As per reports, Bitcoin prices have fallen from $69,000 in November to nearly $36,000 owing to regulatory scrutiny and geopolitical unrest.
Elon Musk and his tweets have time and again affected the cryptocurrency markets and it's not something new. Every time the Tesla CEO tweets about a certain currency, the market reacts to it in extremes.
Similarly, a recent Twitter exchange between Elon Musk and the famous food chain brand McDonald's led to a cryptocurrency called GrimaceCoin jumping up to 6,000%.
The whole thing began when Elon Musk tweeted that he would eat a 'Happy Meal' on television if only McDonald’s accepted Dogecoin as a form of payment. Now, this is not the first time Musk has promoted Dogecoin, he has been doing it for a long time and the currency itself has seen quite a few highs and lows because of this.
After this, Dogecoin’s official handle went ahead and shared a video meme that included Dogecoin’s poster and McDonald's snacks together. Now, one would expect the dogecoin to move up in the market amid all this Twitter chatter but McDonald's had other plans.
In response to Musk's tweet, McDonald’s said that the company would accept DOGE if Tesla started accepting GrimaceCoin as a form of payment. Once this tweet was out, GrimaceCoin started witnessing a rise in prices.
For those who have no idea, GrimaceCoin is a cryptocurrency that is inspired by the Grimace character that was once even featured in a McDonald’s commercial. Even though, McDonald’s tweeted about it, keep in mind that the GrimaceCoin is a private coin and is not associated with the burger joint or Elon Musk.
Witnessing this exchange of tweets, many crypto enthusiasts jumped onto the wagon and wanted to invest in it but turns out McDonald's was oly having fun with Musk since GrimaceCoin isn't a real cryptocurrency.
Well, cryptocurrency can be tricky to handle and the last few weeks have been extremely volatile for those who invest in these. The last few days have seen a fall in Bitcoin that has wiped off more than 30,000 Bitcoin millionaires.
As per reports, Bitcoin prices have fallen from $69,000 in November to nearly $36,000 owing to regulatory scrutiny and geopolitical unrest.
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