Twitter Expands ‘Cashtags’ To Better Inform Crypto Traders
Twitter has teamed up with trading app eToro to feed more crypto price charts and other investment information directly to users
Rokas Tenys/Shutterstock, modified by Blockworks
Twitter is working with trading firm eToro to allow users to view more real-time information for financial assets directly in the app, including crypto.
Until now, Twitter users could use “cashtag” symbols ($BTC, for example) to see live price charts for only limited assets.
The microblogging site is now rolling out an upgraded cashtag feature, expanding the live price charts to include additional stocks, cryptocurrencies, commodities and exchange-traded funds, according to a press release.
Users will also be linked to eToro’s platform directly from Twitter. Yoni Assia, CEO at eToro, indicated that the decision was strategic considering Twitter has millions of users that are traders.
Twitter had already grown the cashtag feature to include 30 more cryptocurrencies earlier this year.
“Twitter has become a crucial part of the retail investing community — it’s where millions of ordinary investors go every day to access financial news, share knowledge and converse,” he said in a statement sent to Blockworks.
Using the feature is pretty simple. In Twitter’s search tab, simply enter a dollar sign ahead of a ticker symbol you wish to check. The platform will then display price information on a chart generated from TradingView, and you’ll be able to see a “View on eToro” button.
Twitter first added the cashtags feature in December 2022. More than 420 million searches using the feature have been reportedly recorded already this year.
Tel Aviv-headquartered eToro said that there are an average of 4.7 million cashtag searches a day, with activity rising around the time of earnings announcements by big-name companies. For instance, when Apple released its fourth-quarter earnings, searches hit 8 million.
According to eToro, the most commonly used cashtags are $TSLA, $SPY (SPDR S&P 500 ETF) and $BTC.
The expanded cashtags functionality didn’t seem to be active on Twitter as of press time. EToro said it was working with Twitter to resolve the issue.
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