Bitcoin Market Analysis: Square Announces Bitcoin-related Project Plans
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Jack Dorsey’s Square Inc has announced that it has two Bitcoin (BTC) projects lined up on the horizon. The first involves the company investing $5 million in a solar-powered Bitcoin mining facility. To conduct this task, Square has partnered with Blockstream Mining, a Canadian blockchain-based technology company, to develop an open-source, solar-powered mining facility.
Secondly, Square CEO Jack Dorsey recently tweeted that his company is considering developing a new hardware Bitcoin wallet. Dorsey noted that the new project would give users more control over their crypto assets. He stated that:
“Square is considering making a hardware wallet for bitcoin. If we do it, we [will] build it entirely in the open, from software to hardware design, and in collaboration with the community.”
With Bitcoin transactions acting as a significant source of revenue for Square, it only makes sense that the company explores more avenues to take advantage of the cryptocurrency. In 2020, Bitcoin revenue at the company was $4.23 billion higher than the previous year.
Dorsey noted that the proposed wallet would help users store their Bitcoin in a secure gadget totally out of control from other individuals or organizations, even Square. He also noted that this wallet would be significantly different from the currently existing ones in that it would come with self custody.
Key Bitcoin Levels to Watch — June 6
The primary cryptocurrency has started the new week on a depressing note, as bulls struggle to keep the primary cryptocurrency near the $36k level. That said, BTC is now in consolidation mode between $36,500 and $34,600.
Given the current absence of trading volume in the market, this sideways bias could persist for a while. This standing makes it prudent to wait for some sharp directional move before placing trades.
Meanwhile, our resistance levels are at $36,600, $37,000, and $37,500, and our key support levels are at $35,000, $34,200, and $33,000.
Total Market Capitalization: $1.62 trillion
Bitcoin Market Capitalization: $668 billion
Bitcoin Dominance: 41.1%
Market Rank: #1
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