Twitter Earned the Right to Oversee, Transfer, and Enable Trading of Digital Assets
The Recent Development
Twitter, formerly known as social media platform X, has acquired the licensure needed to facilitate cryptocurrency payments and trading in the US, from the state of Rhode Island. With this official endorsement, Twitter gains the authority to provide a range of services closely linked to virtual assets. This includes the capability for it to oversee, transfer, and enable the trading of digital assets for its vast user community.
Potential Impact
Twitter, with an impressive user base of approximately 450 million active individuals, is strategically positioned to integrate cryptocurrency payments. This potential integration has the capacity to reshape the landscape of everyday financial transactions using digital currencies, leveraging Twitter’s extensive user reach to foster adoption and innovation. The integration of Twitter with cryptocurrencies could result in a spike in liquidity in the cryptocurrency markets and help improve the state of blue-chip cryptocurrencies.
Bitcoin and Ethereum
With the recent victory of Grayscale over the US Securities and Exchange Commission regarding the creation of a spot Bitcoin ETF, Bitcoin could witness a massive uptick and may reach its prior $30,000 levels. In the last 24 hours, Bitcoin’s price has grown by 5.21% and is currently trading at $27,398.06. Ethereum has followed a similar trajectory and the price of the altcoin has also witnessed similar appreciation. The blue-chip cryptocurrencies BTC and ETH stand to gain the most out of these positive updates around the crypto markets.
Dogecoin’s Potential
Dogecoin, the memecoin championed by Twitter’s CEO, stands to gain the most out of this deal. As the news of Twitter acquiring the license hit the social landscape, DOGE’s price also started to see green. According to data provided by CoinMarketCap, DOGE’s price surged by 3.96% in the last 24 hours. If the implementation of cryptocurrency payments on Twitter moves forward, it is very likely that Doge holders may benefit quite a bit.
Sentiment in the Meme Coin Sector
Other memecoins such as PEPE observed a significant uptick on the social front, while SHIB failed to make a similar impact. However, the overall sentiment towards DOGE and SHIB in the crypto space was positive, suggesting potential growth for these memecoins.
Conclusion
Despite the recent price appreciation seen by DOGE, the move wasn’t significant enough to establish a bullish trend. Higher highs and higher lows would be required for a bullish trend to be established. However, the RSI and CMF indicators suggest that the price momentum is still with the buyers and the money flow is favoring the bulls.
