Bitcoin surged to the $106,600 mark this morning, reaching a historical high, with a 24-hour increase of 3.9%. Recently, it has set a record of seven consecutive days of increases since Trump's election, and analysts indicate that this wave may continue until Trump takes office.
Other cryptocurrencies have also risen, with Ethereum increasing nearly 4%.
According to Coinglass data, the total liquidations in the cryptocurrency market over the past 24 hours amounted to $308 million, affecting approximately 92,000 people.
Zhao Changpeng retweeted news about Binance's investment in Musk's acquisition of Twitter on platform X and received a response from Musk, who subsequently refollowed CZ.
This interaction may boost market sentiment in the short term, especially for conceptual tokens related to Binance and the cryptocurrency field that Musk is involved in (such as Dogecoin).
Analysis of the impact on specific cryptocurrencies
BNB (Binance Coin): As the core token of the Binance ecosystem, Binance's active participation in the Twitter investment event may increase market expectations for its platform development. If Binance can expand into new business areas through cooperation with Twitter, such as crypto social media and advertising, it may attract more users to the Binance platform and increase demand for it.
The demand for BNB is driving its price up. However, if the investment performance is poor or fails to achieve the expected synergies, the BNB price may also face downward pressure.
DOGE (Dogecoin): Musk has always been a supporter of Dogecoin, and his statements and actions have repeatedly influenced Dogecoin's price movements. Although this interaction with Binance does not directly mention Dogecoin, if Binance and Musk collaborate in social media or other fields in the future, it is possible that it could involve the expansion of Dogecoin's application scenarios. For example, launching Dogecoin payment-related services on Twitter would greatly enhance Dogecoin's visibility and utility, potentially leading to a significant increase in its price. However, this is currently just a possibility that requires close monitoring of future developments.
Other tokens related to Binance, such as Travala's token AVA, may attract more investors' attention to other projects invested by Binance due to its overall influence. If investors have confidence in Binance's investment strategies and insights, it may drive price fluctuations of these conceptual tokens. For instance, some investors who were previously on the sidelines may decide to invest in related conceptual tokens due to Binance's performance in the Twitter investment event, believing that these projects may gain more resources and development opportunities. However, these conceptual tokens also face the same market risks as other cryptocurrencies, such as increasing market competition and technological upgrades.
