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A CME Group report shows that the ETHBTC pair is heavily influenced by various factors, including tech stock performance, the US dollar strength, and Bitcoin (BTC) supply changes. ETHBTC tracks tech stocks Cryptocurrency enthusiasts often monitor the performance of technology stocks as it significantly influences ethereum’s value more than bitcoin’s. According to Erik Norland, a senior economist and executive director at CME Group, ETH is likely to rise against BTC, on days when tech stock s surge.  Source: CME Group The different effects on Ethereum and bitcoin are due to their distribution and utility. The analyst highlighted the practical use of Ethereum’s smart contract network, contrasting bitcoin’s main function as a highly fluctuating store of value and defense against fiat depreciation.  While both coins are recognized for their volatile prices, their exchange rate appears fairly steady, with about 30% daily volatility over the past year, compared...

On July 23, Elon Musk announced that Twitter’s iconic bird would be replaced with X. As the rebranding took place today, it didn’t take long for Crypto Twitter to react. Musk decides on rebranding in one day On July 23 morning, Musk sparked widespread debate by announcing that he could change Twitter’s logo to X. If a good enough X logo is posted tonight, we’ll make go live worldwide tomorrow — Elon Musk (@elonmusk) July 23, 2023 Crypto Twitter seemed to be split on the subject of the alterations. Many investors, journalists, and entrepreneurs consider Twitter to be a safe haven. According to Trust Machines marketing head Dan Held, Twitter is “iconic,” and Musk is “insane” to propose renaming it as X. Insane that Musk would rebrand as something as iconic and topical as Twitter to “X” — Dan Held (@danheld) July 23, 2023 Similarly, crypto blogger Tiffany Fong said she would continue to refer to the service as Twitter, unde...