This week on crypto, Dorsey’s Twitter continues bitcoin adoption push by allowing crypto tips but this is not the extent of Twitter’s crypto plans.
Meanwhile in the other part of the world, China is widening up the renewed crackdown on cryptocurrencies as now a top cryptocurrency exchanges was ordered to stop registering new users. Traders are keeping a close eye on the regulatory risk and analysts are weighing if it can dampen the bullish sentiment in the crypto market.
Bitcoin Chart
Cryptocurrencies are mostly trading higher today after a volatile week. Bitcoin's price is trading $44k at the time of writing. Bitcoin’s dominance is at 42.34%, a decrease of 0.28% over the past day.
Crypto Charts
The global crypto market cap is at $1.96 trillion, increasing 5.42% from yesterday.
While the overall market volume over the last 24 hours is $114.15 billion, up 20.37%.
Source: coinmarketcap.com/tradingview
Twitter Allows Cryptocurrency Tips
Twitter has announced the launching of the rolling out of tipping feature, dubbed as Tips, in many payment options including cryptocurrency on iOS app and soon to Android.
Creators can link their profiles with their own Cash App, Patreon, Venmo, and other platforms to get supporting tips from followers.
In order to accept crypto tips, Twitter has only integrated bitcoin till now. Users should enable Tips on profile, then add their Bitcoin address.
⚡️⚡️⚡️ https://t.co/dWcMxeGFtL
— jack⚡️ (@jack) September 23, 2021
Twitter has teamed up with Strike – a payments application built on the Bitcoin Lightning Network that allows people to send and receive Bitcoin. Strike offers instant and free payments globally and available to users in El Salvador and the U.S. (excluding Hawaii and New York) for now.
Crypto tips is not the extent of Twitter’s crypto plans as the tech giant is also working on supporting authentication for non-fungible tokens (NFTs) by allowing users to link their crypto wallets to their profiles.
Crypto Exchange Huobi to Cease China Operations
One of the largest cryptocurrency exchange Huobi is ordered to stop account openings for mainland Chinese users and to clean up existing mainland clients by end-2021 to comply with local regulations, Reuters reported.
Just in: China's largest exchange Huobi announced that before December 31, it will retire all existing mainland China users. https://t.co/oqOZUrtlZ8 pic.twitter.com/9s7bzPGf3E
— Wu Blockchain (@WuBlockchain) September 26, 2021
China began the crackdown on China with the People’s Bank of China deeming trading and all other crypto currency-related activities illegal. Huobi took one of the first actions to comply with the Chinese ban by stopping new sign-ups except for Hong Kong based users.
Podcasts Worth Listening to
- What is Hedging? Ahamd Sharkatly, Kalam Mushafar
- Is the Bitcoin Bull Market Over? Nathaniel Whittemore, The Breakdown.
- Lyn Alden: Bitcoin Has Proven Itself Over Time – Natalie Brunell, “Coin Stories.”
Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.
