Crypto Biz: Twitter’s DOGE bet, Canada’s new crypto conglomerate, UK banking news
Twitter CEO Elon Musk has made another marketing move to bridge the social media platform with the crypto community by switching its logo icon to the Shiba Inu dog — Dogecoin’s (DOGE) digital symbol. The move, however, seems to be more than just an engagement strategy. It comes just two days after Musk asked a judge to dismiss a $258 billion lawsuit alleging the operation of a pyramid scheme to promote Dogecoin.
Whether intended or not, the new icon led to another surge in DOGE prices during the week.
A less optimistic reality faces crypto firms in the United Kingdom, where financial institutions are limiting the ability of crypto-related businesses to access banking services. The move goes in the opposite direction of Prime Minister Rishi Sunak’s plans to prioritize financial technology disruption and make the U.K. a global crypto hub.
This week’s Crypto Biz explores Canada’s new crypto conglomerate, the recent premature passing of the Cash App creator in San Francisco, as well as DOGE news, and U.K. crypto challenges.
Dogecoin fans — and investors — welcomed the new Twitter icon with the popular meme token. The social media platform updated its avatar on April 3, two days after its CEO Elon Musk asked a United States judge to dismiss a $258 billion lawsuit filed by investors alleging the operation of a pyramid scheme to promote Dogecoin. Multiple market studies in the past have suggested that Musk tweeting about DOGE tends to drive its price higher. Musk’s lawyers, however, argued that “funny pictures” and “tweeting words of support” do not amount to a fraud claim. In this week’s case, at least, the marketing move positively impacted the altcoin’s price, with the token surging by over 22% one hour after the icon change.
Read more on cointelegraph.com
