A White House tweet this Monday has taken the crypto market by storm. However, the news doesn’t resonate with the crypto tribe. However, it is enough to stir market sentiments.
As an immediate effect of the tweet, BTC experienced a sharp 2.3% price hike. Sharply, the price moved from $64,200 to almost $65,680. In the meantime, ETH increased by 1.8% to reach a value of $3,257.
# Contents of the Tweet
The tweet was about Signature brands sponsoring a cookie decorating station at the White House. However, the same news drew attention inadvertently to The Signature Bank, which is not functional.
However, this bank is the thread that links the crypto tribe with tweets. The Signature Bank was earlier involved with the crypto industry to a great extent.
Now, the event is triggering an internal connection of social media and the crypto market. Here, even unrelated events might usher in significant price fluctuations.
The trade implications of the event were felt promptly. The extent of the impact can be felt from the notion that BTC saw a quick price hike, as soon as the news came to the open.
# Other Developments
BTC’s development was not the only substantial effect of the tweet. The ETH/USDT pair went through a volume growth. The volume leaped up from 150,000 ETH to roughly 180,000 ETH.
What does the volume suggest?
Firstly, it means that the traders are actively reacting to the transitions in market sentiment. Lastly, the sync between the tweet and price growths suggest that AI based tokens are growing too.
Coins like SingularityNET grew 3.5% to reach a net value of $0.415.
