X has introduced a new product that will provide real-time crypto and stock prices directly in the user timelines. In the update, Smart Cashtags have been implemented, whereby a user can tap a ticker to see live prices immediately.
What Are New Smart Cashtags Of X?
The feature was announced by Nikita Bier who is the Head of Product at X, saying it converts posts that have assets in it into live market data entry points.
Through Smart Cashtags, any exact price of assets or smart contracts can be tagged in a post. This removes the confusion between similar tickers in crypto and the traditional markets.
By tapping on a cashtag, users can open real-time price information, performance charts as well as other similar discussions about an asset. Users monitoring macro-based trends tend to predict crypto prices prior to CPI release. But now, all the information is within X and users do not need to move out of the platform.
The introduction makes the X platform a direct source of financial market information. X users estimated to be around 500 million globally would gain crypto exposure through these Smart Cashtags.
In addition, this is significant change in the social distribution regarding price discovery. Sentiment and price action are now visible at the same time.
Social Trading Accelerates on X
Already, X is a major source of crypto news and trader discussions, and the new option brings together the feedback mechanism between stories and market action. Traders tend to act on X posts before consulting charts in other platforms. The Smart Cashtags reduce this time, by making them available in X posts.
The feature provides prices for crypto tokens, stocks, and other financial instruments. Early sample indicates that the product supports Bitcoin, significant equities, and network tokens.
Its availability could have impact on the short-term volatility of high engagement events. Viral posts, breaking news, and influencer posts are likely to cause immediate responses.
Bier said the feature also makes it easier non-expert users to find assets. Hence, ethical market exploration in the absence of special trading applications is now within the reach of any person.
Smart Cashtags increase the popularity of financial contents for creators. Hence, posts can turn into a participatory commentary.
When Will Smart Cashtags Fully Launch?
A larger scale implementation is planned next month. With mass implementation, Smart Cashtags would change the nature of crypto news distribution. This is particularly useful during times of high impact news like the release of the U.S. CPI when market discussions is completely dominated by the event.
Social interaction can have progressive impact on market awareness and involvement. This development is in line with the vision by Elon Musk to make X an everything app. X is collecting feedback before making an extended release.
Source: https://coingape.com/x-to-roll-out-smart-cashtags-for-real-time-crypto-price-tracking/
