As part of changes made last week by its new owner, the multi-billionaire Elon Musk, Twitter suspended its plans to create a cryptocurrency wallet.
According to a post on the website Platformer on Friday, November 3rd, Twitter’s recently revealed intention to develop a cryptocurrency wallet for Twitter is currently paused.
The news caused Dogecoin (DOGE) to go down by 11%. Since Elon Musk’s Twitter purchase was confirmed, the price of the meme currency reacted favorably to the news of a Musk-owned social media platform. Partly due to the billionaire CEO of Tesla has been a strong supporter of the coin.
In fact, DOGE’s price more than doubled last week after Musk finalized the agreement to purchase the social media platform, reaching its highest price since April. Investors had placed their bets on the billionaire being able to inspire initiatives supportive of cryptocurrency on Twitter.
Dogecoin Also Affected By FED
Another reason for the stop to Dogecoin’s sudden rise was the uncertainty surrounding cryptocurrencies amidst the upcoming FED policy announcement for November.
On Wednesday, November 2nd, the FED announced a 0.75% interest raise. With another massive increase, the central bank’s benchmark lending rate now has a new target range of 3.75% to 4%, reaching the country’s highest interest rate since 2008.
Despite the new raise in America’s interest rates, cryptocurrencies – for the most part – were able to withstand the pressure from the FED. Neither dogecoin, bitcoin, nor Ethereum demonstrated any signs of a significant reversal in the two days following the FED announcement.
Twitter Staff Renovation
Currently, Twitter, Inc is experiencing a significant staff renovation — with several former employees, including board directors, being fired by the new owner of the company.
Days after CEO Elon Musk of Tesla and SpaceX assumed control of Twitter, the business warned workers Thursday evening that it would start terminating employees.
In the email, Twitter stated that employees will receive a letter regarding their employment in their personal email accounts if their “employment is disrupted” or in their work email accounts if they still have a job.
According to Bloomberg, Twitter’s new leadership plans to let go of nearly half – about 3,700 employees, of its employees in the near future.
Sources who asked to remain anonymous told Bloomberg that the company is expected to go through major firings. In the previous week, Musk fired the former CEO of Twitter and several top executives, and in the past, he was open about his desire to change the company’s direction.
The recent firings resulted in former employees suing the company in a class action lawsuit filed in San Francisco federal court this Thursday.