Mysterious Tweet by Elon Musk for Bitcoin and Altcoin!


Tesla CEO Elon Musk, who can reach the wider audience with his comments in the field of Bitcoin and altcoin, shared a tweet overnight. The tweet in question intrigued Bitcoin and altcoin investors. Here are the details…

Tweet “Cryptonight” by Elon Musk

Elon Musk, CEO of Tesla and SpaceX, shared a tweet that wrote “Cryptonight” only at night. Nobody knows what Musk is trying to convey with his Cryptonight tweet. However, some of the responses under the tweet offer different perspectives. For example, some users claim that Musk wants to write “Kryptonite”. Kryptonite is a fictional, green, crystalline material seen in the Superman series.

On the other hand, there is also a mining algorithm called Cryptonight. It is also thought that Elon Musk may have mentioned this. As reported, CryptoNight is a hash proof-of-work (PoW) algorithm originally designed by the Bytecoin and CryptoNote developer teams. It was originally designed to accommodate CPU and GPU mining while being ASIC resistant. CryptoNight as an algorithm is based on SHA-256, the mining algorithm used for Bitcoin; that is, it can be thought of as something like Scrypt, the algorithm used in the Litecoin protocol.

CryptoNight was designed as a fair hash algorithm as it can be calculated by CPU and GPU. However, its use by ASICs is not very practical. Hence, CryptoNight is a proof-of-work (PoW) algorithm originally implemented on the CryptoNote protocol and has since been forked by projects such as Monero and Bytecoin. The CryptoNight algorithm works by requesting memory access and emphasizing latency dependency.

World Giants Backed Altcoin Crashed - Then Happened 7 Times!

The latest Bitcoin and altcoin price situation

Meanwhile, price movements in the cryptocurrency space remain quite negative, especially on a weekly basis. The price of bitcoin is struggling below $ 25,000 against the dollar. BTC is likely to stay below the $ 23,000 and $ 25,000 resistance levels. The largest cryptocurrency is down 6.4% at the time of writing. It changes hands for $ 21,101. The second largest cryptocurrency, Ethereum, is trading at $ 1,113 with a loss of 8.9%.

BNB fell 6.9%, while Cardano (ADA) fell 5.5%. XRP fell 4.5%, Solana (SOL) fell 9%, Polkadot (DOT) fell 2.5%. Meme coins like DOGE and SHIB lost value in the 6-9 percent range. Of the coins that were in the top 20 by market value, Tron (TRX) was the coin that lost the most value over the 24-hour period. TRX was down 20 percent. Looking at the 7-day changes in value, most of the coins fell by 30-40 percent.

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