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Twitter Is Evaluating Musk’s $43 Billion Buyout Deal, Report Says

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Twitter Is Evaluating Musk’s $43 Billion Buyout Deal, Report Says
  • Twitter Board is seriously considering Musk’s Twitter buyout for $43 billion.  
  • As per multiple reports, the Twitter board has conducted a fresh round of talks on Monday with Musk to negotiate the terms of the proposed deal 

In an interesting turn of events, the Twitter board is currently contemplating Musk’s $43 billion Twitter buyout deal. The Wall Street Journal reports that the Twitter board had conducted a round of negotiations with Musk on Sunday and that the deal may finalize by the end of this week.  

Twitter Contemplates Selling Itself To Musk

Musk’s impromptu SEC filing intended to buy Twitter for $43 billion is now being seriously considered by the Twitter board. Multiple reports suggest that the Twitter board of directors had conducted a round of negotiations with Musk on Monday to discuss the future of the proposed Twitter acquisition deal. 

BREAKING: Twitter is in talks to finalize a deal with Elon Musk to sell him 100% of the company after originally rejecting his offer.

— Watcher.Guru (@WatcherGuru) April 25, 2022

The company’s decision to interact with Musk does not necessarily mean that it is accepting Musk’s bid to buy Twitter shares for $54.20, sources told Reuters. However, it simply indicates that the company is exploring whether a sale of the company is possible on terms that are feasible or “attractive” for both parties.  

BREAKING: Elon Musk has reportedly secured a $46.5 billion financing commitment to buy the remaining shares of Twitter and is considering launching a tender offer.

— Watcher.Guru (@WatcherGuru) April 21, 2022

According to the New York Times, the two parties met on Monday to discuss various aspects of the acquisition including a timeline to close a potential deal and any fees that would be incurred if an agreement was signed and then fell apart. The agreement is yet to be finalized and settled, however, multiple sources confirm that there has been slight progress concerning the said acquisition. 

Musk recently shook the internet when he first revealed his intention of purchasing Twitter and taking it privately via an SEC filing on April 14. He later updated his proposal last week by outlining more details about the list of financial institutions backing his deal, including organizations such as Morgan Stanley. 

If our twitter bid succeeds, we will defeat the spam bots or die trying!

— Elon Musk (@elonmusk) April 21, 2022

Musk revealed his intention of buying Twitter earlier adding that he wants to make the platform more independent and liberal in terms of free speech. He later added that he wants to eliminate Twitter bots as well as introduce a feature that allows users to edit their tweets. 

“If I had a Dogecoin for every crypto scam I saw, we’d have 100 billion Dogecoin. A top priority I would have is eliminating the spam and scam bots and the bot armies that are on Twitter.” Musk later stated in a TED Conference

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Ethereum

TerraUSD (UST), Tether (USDT) Not as Stable and Cannot Guarantee Their Peg at All Times – ECB Crypto Asset Report

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TerraUSD (UST), Tether (USDT) Not as Stable and Cannot Guarantee Their Peg at All Times – ECB Crypto Asset Report

Summary:

  • The European Central Bank has published an informative new article on digital assets titled ‘Decrypting Financial Stability Risks in Crypto-Asset Markets’.
  • The informative article describes the stablecoins of TerraUSD (UST) and Tether (USDT) as not being as stable as their names suggest and cannot guarantee their peg at all times.
  • The article also concludes that the volatility of crypto markets could pose risks to financial stability.

The European Central Bank has published an article on digital assets amidst the current debate on their future, particularly in the European Union. The article, titled ‘Decrypting Financial Stability Risks in Crypto Asset Markets’, takes a deep dive into the crypto industry’s current developments, including the recent depegging of stablecoins such as UST and USDT.

Stablecoins Such as UST and USDT as Not as Stable As Their Names Suggest

According to the ECB, the risks to financial stability in the EU stemming from crypto assets were limited in the past. However, there is a need to discuss the risks and developments in stablecoins ‘as shown by the recent TerraUSD crash and Tether de-peg.’ These stablecoins ‘are not as stable as their name suggests and cannot guarantee their peg at all times.’

The Crypto-Verse Has Grown Dramatically Since 2020

Furthermore, the article by the ECB points out that the crypto-verse has increased dramatically in size and complexity since the end of 2020 and expanding beyond Bitcoin.

The crypto market capitalization has grown by roughly seven times than it was at the start of 2020. The article points out that trade volumes of cryptocurrencies have sometimes exceeded those of traditional exchanges such as the NYSE. It states:

Trading volumes for the most representative crypto-assets (including Bitcoin, Ether and Tether) have at times been comparable with or even surpassed those of the New York Stock Exchange or euro area sovereign bond quarterly trading volumes.

There are now more than 16,000 crypto-assets in existence (ten new crypto-assets are launched every day on average), although only around 25 crypto-assets have a market capitalisation comparable with that of a large cap equity.

