Bitcoin Falls Below $40k as Twitter Implements USDC Payments Via Polygon Blockchain

Bitcoin price is currently just below $40k. The largest cryptocurrency by market cap fell below its key $40k level again yesterday as buying pressure eased. Altcoins, on the other hand, also posted some losses against the USD earlier in the day. More on that later.

In other news, Twitter is proactively investigating digital currency payments on the platform. The microblogging social media network has launched a new USDC payment program for content creators. Now, a select few Twitter creators will be able to get paid in the USD stablecoin in the near future. More on that later.

While the NFT market is generally slowing down, the value of legacy NFT collections continues to rise in price, with significant growth in recent weeks. Investors were quick to refer to many of these collections as “tier one NFTs,” a term used in the stock market for stocks that generally hold their value well and appreciate steadily. As the NFT market becomes saturated, NFT projects coming to market will compete for this blue chip status. However, there is no clear consensus in the community on how an NFT project becomes a blue chip project.

With the French elections drawing near, there is much talk about which candidate will win. The final match will be between current centrist Emmanuel Macron and far-right Marine Le Pen. As a former banker, Macron has taken a cautious approach towards the cryptocurrency sector, stating that he wants more regulation around digital currencies. This is why France is not considered a particularly pro-crypto country, even though its neighbors like Germany and Switzerland continue to make leaps and bounds. Le Pen, on the other hand, bounces like a ping pong ball on this one. First, he promised that the sector would face much less regulation, but on the other hand, he said that the sector was detrimental to the security of the nation and he wanted to impose new restrictions. The French are therefore left with little choice when it comes to choosing the right pro-crypto candidate, with one pushing for new rules and the other brazenly turning 180 degrees on the issue.

Speaking of regulations, the UK Treasury’s new set of measures has caused a mixed reaction in the crypto market. While the country has not been very crypto-friendly in recent years, it is now trying to increase cryptocurrency adoption, but with better oversight and new regulations.

The US Treasury, on the other hand, has sanctioned 3 Ethereum addresses with connections to North Korean hackers. These addresses have been involved in storing coins obtained through various hacks. Recently, they were involved in the Axie Infinity Ronin Bridge hack that resulted in over $600 million worth of crypto being stolen from the platform, mostly using ETH.

Binance, on the other hand, successfully recovered $5.8 million worth of ETH from this hack, in one of its wallets. Thanks to today’s effective reporting and tracking systems, the amount hacked can be tracked and supported exchanges can take it and return it to affected users. This is one of the breakthroughs in the industry.

Bitcoin Price Drops Below $40k

Bitcoin is currently dipping below $40,000 as the price continued to trade sideways with little change overall.

In the last 24 hours, the price of Bitcoin started at around $39,400. It stayed within $500 of this amount for the rest of the day, indicating low volatility. It briefly recovered to $39.9k, but has since dropped to around $39.8k at press time.

Bitcoin is now back in bearish territory and looking quite vulnerable to downward forces. This is because the drop below $48,000 is theoretically still ongoing as there has been no major recovery during this time.

The total market capitalization of Bitcoin was approximately $757 billion and its share in the proceedings was 41.6%.

Bitcoin price chart

Altcoins hold steady after posting losses

Other cryptocurrencies, also known as altcoins, posted some losses in the last 48 hours, but remained fairly stable over the last day. The big losers were Ripple (XRP, -2%), Terra (LUNA, -2.8%) and Polygon (MATIC, -2.2%). There were also some winners, including Polkadot (DOT, 4%) and Solana (SOL, 1.3%).

Polka dot price chart

In other news…..

Twitter wants to give payments in USDC

Twitter partners with Stripe to provide USDC payments to content creators. To do this, the two companies are working together with Polygon (MATIC).

This development may be accelerated due to Elon Musk’s hostile takeover bid. The eccentric Tesla boss is trying to woo Twitter users with his plans to turn the platform into a crypto haven, with Dogecoin at the helm. However, the acquisition must be completed first. However, the team at Twitter has been one of the most crypto-friendly social media platforms in recent history and they are further accelerating the expansion of their digital currency features as part of their efforts to thwart the takeover bid. by Musk.

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