Today’s Cryptocurrency Headline

Elon Musk, Twitter’s chief executive, tweeted that Twitter usage was at an all-time high. In the time since completing his $44 billion acquisition of Twitter, Musk has been focused on rapidly revamping the social networking platform, including adding verification to Twitter Blue to solve the bot account problem, raising Twitter Blue’s fee to $8 to mitigate spam and rewarding content creators. The news comes after Musk said yesterday that in the future, fake Twitter accounts that are not clearly labeled “imitation” will be permanently suspended.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin continued its steady retreat on Tuesday, remaining above $20,000. On the daily chart, Bitcoin is finding support between $19,800 and $19,900. While Bitcoin has now given up most of its gains since last week, it remains above $20,000 in the short term with significant support areas. The relative outperformance of cryptocurrencies over other risk assets during periods of heightened financial market stress could mean that cryptocurrencies are building a phased bottom.

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