On Wednesday, Block, the financial services firm, disclosed that merchants using Square can convert their daily sales into bitcoin through the Cash App. Block’s founder, Jack Dorsey, revealed this update on X, and as of today, merchants have the option to transfer between 1-10% of their Square-generated earnings into bitcoin, the leading crypto asset by […]
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Animoca Brands Japan Teams up With Square Enix to Market ‘Symbiogenesis’ and Its NFT Collection
Animoca Brands Japan, a subsidiary of Animoca Brands, has signed an Memorandum of Understanding with Square Enix to assist in the marketing of the upcoming game Symbiogenesis and its related NFT collection. Square Enix, known for high-profile games like Final Fantasy and Kingdom Hearts, will leverage Animoca’s experience in Web3 to facilitate Symbiogenesis’s overseas expansion, […]
Bitcoin News
Bitcoin Price Back To Square One, Why This Could Be A Bearish Signal
Bitcoin price trimmed all gains and tested the ,650 zone. BTC is now at risk of a fresh decline toward the ,500 level in the near term.
- Bitcoin started a fresh decline below the ,500 and ,200 levels.
- The price is trading below ,600 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near ,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline toward ,500 in the coming sessions.
Bitcoin Price Starts Fresh Decline
Bitcoin price failed to climb again above the ,000 resistance zone. BTC started a fresh decline and gained bearish momentum below the ,500 level.
There was a clear move below the ,200 level. The price even spiked below the ,000 level. A low is formed near ,663 and the price is now consolidating losses. Bitcoin is now trading below ,600 and the 100 hourly Simple moving average.
Besides, there is a key bearish trend line forming with resistance near ,750 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the ,250 level. It is close to the 23.6% Fib retracement level of the recent decline from the ,150 swing high to the ,663 low.
The first major resistance is near the ,650 level or the trend line region. The trend line is also close to the 50% Fib retracement level of the recent decline from the ,150 swing high to the ,663 low. The main resistance is now forming near the ,000 level.
Source: BTCUSD on TradingView.com
A clear move above the ,000 level might send the price toward ,400. The next major resistance is near ,000, above which there could be a sustained increase. In the stated case, the price could test the ,200 level.
More Losses In BTC?
If Bitcoin fails to clear the ,750 resistance, it could continue to move down. Immediate support on the downside is near the ,800 level.
The next major support is near the ,650 level. A downside break below the ,650 level might put a lot of pressure on the bulls. In the stated case, the price could drop toward ,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – ,800, followed by ,650.
Major Resistance Levels – ,250, ,750, and ,000.
Square Enix to Use Polygon’s Network in Symbiogenesis, Its Upcoming Web3 Experience
Japanese gaming company Square Enix has announced that it will be using Polygon, an Ethereum sidechain, as a base for Symbiogenesis, its upcoming Web3 experience. Naoyuki Tamate, producer of the game, cited the high transaction speeds and low transaction gas costs as the reasons for making this change in the game’s design.
Square Enix to Harness Polygon for Symbiogenesis’ Blockchain Operations
Square Enix, a Japanese game-developing company, has given an update regarding the development of Symbiogenesis, its upcoming Web3-based experience announced in November. The company revealed it would use Polygon, an EVM-compatible sidechain, to support part of the blockchain component of the game.
The game, which will feature several art non-fungible tokens (NFTs) as part of its story, revolves around the realization of missions and collecting resources in a land called the floating continent. Regarding the utilization of Polygon’s network in the game, Symbiogenesis producer Naoyuki Tamate at Square Enix stated:
Square Enix opted to tap into Polygon’s high transaction speeds, low gas fees, and overall user-friendliness to deliver this unique experience to Web3 fans.
Square Enix had previously stated that the game would use Ethereum as part of its structure. However, it clarified through Twitter that Polygon’s blockchain would be used for the game utility, while Ethereum would be used for the NFT collectible art component.
Web3 Gaming Still Relevant
While some blockchain gaming trends — like the play-to-earn model — have experienced a significant downfall as part of the recent turbulence of the cryptocurrency market, there are still some companies that believe in the possibilities that decentralized structures might bring to gaming experiences.
Urvit Goel, vice president of global games and platform business development at Polygon Labs, believes that Web3 adoption in games will continue to grow, with developers realizing the benefits of this model. About this, Goel explained:
Our latest collaboration just goes to show that Web3 is decisively getting more and more traction among the world’s largest developers, proving yet again that this innovative stack of technologies and the benefits they bestow have massive potential when it comes to gaming.
While Symbiogenesis will ostensibly be the first AAA game designed from the ground up with blockchain elements, this is not Square Enix’s first dance with blockchain. The company is currently a validator in Oasys, a gaming-oriented Web3 blockchain initiative. It also announced in January that several original IP blockchain games are under development, and it is prepared to unveil more of them this year.
What do you think about Square Enix using Polygon in Symbiogenesis? Tell us in the comments section below.
TA: Ethereum Back to Square One, Why ETH Could Surge Again
Ethereum rallied above ,650 against the US Dollar. ETH price failed to settle above ,700, trimmed gains, and now consolidating near ,620.
