Why is X’s Latest Move So Important for Bitcoin and Dogecoin?

• According to data from the National Multistate License System, social media platform X – formerly known as Twitter – has obtained the necessary license to facilitate cryptocurrency payments and trading from Rhode Island, USA.
• Integration with cryptocurrencies by Twitter could lead to increased liquidity in the cryptocurrency markets and help improve the status of cryptocurrencies.
• With the victory of Grayscale and the new development from Twitter, Bitcoin could experience a significant increase and reach previous levels of $30,000. In the last 24 hours, the price of Bitcoin has increased by 5.21%.

Social media platform X has obtained an important license in Rhode Island; why is this license crucial for Bitcoin and Dogecoin?

X Obtains a Critical License in Rhode Island

Since the beginning of 2023, the cryptocurrency markets have faced various challenges. Increasing regulatory scrutiny and falling prices have darkened the short-term outlook for the crypto sector.

However, recent developments could change the forward-looking outlook for market participants. According to data from the National Multistate License System, social media platform X – formerly known as Twitter – has obtained the necessary license from Rhode Island, USA to facilitate cryptocurrency payments and trading.

With this official approval, Twitter gains the authority to offer a range of services closely related to virtual assets. This includes the ability to monitor, transfer, and trade digital assets for Twitter’s large user community.

Twitter, with an impressive user base of 450 million active individuals, is strategically positioned to integrate cryptocurrency payments. This potential integration could reshape the landscape of daily financial transactions using digital currencies and be used by Twitter to embrace its large user base and encourage innovation.

Integration with cryptocurrencies by Twitter could lead to increased liquidity in the cryptocurrency markets and help improve the status of cryptocurrencies. This comes after Grayscale’s victory in creating a spot Bitcoin ETF against the U.S. Securities and Exchange Commission on August 29.

Gains for Bitcoin, Ethereum, and Dogecoin

With the victory of Grayscale and the new development from Twitter, Bitcoin could experience a significant increase and reach previous levels of $30,000. In the last 24 hours, the price of Bitcoin has increased by 5.21%. At the time of writing, it was trading at $27,387.

Ethereum followed a similar trend and saw a similar increase in price. The number of ETH holders increased parallel to BTC holders. BTC and ETH will benefit the most from these positive updates in the crypto markets.

However, it’s not just these currencies that will benefit from the recent move by Elon Musk. The memecoin Dogecoin, supported by the owner of the social media platform, will be the currency that benefits the most from this deal.

According to data, DOGE’s price has increased by 3.96% in the last 24 hours. If the implementation of cryptocurrency payments on X progresses, Doge holders could benefit significantly. LunarCrush data showed a 93.35% increase in social mentions for DOGE in the past week. Other memecoins like PEPE also experienced a significant increase in social activity.

However, SHIB couldn’t create a similar impact and didn’t attract much attention on social media platforms.

The memecoin sector appeared differently from an emotional perspective. SHIB and DOGE experienced a significant increase in emotional sentiment, indicating a positive outlook for these memecoins in the crypto space. However, the same cannot be said for PEPE, as it experienced a decline.