Twitter’s crypto bots targeted with some early success, with news starting to surface from all over Crypto Twitter. But BTC continues to fall, ETH settles.
Anyone who has tried to use Twitter (delisted) for something significant in 2022 can bear witness to the fact that the bot problem has grown into far more than a small inconvenience, drowning out any attempts to establish a real conversation with scores of quick replies to postings.
To the satisfaction of ardent Twitter users, stories have started to surface from all over Crypto Twitter on Monday that Elon Musk's most recent step to curb exchanges with bot accounts is having a major impact.
Musk tweeted on Sunday that “The bots will receive a surprise tomorrow,” which was the first indication that a new solution will shortly be put into place.
The Twitter Chief responded with a post outlining how the business has taken action to block access to the IPs of “known bad actors” after discovering a small group of people controlling a sizable number of bot/troll profiles.
Musk continued by assuring Twitter users that, despite scammers' best efforts to work around the IP address barrier, the social media site will make every effort to “take them down as soon as they come up.”
Before the site made this change, posting anything cryptocurrency-related by any well-known account would trigger a deluge of automated answers, making it practically difficult to promote a project or interact with the community.
This makes it particularly challenging for younger projects to promote themselves to the crypto community on Twitter, one of the most efficient sites for doing so.
Billy Markus, the developer of Dogecoin, wrote that he “did a test posting and instead of getting 50 bot answers, I only got one,” noting, “great progress, very excited.” Markus was trying to evaluate how well Twitter's decision to limit bot replies worked.
Meanwhile, Bitcoin Falls and ETH Settles
Musk’s battle rages on as the markets continue to burn red with uncertainty and chaos. Every market is waiting for things to settle.
That includes BTC price predictions, which are so far depressive. The unprecedented bull run for cryptocurrencies came to an end in 2022's crypto winter, when markets finally realised that major coins like Bitcoin and Ethereum are likely to reach a long-term plateau.
Following rate rises by central banks, cryptocurrencies extended losses.
With Friday's drops in both Bitcoin (BTC) and Ethereum (ETH), cryptocurrency losses are still ongoing.
The biggest cryptocurrency, BTC, lost more than 1% of its value and fell to £13,900 ($16,925), while the biggest altcoin, ETH, lost about 6% and is trying to stabilise at £980 ($1,200).
The recent rate increases by central banks, such as the Federal Reserve, the Bank of England, and the European Central Bank, are seen to have contributed to the short-lived cryptocurrency rally's containment.
According to analysts, issues like the FTX insolvency and the recent Binance panic may make it difficult for the market to rebound in the near future.
Over a billion dollars were removed in one day, according to Changpeng Zhao, the creator of Binance, the biggest crypto exchange, as market participants continued to retaliate against competitor FTX's demise.
One of the worst scams in US memory, according to reports, was the fall of FTX last month. The owner of FTX, Sam Bankman-Fried, is presently being held on suspicion of building “a house of cards on a foundation of falsehood” and deceiving investors by stating that his business was among the safest in the cryptocurrency sector.
The bankruptcy of FTX may have left over a million companies and people owing money, it was reported last month.
Other market headlines included a 0.5% decline in Binance currency (BNB), as well as declines in Dogecoin (DOGE), Cardano (ADA), and Solana (SOL).