Social media giant Twitter is reportedly working on a cryptocurrency wallet that could support crypto deposits and withdrawals.
Reports reveal that the project is already under development as the team on it is already working on a prototype.
According to blogger and software engineer, Jane Manchun Wong, who disclosed the news on Twitter, the crypto wallet will enable users to deposit and withdraw their funds without them having to rely on third-party services. Although, the company has not made an official announcement about this.
However, this is not the first time Twitter is delving into the crypto space. In September 2021, the social media platform permitted users to add their Bitcoin wallet address to their profile before it expanded in 2022 by also including an Ethereum address making it easy for people to make crypto payments.
In January 2022, the platform further deepened its crypto offering by introducing a new feature that allowed users to show off their NFTs, or non-fungible tokens. The company rolled out NFT Profile Pictures to its Blue subscribers on iOS by way of Twitter Blue’s early access Labs feature.
For its blue subscribers to access this feature, all they needed to do was simply go to their profile to change their profile photo where they were presented with a new option to choose an NFT, which they later get to connect with their crypto wallet.
With Elon Musk’s decision to purchase the platform, a billionaire who over the years has backed the evolution of cryptocurrency through his support for Dogecoin, a joke coin that metamorphous into a real project, few experts are now predicting that the Tesla CEO will likely incorporate into Twitter the option of making purchases and other payments in digital currencies like bitcoin, Ripple’s XRP, and Solana.
The Tesla boss has previously suggested that Twitter Blue subscriptions could be paid in his favorite meme coin, Dogecoin.
Bitcoin Bulls Run Amok: Short Traders Hit with $90 Million Loss Amidst Unstoppable Surge
The relentless surge in Bitcoin’s prices has left short traders reeling as highly leveraged futures bets against the cryptocurrency incurred losses totaling $90 million on Tuesday alone.
This follows an additional $70 million in short liquidations on Monday, contributing to Bitcoin’s remarkable climb from $39,000 to $44,000 this week.
According to data from CoinGlass, most of these liquidations transpired on major crypto exchanges, including Binance, OKX, and Huobi.
The substantial liquidation figures have the potential to signal either a local top or bottom in a significant price movement, providing valuable insights for traders looking to strategically position themselves.
The surge in trading volumes, up by 25% in the past week, coupled with the growth in open interest from $17.2 billion to $20.2 billion since the beginning of December, underlines the increased market activity around Bitcoin.
Several factors are contributing to Bitcoin’s recent growth. Optimism is swirling around the potential approval of a spot exchange-traded fund (ETF) in the U.S., with traders factoring in anticipated rate cuts, buoying riskier assets like technology stocks and Bitcoin.
Additionally, the possibility of sovereign adoption is gaining traction as leaders in major economies express a Bitcoin-friendly stance.
Over the weekend, a notable group of traders committed to a $200 million BTC futures position, emphasizing the sustained demand for exposure to Bitcoin.
Amid continuous updates and changes in spot ETF applications, some industry observers foresee Bitcoin prices surpassing the $48,000 level in the coming weeks, further intensifying the cryptocurrency’s bullish momentum.
Dogecoin (DOGE) Rides Bitcoin Surge, Gains Over 10% in 24 Hours
The cryptocurrency market is witnessing a resurgence of risk appetite as more investors jump on unconventional choices such as Dogecoin (DOGE), Shibacoin, Memeland, etc.
In the past 24 hours alone, DOGE has surged by over 10% to $0.10 a coin for the first time since April following Bitcoin’s climb from $38,000 to $44,000.
This surge, coupled with the rising price, validates the upward trajectory of DOGE, signaling growing investor interest.
Funding rates on various exchanges have also experienced a substantial surge, hitting an annualized 50% or more.
These rates, reflecting a steep premium in perpetual futures relative to spot prices, indicate a prevalent bullish sentiment among investors.
It underscores their collective optimism, suggesting a belief that prices are poised for further upward momentum.
Joke cryptocurrencies like DOGE have historically exhibited high-beta characteristics, closely mirroring Bitcoin’s movements but often with greater intensity.
Investors are advised to exercise caution and monitor DOGE’s potential for extreme bullish action relative to Bitcoin, serving as a potential indicator of speculative exuberance typically observed in the latter stages of a widespread bullish trend.
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