Elon Musk on Cryptocurrencies

⚫At a rally in support of Donald Trump, Elon Musk spoke about cryptocurrencies. He noted that they support individual freedom and could pose a threat to centralized power. The entrepreneur also confirmed his intention to lead the “Department of Government Efficiency” (D.O.G.E.) if Trump wins the 2024 presidential election.

⚫The price of XRP experienced a brief surge, followed by a decline in line with Bitcoin. According to Santiment, the temporary success of XRP is related to increased activity in its ledger — the number of daily active wallets reached a three-month high. In just one day, 3,858 new wallets were created, the highest number in the past seven months.