Bitcoin Price Analysis: Square Considers Going into BTC Mining
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Shortly after the US Securities and Exchange Commission (SEC) approved the Proshares Trust Bitcoin (BTC) futures ETF, billionaire CEO Jack Dorsey announced that Square could join the Bitcoin mining industry.
Dorsey, a long-time proponent of the flagship cryptocurrency, recently noted that the financial services company is in the process of developing a Bitcoin hardware wallet to “make bitcoin custody more mainstream.”
The billionaire CEO has also asserted that BTC would play a significant role in the future of Twitter, a company he co-founded. Twitter recently launched a BTC tipping feature for its users, confirming his assertions. Now, Square has indicated an interest in entering the BTC ecosystem, albeit in a different fashion. On Friday, Dorsey noted that: “Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.” He added that “If we do this, [we would] follow our hardware wallet model: build in the open in collaboration with the community.”
The Square and Twitter CEO argued that mining requires more distribution and that the “more decentralized this is, the more resilient the Bitcoin network becomes.” Nonetheless, Dorsey reiterated the need for the mining industry to gravitate towards “clean and efficient energy use,” adding that this requires “innovation in silicon, software, and integration.”
Key Bitcoin Levels to Watch — October 17
Like we anticipated, BTC has touched our inverted triangle pattern, highlighting the existing bullish strength as we keep our eyes on the $64.9K all-time high level. The benchmark cryptocurrency peaked at a new six-month high at $63K on Friday before posting a mild correction to the $60K round figure.
While market conditions currently reside in overbought levels, we expect to see a retake of the $64.9K peak before the 25th of this month.
Meanwhile, our resistance levels are at $61,785, $63,000, and $64,000, and our key support levels are at $60,000, $59,000, and $58,000.
Total Market Capitalization: $2.49 trillion
Bitcoin Market Capitalization: $1.15 trillion
Bitcoin Dominance: 46.3%
Market Rank: #1
