Elon Musk’s Decisions May Negatively Affect the crypto market

Numerous Twitter users, among whom there were many cryptocurrency traders and investors, complained about the problems. The negative was due to the fact that the billionaire and owner of the social network introduced a series of restrictions. The fact is that since July 1, 2023, all users have faced restrictions on viewing the message feed. The entrepreneur himself assured that this measure is necessary in order to reduce the load on the internal servers of the system. Experts assured that this could have a negative impact on the crypto market.

Many industry participants noted that they received a huge amount of important information through the social network Twitter. However, new restrictions prevent them from tracking information about crypto projects that interest them and getting up-to-date information.

The fact is that from now on verified users can view up to 6 thousand publications per day, but unconfirmed users are only 600. At the same time, for new accounts, this indicator is limited to 300 messages.

Elon Musk said that these measures are temporary and later the limits will increase to 8 thousand, 800 and 400 for these categories, respectively.

Numerous users have complained that they can no longer view data on the prices of cryptocurrencies, as well as follow the news from developers. According to experts, this puts at risk traders and investors who received the necessary data not only using specialized analytical trackers, but also monitored the situation around crypto projects on social networks. Thus, the risks associated with investments in digital coins and tokens increase for them.

As of July 3, 2023, the market capitalization of the cryptocurrency industry was $1.21 trillion. This indicator increased by 1.11% over the past day. The Bitcoin Fear & Greed Index was fixed at 61.