Elon Musk buys Twitter and Bitcoin is up: here’s how much we know about it

Rumors claim that Bitcoin is in a good market phase as a result of Elon Musk‘s news related to the Twitter acquisition. 

News featuring Musk on the issue has been plentiful in recent weeks. To the point that, in support of some rumors, Bitcoin would have risen in the market as a direct result. 

Of course, these are only suppositions and not certain theories. However, it is important to analyze what the charts say. 

Bitcoin’s value after Musk’s acquisition of Twitter 

We begin with Saturday, 27 October, the day Elon Musk’s acquisition of Twitter was made official. On that day, Bitcoin posted a positive market price, with a trading volume of $276.54K for a high of $21,038.1 and a positive close of 1.05%. 

However, in the following days (30 and 31 October and 1 and 2 November) Bitcoin did not meet what the rumors claimed, as it suffered a decline to -1.61% on 2 November. Specifically, this day closed with a high of $20,778.3 and a trading volume of $420.23K.

A brief and hopeful upward phase occurred only later, in the days between 3 and 4 November, when Bitcoin closed positively on 5 November with a high of $21,464.7, with an increase of 0.74% and a trading volume of $261.23K. 

In any case, between Nov. 6 and Nov. 7, Bitcoin was down again, to a low of $20,410.5, which was -1.56% on yesterday’s close. 

Today’s data does not bode well either, as Bitcoin is down -3.97% recording a low of $19,391.8 at a trading volume of $529.09K. 

So, it is more correct to say that Bitcoin has fluctuated considerably since Musk bought Twitter, rather than saying that there was a sharp rise. This by no means excludes it as a possibility in the future, but it is certainly not a sure thing now. 

However, the two may not coincide in the slightest, and, despite the timing, Bitcoin’s market price change could act independently of the news featuring Musk. 

Record for Twitter users: what has really grown during Musk’s last week 

Twitter user growth is at a record high in the first few weeks after Elon Musk’s acquisition of Twitter, that much is certain. 

Musk has been the new CEO of Twitter for about ten days and, without a doubt, for better or worse, his presence has already made a difference. Moreover, it appears from reliable sources that Twitter’s user growth is at unprecedented levels. 

This is all thanks to Musk and his purchase of the world’s largest social media platform. Despite massive layoffs, resignations, and Twitter controversy, it appears that his influence is still markedly positive.

According to the data, the official report found that since Musk took over, the daily user growth rate has exceeded more than 20%. In addition, the report states that Twitter’s largest market, the United States, is growing even faster, according to documents acquired.

The good news concerning users comes as the drama is focused on the billionaire’s acquisition process of the platform. In addition, a lawsuit is developing as a reaction to his mass layoffs, and advertisers are reportedly fleeing social media. 

In contrast, on the positive side of the controversy, users are staying.

There are reports that the massive detraction of the Twitter team has scared off many advertisers. Moreover, the new CEO’s very public presence on the platform itself will certainly not allay fears.

Only time will tell whether user growth indicates that advertisers’ fears have less merit than initially assumed. And that Elon Musk’s atmosphere is not the deterrent many thought it might be.