Bitcoin comes to Twitter: Social media giant launches BTC tipping feature

"CreativeTools.se - Twitter bird standing on branch - Close-up" by Creative Tools (licensed under CC BY 2.0)
“CreativeTools.se – Twitter bird standing on a branch – Close-up” by Creative Tools (licensed under CC BY 2.0)

Key Takeaways:

  • Microblogging site Twitter confirmed rumours about a bitcoin tipping function it plans to launch.
  • For now, the Tips feature is available only for Apple iOS users, with android launch coming soon.
  • Meanwhile, Bitcoin prices are struggling to break above $45,000.

NEW DELHI (CoinChapter.com) — Social media platform Twitter on Thursday announced a Bitcoin tipping feature for its users. The company said that its Tips feature would roll out for Apple iOS users while Android users have to wait for a few weeks to enjoy the new feature.

Twitter introduced tipping in May to help creators monetize their posts by earning payments from their followers. The May experimental version had provision for fiat currency using conventional payment gateways such as PayPal’s Venmo. The company also plans to launch support for NFT authentication and its creator fund to provide audio creators with access to financial and technical support.

Twitter also said it plans to explore support for NFT authentication “soon.” It will allow NFT creators to track and showcase their NFTs on the social media platform when it happens.

Meanwhile, BTC prices are struggling with strong resistance at the $45k level. Bitcoin broke above $45,000 resistance on Thursday, but prices corrected, and the flagship crypto closed the day at $44,984. On Friday, prices fell to near $40,000 levels.

Tweet Tweet, Bitcoin

First introduced as a beta product in May, the tip jar feature supports Bitcoin using Strike Bitcoin lightning wallet service. The Bitcoin integration to Twitter’s Tips feature is hardly surprising given that the CEO, Jack Dorsey, is one of the most prominent digital currency supporters.

Also Read: Dogecoin hype sparks a 12% gain as AMC vows to accept DOGE payments.

Twitter users would add a Bitcoin lighting or their Bitcoin address to start receiving Bitcoin tips. The company chose lighting wallets due to their lower transaction fees. In addition, Twitter plans to use Strike, a payment application that uses the Bitcoin Lightning network to allow free and instant BTC transactions.

The Tip Jar will also add a couple of other services, including GoFundMe and the Brazilian mobile payment service PicPay.

Additionally, Twitter announced it is experimenting with a feature that would allow users to showcase their NFT collections on social media sites. NFTs have seen immense growth in 2021, with $930 million in funding awarded to two NFT firms this week alone.

However, the announcement did not share many details regarding this blockchain project. Besides blockchain, the company plans to launch a creators fund for users who host its Spaces audio rooms to incentivize more live audio events.

The goal of it really is to provide that technical and marketing expertise. We think of it as kind of a stopgap solution. We want to onboard these folks into other long-term monetization features. But we want to give them an initial boost

Esther Crawford, Twitter Product Lead for Creator Monetization, noted

Spaces launched last year for users to chat with others in audio-only virtual rooms. Another new experimental feature called “Heads Up” would help users understand a conversation before joining it. Twitter also plans to launch Safety Mode into Beta. Safety mode offers users automated protection against harassment.

Price Charts

After two days of gaining, Bitcoin prices fell off a cliff on Sept 24. Bulls were hoping to begin the weekend trying to break above the $45,000 resistance, but the decline highlights that BTC is firmly in the grips of the bears. Bitcoin fell on Monday, reacting to FUD created by China’s real estate firm Evergrande’s debt crisis.

Also Read: Bitcoin rallies 10% in tandem with US stocks amid easing Evergrande debt default tensions.

BTC prices are trading below their 50-Day(Green) and 200-Day(Yellow) moving average trendlines, further highlighting its bearish outlook across all time horizons. If prices continue to fall, Bitcoin would likely go below immediate support at $41,066. Once that happens, bulls would try to consolidate above the next support at $40,000 and $39,016.

Bitcoin, Bitcoin comes to Twitter: Social media giant launches BTC tipping feature
BTC prices fell to near $40K levels on Friday. Source: BTCUSD on Tradingview.com

Investors holding younger coins tend to panic sell, adding further selling pressure on BTC. But, so far, long-term holders are still holding on to their coins. The overall trend, according to monthly technicals, remains firmly bullish for Bitcoin.

Meanwhile, immediate resistance for Bitcoin is at $43,538. Above it, the 200-Day MA and 26-Day (Red) EMA also act as resistance near the $45,000 level. The bulls need to flip the 200-Day MA resistance into support to start a sustained uptrend. The next resistance level is near the 50-Day MA line at $46,831.

Bitcoin, Bitcoin comes to Twitter: Social media giant launches BTC tipping feature
RSI for BTC is moving down towards the oversold level. Source: BTCUSD on Tradingview.com

Trend-based momentum oscillator MACD is bearish for Bitcoin. The red bars on the MACD histogram highlight that the MACD line (difference of 12-Day and 26-Day EMA) moves further down, away from its signal line (9-day EMA of MACD).

In addition, the RSI plummeted downwards on Friday, clocking 38.19. Though neutral for now, it may enter the oversold region if BTC prices continue to fall.

At the time of writing, BTC was trading at $41,850, down 6.9% on the day.

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