Crypto Markets are Evolving Rapidly And Might Cause risks to Financial Stability

In the concluding segment of the article, the team at ECB made the following observations about the crypto industry.

  • The nature and scale of the crypto markets continue to evolve at a rapid rate. If the current trend continues, cryptocurrencies could pose risks to financial stability.
  • The interconnectedness between the traditional financial sector and the crypto markets means that systemic risks will increase with the use of leverage and lending activities.
  • Regulation of cryptocurrencies should be a priority by the European Union.

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Ethereum

Fear in the Bitcoin and Ethereum Derivative Markets Points to More Pain Ahead for 3 to 6 Months – Report

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Fear in the Bitcoin and Ethereum Derivative Markets Points to More Pain Ahead for 3 to 6 Months – Report

Summary:

  • Bitcoin’s value has been declining for a record-breaking eight consecutive weeks.
  • The ongoing pullback has put a notable dent in the entire crypto market performance.
  • Fear in the Bitcoin and Ethereum derivatives markets indicates that downside selling pressure will continue for the next three to six months.
  • However, bear markets eventually usher in bull markets down the road.

The crypto markets have somewhat come to terms with the depegging of UST, the downward spiral of LUNA that followed, and both events affecting the price of Bitcoin and the entire digital asset spectrum. According to a recent report by the team at Glassnode, the Bitcoin market has continued to trade lower for eight consecutive weeks, thus becoming ‘the longest continuous string of red weekly candles in history.’

Fear in the Bitcoin and Ethereum Derivative Markets Hint Suggests More Pain for the Next Three to Six Weeks

The report goes on to highlight that the fear currently in the Bitcoin and Ethereum derivative markets, could point towards a scenario where the outlook is further downside at least for the next three to six months. The report explains:

Looking on-chain, we can see that both Ethereum and Bitcoin blockspace demand has fallen to multi-year lows, and the rate of burning of ETH via EIP1559 is now at an all-time-low.

Coupling poor price performance, fearful derivatives pricing, and exceedingly lacklustre demand for block-space on both Bitcoin and Ethereum, we can deduce that the demand side is likely to continue seeing headwinds.

Bitcoin and Ethereum’s Correlation Remains Strong

Furthermore, according to the team at Glassnode, Bitcoin has had an average return of -30% in the last month, implying that BTC lost 1% of its value every day in the last 30 days. In the case of Ethereum, the number two digital asset has been hit harder by the ongoing drawdown, experiencing a -34.9% return in the same period.

Consequently, the ‘correlation of performance between these two assets remains strong, despite numerous differences in their fundamental properties.’

Bear Markets Have a Way of Ending and Author the Bull that Follows

In its concluding remarks, the report by Glassnode pointed out that the current bear market has taken its toll on crypto traders and investors. Additionally, the team at Glassnode cautioned that bear markets often get worse before they get better. But there is some hope at the end of the tunnel as ‘bear markets do have a way of ending’ and ‘bear markets author the bull that follows’.

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Coinbase Wallet Embraces Swaps on Ethereum, Polygon, BNB Chain and Avalanche

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Coinbase Wallet Embraces Swaps on Ethereum, Polygon, BNB Chain and Avalanche

Summary:

  • Coinbase Wallet has integrated swaps on the BNB Chain and Avalanche in addition to Ethereum and Polygon.
  • With an in-app Decentralized Exchange, Coinbase Wallet simplifies the process of swaps and will integrate other networks in the months to come.

The team at Coinbase has announced that the platform’s wallet has integrated swaps on the BNB Chain (formerly the Binance Smart Chain) and Avalanche, in addition to swaps on Ethereum and Polygon. According to the official announcement by Coinbase, the integration will allow users of the wallet to ‘swap a greater variety of tokens than most traditional centralized exchanges can offer.’

Furthermore, Coinbase Wallet’s in-built decentralized exchange will simplify access and trading of tokens on the four blockchains. The wallet’s efficiency is boosted by the Ox API that compares rates across multiple exchanges, saving users’ time along the way. The additional networks of BNB Chain, Avalanche, and Polygon are also ideal for trading due to their affordable network fees, faster speeds, and abundance of tokens.

Coinbase Wallet to Integrate Other Networks in the Coming Months

Concerning future plans, the team at Coinbase Wallet explained that they were planning on integrating other blockchains in the near future. They said:

We want to make it easier for you to engage in the world of decentralized finance (DeFi) and web3.

In the months to come, we’ll be making it possible to conduct swaps on an even greater variety of networks.

Not only will trading expand, but we’re also planning to add support for network bridging, allowing you to seamlessly move tokens across multiple networks.

Coinbase Wallet is a Self-Custody Wallet Distinct from Coinbase.com

To note is that Coinbase Wallet is a different platform altogether from Coinbase.com. Private keys on Coinbase Wallet are the responsibility of its users which means that it is a self-custody software wallet. Additionally, you do not need a Coinbase.com account to use Coinbase Wallet.

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