With the recent introduction of a new section dedicated to Bitcoin, Square CEO Jack Dorsey is continuing to bet big on the cryptocurrency.
The new company’s main goal will be to provide an open developer platform.
Dorsey recently announced his intention to release a Bitcoin hardware wallet.
Square’s CEO, Jack Dorsey, revealed on Twitter that the payments company will launch a new business unit dedicated to Bitcoin-related services.
Square’s new service section will be focused to Bitcoin and non-custodial, permissionless, and decentralized financial services, according to Twitter CEO Jack Dorsey.
Square executive Mike Brock will lead the new division, which will work alongside Tidal, Seller, and Cash App.
According to Dorsey, the company would concentrate on developing an open developer platform for facilitating decentralized financial services, with a particular focus on Bitcoin.
Square’s CEO recently disclosed the company’s plans to develop a Bitcoin hardware wallet, giving its crypto unit a new revenue stream.
Square has seen an increase in crypto demand, with Bitcoin generating over $3.5 billion in revenue in the first quarter of this year.
Jesse Dorogusker, the payments company’s hardware lead, suggested that the hardware wallet will make Bitcoin custody more widespread.
Dorsey went on to say that the company’s name is still up in the air. Twitter’s CEO has already claimed that he believes Bitcoin will become the internet’s native currency. Square’s move to expand the acceptance of the main cryptocurrency, according to Dorsey, is part of that ambition.
Since June 28, the price of bitcoin has formed a downward parallel channel. BTC has been stuck in consolidation due to the sideways trend, as the leading cryptocurrency has struggled to establish higher highs.
The 78.2 percent Fibonacci retracement level has provided critical support for Bitcoin’s price. The Momentum Reversal Indicator has provided a buy signal on the 12-hour chart, indicating that BTC is set for a short-term trend reversal.
If the price of Bitcoin rises, it may aim for the 61.8 percent Fibonacci retracement level at $33,552, which coincides with the 50-hour Simple Moving Average (SMA).
12-hour chart of BTC/USDT
However, given the current technical pattern’s sideways tendency, Bitcoin’s price may be predicted to retest the price range’s lower boundary.
Further selling pressure might send Bitcoin’s price to the June 26 low of $30,148, which could act as a support level./n
