Today in Crypto: Twitter Deal Boosts Price of Musk Favorite Dogecoin; OpenSea Buys NFT Marketplace Aggregator Gem

Dogecoin has surged by 9% after the news that Elon Musk, a noted and vocal supporter of the cryptocurrency, bought Twitter, Coindesk reported Monday (April 25).

The report notes that DOGE surged to as much as 14 cents at the time.

Musk has also teased DOGE payments on Twitter in the recent past.

Meanwhile, Kraken, a crypto exchange, has gotten a Financial Services Permission (FSP) license from the Abu Dhabi Global Market, which will let it run a regulated exchange platform in the United Arab Emirates (UAE), Coindesk wrote Monday.

The ADGM is a free zone for financial companies to set up shop in the UAE capital, providing services to the MENA region such as access to cryptocurrencies through regulated funding, trading and custodial services in the local dirham currency.

In other news, Bitcoin extended this month’s losses in trading on Monday, Bloomberg wrote.

The report noted that investors are shying away from risk assets as there’s been a more hawkish outlook for Federal Reserve policy.

The crypto slid around 3.3% and hit $38,223, which was the lowest level since March 15.

OpenSea, meanwhile, has bought Gem, the biggest NFT marketplace aggregator, a company blog noted.

The company says this will help in its mission to bring NFTs to more people in the world — especially as the community keeps growing.

Gem, the company said, has built an “amazing product with the leading feature set for pro users, growing seemingly overnight in community engagement and enthusiasm.”

Gem’s product lets users buy NFTs on multiple marketplaces using a single low-cost transaction.

The Central African Republic is reportedly looking into legalizing Bitcoin for its financial markets, according to a report of a new bill that has been approved by lawmakers there.

The bill was introduced by Justin Gourna Zacko, the minister of digital economy, post and telecommunications, on Thursday (April 21).

The law makes a favorable environment for growth in the crypto sector in the region.