Soon after Twitter’s announcement of adding the Bitcoin tipping feature to its platform, both Bitcoin and TWTR stock made sound gains on Thursday.
After Bitcoin bounced back on Wednesday, the Twitter Inc (NYSE: TWTR) news added more fuel to the BTC price rally. As a result, the BTC price has surged further moving closer to $45,000 levels. However, as of press time, Bitcoin (BTC) is trading at $41,180 and has a market cap of $777 billion.
The entire crypto market has once again come under bullish momentum after the Fed announcement on Wednesday. The US central bank announced that it has no plans to cut down on the stimulus measures as of now. Besides, the fears of bankruptcy of China’s Evergrande Group have subsided for now.
The recent price gains also align with Twitter’s announcement of adding the new Tips feature. This feature allows users to tip social media creators. Interestingly, Twitter will also integrate the Bitcoin payment option into its tips feature. This will be done via Bitcoin’s Lightning Network Wallet.
Strike features instant and no-cost Bitcoin transactions. The recent announcement comes as Twitter CEO Jack Dorsey has been an ardent proponent of Bitcoin. He has pledged to work closely with the development of the Bitcoin ecosystem.
On Thursday’s announcement, Strike also confirmed a range of tipping partners in the pipeline. Besides, Strike also confirmed Twitter as its API partner to facilitate free, instant, global payments for its users. Strike CEO CEO Jack Mallers wrote:
What the internet did for communication, Bitcoin and the Lightning Network is doing for money. Twitter’s integration with the Strike API turns Twitter into one of the best remittance experiences in the world. (It) allows an internet communications company to interoperate with the monetary standard for the world, enabling global payments for their users.
Twitter Stock Follows BTC Price and Goes Up
On Thursday, Twitter stock (NYSE: TWTR) gained 3.80% closing at $66.69 levels. The stock reacted soon after the company’s announcement of adding the Bitcoin tipping feature.
Twitter has initiated several measures to accommodate Bitcoin ecosystem activities to its platform. In August, Twitter CEO Jack Dorsey also hinted about his plans to delve into Bitcoin mining.
Besides, Dorsey has big plans of creating decentralized finance (DeFi) ecosystem on the Bitcoin blockchain. Lastly, Twitter is the latest conglomerate to show interest in the world of non-fungible tokens (NFTs).
The company is reportedly exploring NFT authentication as a means of assigning authentic badges to social media creators.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
