Cash App launches Bitcoin gifting feature for the holidays

Cash App launches Bitcoin gifting feature for the holidays
Bitcoin stocking stuffers for Christmas? Image from dribbble.com

Key Takeaways:

  • Cash App has launched a feature to let users gift Bitcoin and stocks.
  • Bitcoin prices moved above $48,000 after nearly a week.

NEW DELHI (CoinChapter.com) — Christmas shoppers can now buy Bitcoin and stocks for their family and friends.

Cash App, a mobile app-focused money transfer service, has rolled out a new gifting feature that allows users to gift Bitcoin to their loved ones. The amount could be as low as $1 worth of Bitcoin. The feature works similarly to sending money on the app.

Furthermore, users do not need to own crypto to use the feature. Cash App’s latest offering would help customers help their friends and family start their investing journey.

The new feature would likely see adoption, as a survey by BlockFi suggests that nearly one in 10 Americans are likely to choose crypto as a gifting option for this holiday season. Moreover, over 30% of responders said they would rather talk about cryptocurrencies than politics over dinner with their family or friends.

Also Read: Analyst Willy Woo explains why Bitcoin prices are currently down.

Moreover, Bitcoin is the crypto of choice for gifting, likely due to the prime cryptocurrency’s increased social media presence. As a result, Cash App’s new feature would likely have plenty of takers.

Hollywood actress Gwyneth Paltrow has announced that she will be giving away $500,000 in Bitcoin to her Instagram and Twitter followers. The announcement is part of a promotion for the latest Cash App Bitcoin gifting feature. Mrs. Paltrow is the latest celebrity participating in Cash App’s giveaway campaign.

In Nov, Green Bay Packers quarterback and three-time NFL MVP Aaron Rodgers announced a $1 million giveaway campaign. Additionally, the Green Bay quarterback declared he plans to receive part of his salary in Bitcoin.

What Is Cash App?

Cash App is a peer-to-peer payment service, allowing users to send or receive funds directly, similar to apps like Paypal or Venmo. However, Cash App also provides users with a bank account and a debit card that customers can use at any ATM. Other features include investing in stocks or BTC directly from the app.

Launched in 2013, Cash App was originally called Square Cash, referring to its parent company Square Inc.

Founded by Twitter’s ex-CEO, Jack Dorsey, Square recently changed its name to Block.

Bitcoin Price Charts

Bitcoin prices fell over 32% from their Nov 10 ATH to reach $46,640 on Tuesday, before recovering. However, Bitcoin continues to be bearish across the short and medium-term time horizons, as the 50-Day and 100-Day MA trendlines are moving above BTC prices.

Also Read: Bitcoin price stabilizes at $49k over the weekend amidst hack on Modi’s Twitter.

Bitcoin prices are down by over 14% in Dec, with immediate resistance at $49,568. Bulls need to take BTC above $50,000 and consolidate to ensure a sustained bull run. Further uptrend would likely face challenges from Bitcoin’s 26-day EMA near the $50,850 price level.

A sustained bull run would likely see prices reach $52,632 before retreating.

Bitcoin Price Charts
BTCUSD on the daily charts with RSI. Source: Tradingview.com

If BTC fails to continue its uptrend, it has immediate support near $46,598, which Bitcoin repeatedly tested earlier this month. A marketwide selloff could see prices fall to $45,236 before they recover. Meanwhile, the relative strength index for Bitcoin is rebounding from lower regions, currently neutral at 44.19.

Trend-based momentum oscillator MACD painted a bullish crossover on Dec 19. A bullish crossover occurs when the MACD line (difference between 12-day and 26-day EMA) moves above the MACD signal line (9-day EMA of MACD).

BTCUSD on the daily price charts with MACD.
BTCUSD on the daily charts with MACD. Source: Tradingview.com

In addition, bars on the MACD histogram are expanding, indicating the momentum is gaining strength.

At the time of writing, BTC was changing hands at $48,936, up 4.2% on the day.

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Cash App, Cash App launches Bitcoin gifting feature for the holidays

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