Gate.io Blog Daily Flash | Musk may give up acquiring Twitter_ The market value of crypto assets has shrunk by more than 70%

Daily Flash | Musk may give up acquiring Twitter_ The market value of crypto assets has shrunk by more than 70%

08 July 14:32

Today's Topic - Musk may abandon the acquisition of Twitter

According to the Washington Post, three insiders stated that Elon Musk's acquisition of Twitter may be in jeopardy because Musk's team believes that Twitter's spam account data cannot be verified.

The insiders said Musk's team had stopped participating in some discussions about financing the $44 billion deal, including discussions with a team known as a possible supporter. Musk's team's skepticism about spam data shows that they don't think they have enough information to evaluate Twitter's prospects as a business.

Another insider said that since Musk's team had concluded that they could not verify Twitter's spam account data, it was expected that they might take severe action. This person said that the direction of Musk's team may change soon, although they did not specify what they thought would change.

The Washington Post said that it was not easy for Musk to terminate the transaction, because they had signed the terms of the transaction before. If Musk wants to terminate the transaction, he might need to submit to the court the evidence of Twitter fraud or reporting false data of spam. Even if Musk persuaded the judge to stop the transaction, he might still have to pay a $1 billion breakup fee for the transaction.

Today's Chart - The market value of cryptocurrency has shrunk by more than 70%, and the future market expectation is not optimistic

Global Asset Performance in Q2 of 2022

Quarterly Yield (%)

According to the 2022 Q2 Cryptocurrency Industry Report released by the media, in the second quarter of 2022, against the backdrop of continued tightening of inflation and liquidity, the total market value of the crypto market evaporated $2.19 trillion, a decline of more than 70%. Among them, the price of Bitcoin fell by 59% compared with the end of Q1, and Ethereum, the second largest crypto asset, fell by nearly 70%. In the same period, the Nasdaq composite index fell approximately 22% month on month (MOM) compared with Q1. From the performance of various global assets, the higher the risk level, the greater the decline of assets.

According to the future market expectations, the report points out that in Q2, in order to curb the inflation that reached 8.4% in May, the Federal Reserve raised the maximum interest rate increase of 75 basis points (bps) since 1994, and the process of reducing the inflation from 8.4% to the inflation target of 2% of the Federal Reserve will be full of uncertainties. And considering that the possibility of a 180-degree turn in hawkish policies in the near future is almost zero, the market expectation in the future is still not optimistic.

Today's Influencer - Shanghai released the action plan for cultivating a new track of "metaverse": the scale will reach RMB350 billion by 2025

On July 8, the general office of the Shanghai Municipal People's Government released the Action Plan of Shanghai for Cultivating a New Track of "Metaverse" (2022-2025). As mentioned in the main objectives, by 2025, the scale of "metaverse" related industries will reach RMB350 billion, driving the scale of the city's software and information service industry to exceed RMB1,500 billion, and the scale of the electronic information manufacturing industry to exceed RMB550 billion.

It is mentioned in the main task to develop blockchain applications, explore Web3.0 technology research and development and ecosystem development, and promote integrated applications such as distributed storage, trusted authentication, privacy computing, smart contracts, etc. Develop meta games and support the use of cloud rendering, artificial intelligence, blockchain and other technologies to develop and produce programmable and redeveloped game products.

In addition, the plan mentioned in the digital IP market cultivation project of the key project that the digital asset trading sector will be set up on a pilot basis in Shanghai data exchange, and the compliance trading mechanisms for digital assets, digital artworks, digital film and television copyrights will be gradually improved, risk supervision will be strengthened, and the application of digital RMB will be explored.

The plan is also mentioned in the digital space risk management project to strengthen market supervision and consolidate the main responsibility of the "metaverse" digital space platform. We will crack down on illegal activities and prevent excessive speculation and malicious speculation in the financial sector.

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Author: Gate.io Observer: Byron B. Translator: Joy Z.
* This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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Daily Flash | Musk may give up acquiring Twitter_ The market value of crypto assets has shrunk by more than 70%

Daily Flash | Musk may give up acquiring Twitter_ The market value of crypto assets has shrunk by more than 70%

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