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U.S. equities whipsawed, reversing all their gains on Wednesday, with tech stocks such as Tesla and Nvidia being the loss leaders. No significant economic data were released overnight, while investors are waiting for the Personal Consumption Expenditure Price Index out on Friday. Meanwhile, the broader cryptocurrency market has experienced extraordinarily low volatilities recently, with Bitcoin and Ether moving sideways and up 0.1% and 0.74%, respectively, in the past 24 hours. The top mover for today, MASK, which registered an 8.7% increase in the past 24 hours, has clearly underperformed the market in the wake of its acquisition of Mastodon Server, Pawoo.net.
MASK is the native token of Mask Network, a software to allow users to encrypt their messages on Twitter and other Web2 social media platforms. Mask Network, founded in 2018, rose to fame following Elon Musk’s acquisition of Twitter. MASK was included in the Bluebird Index, which consists of tokens that may benefit from Twitter’s acquisition. On this note, Elon’s friendly attitude towards crypto and Web3 may likely lead to more integration in the future, spurring investors’ interest in the lesser-known MASK. Furthermore, Mask’s acquisition of Pawoo.net, a server on the decentralized social media platform Mastodian, has likely contributed to the recent outperformance, as Pawoo.net has 800k users, the vertical integration between Pawwo and Mask may create positive synergy.
Check Out the Latest Prices, Charts, and Data for MASK/USDT!
Twitter has added Bitcoin (BTC) and Ethereum (ETH) price indexes to its search function, allowing users to easily check the current prices of these two popular cryptocurrencies. This update was announced on Dec 22, 2022, by the Twitter Business account and is one of the latest moves by the social media platform to expand its crypto features on the platform. This function is not only limited to crypto, and users will also be able to see price support charts for other major listed assets. The social platform’s account also revealed that they would be refining their user experience and coverage of symbols in the coming weeks.
Check out what else is buzzing in the crypto scene today:
U.S. Senate introduces a new stablecoin bill. (Link)
Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to criminal charges. Sam Bankman-Fried is now in FBI custody. (Link)
Brazil’s crypto regulation takes effect. (Link)
SEC Chair Gary Gensler claims the crypto crackdown is just getting started. (Link)