In current week a number of crypto currencies some how related and influenced by Elon Musk are slumping. This happens as Tesla (NASDAQ:TSLA) CEO Elon Musk acquired Twitter (NYSE:TWTR) for roughly $44 billion. TSLA stock on Tuesday fell 12% on the acquisition news, erasing $126 billion in market cap during its sell-off and a lose $32 billion to Musk in paper wealth.
The Dogecoin (DOGE-USD) on April 26 climbed to $0.165 and gained over 30% in just 24 hours, and loyal Baby Doge coin and Shibes began to hope another DOGE rally. But unfortunately opposite happened. Dogecoin then fell around $0.1353. On 28 April it is again gaining momentum but Baby Doge Coin (BABYDOGE) is slumping. Currently, the token is down about 2% . But definitely Elon ,world’s richest man knows power of twitter and its impact and influence on world as a news generating machine. It is rightly propagated that Influencer are on TikTok, world leaders are on Twitter. It of course will impact the 2024 US presidential election.However, the fears around Musk selling some Tesla stocks to pay for Twitter becomes an overhang for Tesla.
The $95 billion online payment processing internet businesses company stripe has adopted stable coin USDC crypto currency for payment. The USDC is backed by US dollar. The support of cryptocurrency payments begins with Twitter, Inc. (TWTR) on Friday, April 22 . It will be later expanded to other merchants. Previously, Strip dropped BTC as a payment option in January, 2018 due its volatile price. It is also important to note that Tesla CEO Elon Musk has also been talking lately about take over of twitter.
Stripe in 2021 formed a team for exploring decentralize solutions and Web3 and its co-founder John Collision hinted on adoption of crypto. The company’s crypto network will run on ‘Layer 2’ Polygon network meaning at top it will be Ethereum (ETH) based transactions. Stripe has jumped in a little late to offer crypto payment solution following Paypal (PYPL),Visa and MasterCard (MA).
Why Stripe opted for USDC
USDC is a stablecoin as compared to other crypto currencies and is backed by the U.S. dollar. Thus, USDC does not have volatility issues as compared to popular digital tokens.
Currently as on 24 April, 2022 BTC is trading around $ 39,715, down by almost 41% since touching all time high of $69000 in November, 2021.