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Will Dogecoin Payments on Twitter become a Reality? Elon hints…

Elon announces Twitter 2.0. Will Dogecoin payments on Twitter become a reality? Here are the latest Dogecoin Twitter speculations.

In his latest tweet, Elon Musk announces plans to make Twitter 2.0 a reality. One particular slide talks about Twitter payments, which was left empty. Crypto enthusiasts started speculating about the potential integration of cryptocurrencies, specifically Dogecoin. Will Dogecoin payments on Twitter become a reality? Here are the latest Dogecoin Twitter speculations.

Does Elon Musk like Dogecoin?

It is clear that Elon is a fan of good memes. In fact, ever since the COVID-19 events from back in 2020, Elon became highly active on Twitter. He was basically posting a lot of memes, part of them relating to cryptocurrencies such as Bitcoin and Dogecoin. The latter itself is a cryptocurrency that doubles as a meme.

Elon announces new Twitter: What is Twitter 2.0?

In his latest tweet, Elon Musk shared a few slides from a presentation that happened in Twitter management. It basically showed two big parts:

  • Twitter latest stats
  • Twitter upcoming new features

However, crypto enthusiasts couldn’t help but notice the “Payments” section of the upcoming new features was blank. Speculations started to surface as the biggest prediction goes to crypto payments. Since Elon likes Dogecoin, this cryptocurrency might be an option for Twitter payments.

Why is Dogecoin price up today?

Following the big announcement from Elon Musk and the payment speculations, Dogecoin gained more than 10% in the last 24 hours alone. DOGE investors seem to bet that Dogecoin might be an integral part of Twitter’s upcoming payment plan.

Dogecoin prices reached the important price of 10 cents. In fact, prices started their uptrend since the support price of 7 cents, which we predicted in a previous article.

Dogecoin Prediction 2023: Will Dogecoin reach 1$?

The previous all-time high of Dogecoin is known to be around $0.75. Back then, there weren’t even any fundamental backings of this high valuation. On the other hand, if the speculations about Dogecoin payments on Twitter become true, Dogecoin should not have a problem reaching this all-time high price again.

In fact, Dogecoin can even go all the way and reach the psychological price of 1$. This makes Dogecoin market capitalization around $132 billion, which is close to Ethereum’s market cap today. The reason would be of course that Twitter boasts more than 8 billion user active minutes on the platform. This would explain the high potential price of Dogecoin at 1$.

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Source: Altcoin

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4 bearish factors for Bitcoin this week

The Federal Reserve meeting scheduled on Wednesday may be hawkish for the dollar Bitcoin might give up some of its 2023 gains on a hawkish Fed All eyes are on the Fed’s view on inflation, growth, future interest rates, and quantitative tightening The Federal Reserve’s monetary policy decision is scheduled this week. It is the […]

The post 4 bearish factors for Bitcoin this week appeared first on CoinJournal.

  • The Federal Reserve meeting scheduled on Wednesday may be hawkish for the dollar
  • Bitcoin might give up some of its 2023 gains on a hawkish Fed
  • All eyes are on the Fed’s view on inflation, growth, future interest rates, and quantitative tightening

The Federal Reserve’s monetary policy decision is scheduled this week. It is the first time the FOMC (Federal Open Market Committee) meets in 2023, and the stakes are high for the US dollar.

Bitcoin has strengthened against the US dollar in January so far, in sync with other fiat currencies. Therefore, whatever the Fed decides on Wednesday will affect Bitcoin price too.

A hawkish Fed may turn up being bearish for Bitcoin. These are the four areas where the Fed may express its hawkishness: inflation outlook, growth outlook, interest rates level, and quantitative tightening.

Inflation outlook

The Fed is committed to bringing inflation to its 2% target. This is why it has raised rates so aggressively, so if the Fed says that inflation is embedded and upside risks remain, then the US dollar should move higher.

In this scenario, the market will bet that the Fed sees ongoing rate hikes as appropriate.

Growth outlook

The currency stance is that a sustained period of below-trend growth is likely. If the Fed changed its view and sees recession required to have a material impact on the inflation outlook, that would also trigger a sharp move higher in the dollar.

Interest rates

Ultimately, it is all about the interest rate level. The funds rate range has reached 4.25%-4.50%, and all eyes are on what the Fed does and says on Wednesday.

The base case scenario is that the Fed will hike by 25bp and says that ongoing interest rate increases are appropriate. Therefore, anything more than that should be bullish for the dollar and bearish for Bitcoin.

For example, the Fed might hike 50bp. This is a risk going into the meeting, especially considering that inflation is not backing down as fast as initially thought.

Quantitative tightening

The Fed currently shrinks the balance sheet at a pace of $95 billion/month. A decision to accelerate the balance sheet reduction would be very hawkish for the dollar.

The post 4 bearish factors for Bitcoin this week appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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