Bitcoin bulls have tested the $50,000 price level once again fueled by the hype around reports that Twitter is testing a tipping service that will be based on Bitcoin’s lightning network.
Bitcoin briefly rallied to $50,450 earlier today before retreating below $50,000 after it was revealed that Twitter is already beta testing a tipping service that will leverage the Bitcoin network. The cryptocurrency traded at $49,893 at the time of this press, which represents a 4.98% gain in the last 24 hours and a 6.38% gain in the last 7 days.
Source: Binance
Bitcoin’s latest price action is the second time that it has attempted to rally past $50,000 since July. The bulls have been subdued in the last three weeks, resulting in some price correction that saw it slip below $47,000 in the last few days. That dip allowed it to be oversold according to the RSI, thus creating a good entry point for another rally with the right catalyst.
Twitter might soon integrate Bitcoin payments into its platform through the lightning network. The microblogging platform is reportedly testing out the beta version of its new tipping feature. The reports are in line with previously revealed plans to introduce a way to tip high-quality tweets on the platform, and the approach might help improve engagement on the social platform. The lightning network which was created to facilitate faster BTC transactions will be a key component in the endeavor.
Jack Dorsey also revealed recently that his new startup called TBD, a subsidiary of payment company Square which is also owned by the Twitter CEO has plans to develop a decentralized exchange that will mainly focus on Bitcoin. However, he has not revealed the other cryptocurrency assets that users will access through the upcoming DEX.
Jack Dorsey’s announcement is a big deal not only for Bitcoin but also the entire cryptocurrency market as a whole. It might be the next major catalyst event that the market has been waiting for. Dorsey is one of the most noteworthy public figures considering that he is the CEO of one of the biggest social media platforms in existence. His decision to pursue crypto will likely encourage more traditional companies to embrace digital currencies and the decentralized world.
Elon Musk is another huge public figure whose involvement with Bitcoin led to a wave of bullishness and the same is expected to happen with the Twitter CEO’s decision to go down the same road. The more the corporate world embraces Bitcoin, the more plausible the idea of a $100,000 BTC price tag seems plausible.
Twitter has had its fair share of struggles in the past as far as platform monetization is concerned. Meanwhile, there have been attempts to create decentralized social platforms that will built-in economics that will facilitate the transfer of value between users. Twitter’s decision to embrace Bitcoin is perhaps an indicator that Dorsey wants to tap into DeFi’s potential. Tapping into blockchain and cryptocurrencies might unleash immense value for Twitter.
Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.
Get the latest Crypto & Blockchain News in your inbox.
