues that this ensures “a safe experience for users” and gives developers “a chance to be successful.” It’s obvious that this is just another devious ploy by Apple to keep as much money as possible, and it’s fascinating, given how popular Web3 games and nonfungible token (NFT) technology have become.

As is typical for Apple, the tech giant is trying to maintain control over the “walled garden” it has spent decades creating around its products to avoid legal challenges on the types of software that are allowed to run on its Macs and iPhones and their capabilities.

Bearish and Bullish Continuation Patterns: How To Read and Use?

Chart Patterns for Crypto_3

Continuation chart patterns indicate the continuation of a trend. Trading trend continuation patterns can be used in both bullish and bearish circumstances, just as reversal patterns.

  • Bullish continuation patterns give you buy indications while assisting you in determining whether the price increases will continue.
  • Bearish continuation patterns provide you with sell signals by allowing you to determine whether the price decline will continue.

If you still need clarification about continuation patterns, look at the graph above, which compiles the most common ones.

This article highlights a few of the most popular cryptocurrency chart patterns used frequently by experienced traders. For you to employ them in your analysis, we will also present some practical pattern day trading examples for each.

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Top Crypto Meme of the Week

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November 3, 2022

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