Quiet down, Elon: 5 crypto stories that didn’t need Musk’s Twitter antics to move markets
Yeah, yeah, we get it: Elon loves attention. Here’s a picture to keep him happy. Meanwhile, let’s take a look a five crypto news stories this month that didn’t require us to fawn over his influence…
There’s more to crypto than Elon Musk’s frequent (and frequently misguided) tweets on the subjects of Bitcoin (BTC) and Dogecoin (DOGE). And although the brilliantly visionary CEO/Securities and Exchange Commission-baiting meme king may have positioned himself as a news cycle unto himself, crypto news has the power to influence major price action across the altcoin markets — particularly if you can be the first to react to it.
Rumors and news are the true tectonic forces behind the cryptocurrency market’s dynamics. Extensive research by the Cointelegraph Markets Pro data team suggests that three types of announcements — listings, staking and partnerships — have the most consistent impact on digital assets’ prices.
Here are the top five breaking news stories in these categories that had a powerful impact on crypto coin prices in the last 30 days, presented without input from the Dogefather.
Celo’s partnership with Deutsche Telekom
When a global telecoms giant joins an open-source blockchain ecosystem, it is major news with the immediate potential to shake the market.
When, in the same announcement, the company reveals having purchased a significant bag of the network’s native asset, the outlook for the coin becomes even more bullish.
Sure enough, an April 20 announcement of a strategic partnership between Celo Network and Deutsche Telekom, which checked both boxes, foreshadowed an impressive rally for CELO: an almost 75% increase in value over the next 72 hours.
As the chart below illustrates, the coin was trading at just above $4.00 when the news was delivered to Markets Pro members, just before the massive price spike (the circle and white line in the graph). Over the next two days, it pumped all the way to over $7.00.
Binance Staking launches staking promo on IOST
Staking announcements from major platforms can also drive asset prices up significantly, especially when generous annual percentage yields come into play. Suddenly everyone wants a bag of the token in question to lock in some safe gains.
An April 13 Medium post from IOS Foundation, revealing the launch of a Binance Staking promo with APY of up to 27.49%, saw the IOST token gain almost 53% in the following three days.
VeChain’s partnership with PWC
PricewaterhouseCoopers is a global professional services provider that is counted among the Big Four accounting firms. It serves many companies in technology, finance and other adjacent sectors that stand to benefit from the adoption of blockchain-powered solutions the most.
The news of the enterprise-oriented project VeChain getting access to PWC’s client base was naturally a big deal, as evidenced by the VET token’s 46.07% growth within 72 hours from its publication on April 13 (red circle in the graph).
Bitfinex adding margin trading for Dogecoin
In the sentiment-driven cryptocurrency market, Dogecoin is arguably the most sentiment-driven asset. Trading DOGE means always being on top of the news.
But Musk doesn’t get to control every Dogecandle — in fact, real news also moves the DOGE market.
The memecoin’s latest hype cycle provided ample evidence to support this notion. When Bitfinex announced new margin trading pairs featuring DOGE on May 4, the coin’s price went up almost 42%.
Shiba Inu listing in the Binance Innovation Zone
Clearly, the self-styled “Dogecoin Killer” has benefited greatly from the hype surrounding its potential victim. As the DOGE publicity wave spilt over to SHIB — a coin that is frequently labelled Dogecoin’s imitator — Binance bosses decided that the time was ripe for a listing.
As visible in the price chart, the timing was absolutely key here: SHIB’s price exploded within minutes after the news was revealed at 7:44 am UTC on May 10. An immediate price explosion took the coin from $0.000013 to $0.000037, marking close to 200% gains in less than 24 hours.
Markets Pro NewsQuakes™
One thing that all these newsworthy events have in common is that they were delivered as Discord and browser notifications, or NewsQuakes™, to the members of the Cointelegraph Markets Pro community.
In a game where minutes can make a difference, Markets Pro strives to deliver actionable news as soon as it becomes available.
NewsQuakes™ are sourced from a real-time aggregation engine, collated from over a thousand primary sources every minute and analyzed by an artificial intelligence algorithm to determine the historical significance of the news. NewsQuakes™ are trained on staking announcements, exchange listings and key partnerships, and because they are delivered without human intervention, they can often be the fastest way for market participants to learn about major events in the cryptocurrency space.
Many NewsQuakes™ are delivered based on Medium posts or other primary sources — often before the exchange listing team even has time to post the same news to Twitter.
Cointelegraph Markets Pro is available exclusively to subscribers on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money-back policy, to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.
Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. Full terms and conditions.