- Ethereum started a fresh increase above ,600, but it faced sellers above ,700.
- The price is now trading above ,600 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near ,580 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is consolidating above ,600 and might start another increase in the near term.
Ethereum Price Consolidates
Ethereum was able to form a base above the ,520 level. ETH started a fresh increase above the key ,600 and ,620 resistance levels. There was also a move above the ,700 level.
There was also a break above a key bearish trend line with resistance near ,580 on the hourly chart of ETH/USD. However, the bulls failed to remain in action above ,720. The price formed a high near ,733 and started a sharp decline.
There was a move below the ,700 and ,650 support levels. The price even dipped a few points below the 50% Fib retracement level of the recent rally from the ,506 swing low to ,733 high.
The price is now consolidating above ,600 and the 100 hourly simple moving average. An immediate resistance on the upside is near the ,650 level. The first major resistance is near the ,685 level. The main resistance seems to be forming near the ,700 zone.
Source: ETHUSD on TradingView.com
Ether price must clear the ,685 and ,700 resistance levels to start a steady increase. In the stated case, the price may perhaps rise towards the ,800 level.
Fresh Decline in ETH?
If ethereum fails to start a fresh increase above the ,650 level, it could start another decline. An initial support on the downside is near the ,610 level.
The next major support is near the ,600 level. It is near the 61.8% Fib retracement level of the recent rally from the ,506 swing low to ,733 high. A close below the ,600 support zone could start a drop towards the ,500 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – ,600
Major Resistance Level – ,700
Jack Dorsey: Square Could Build Bitcoin Mining System
CEO of financial services company Square Jack Dorsey could take another step further into expanding the Bitcoin ecosystem. Via his Twitter account, Dorsey announced that the company is currently “considering” the possibility of creating a BTC mining system.
Related Reading | Square’s Cash App Reports .7B In Quarterly Bitcoin Revenue, A 200% Jump
A known Bitcoin bull, Dorsey has been exploring the sector throughout 2021 with important partnerships created with Ark’s Cathie Wood. As NewsBTC reported, the partners proposed an alternative driven system to support a renewable energy grid with Bitcoin miners.
Now, Square could be based their mining system on “custom silicon and open source for individuals and businesses worldwide”, the announcement said. Dorsey clarified that the mining system could track its hardware wallet model.
In August, the company revealed a new project to build a decentralized exchange to facilitate Bitcoin peer-to-peer trading alongside a hardware wallet. Similar to today’s announcement, the company emphasized the need to collaborate with the community and the ecosystem to benefit the project and the network.
Dorsey made some reflections on the nature of mining and:
Mining needs to be more distributed. The core job of a miner is to securely settle transactions without the need for trusted 3rd parties. This is critical well after the last bitcoin is mined. The more decentralized this is, the more resilient the Bitcoin network becomes.
In that sense, the CEO of Square believes BTC mining needs to be “more efficient” and to continue to move towards clean energy.
Related Reading | Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey
As stated in the aforementioned Whitepaper, BTC mining could be used to create and support an alternative energy system. Dorsey believes BTC and its network are a potential source of innovation for the renewable energy dilemma.
Square To Work On Bitcoin Mining For The Mainstream
Therefore, Square wants to make BTC mining more accessible to everyone in order to resolve the issues around Silicon design and vertical integration in the energy sector. Dorsey said:
Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves. What are the biggest barriers for people running miners?
The CEO of Square said Jessi Dorogusker will lead a team to research the technical requirements to undertake the project with Afshin Rezayee and Thomas Templeton. Dorogusker said:
We will incubate the Bitcoin mining system project inside Square’s hardware team, starting with architecture, design, and prototyping of more efficient silicon, hashing algorithms, and power architectures.
At the time of writing, BTC trades at ,945 with a 7% and 16.1% profit in the daily and weekly charts, respectively.
BTC on a rally in the weekly chart. Source: BTCUSD Tradingview
NewsBTC
Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey
Financial services company Square will double down on its Bitcoin bet. Via his Twitter account, the CEO of this company Jack Dorsey announced the creation of a new division that will focus on “building an open developer platform”.
This new company will integrate Seller, Cash App, and Tidal and will have the objective of facilitating the creation of non-custodial, permissionless, and decentralized financial services.
As Dorsey clarified, the new business will be focus primarily on Bitcoin and is yet to receive a name but seems logical that the aforementioned services will be integrated.
Seller is an online space designed to connect business owners. This platform allows them to share tips, receive updates, ask questions, and more about using Square on their business model.
Cash App allows its customer to invest in traditional companies’ stocks and Bitcoin. While Tidal operates as a streaming service platform to “bring artists and fans closer together”.
A month ago, Dorsey revealed the company’s plans to create a Bitcoin hardware wallet. Similar to that project, Square’s new business will:
(…) do this completely in the open. Open roadmap, open development, and open source. Mike Brock is leading and building this team, and we have some ideas around the initial platform primitives we want to build.
Dorsey added that the new business will operate in a similar fashion as Square Crypto, a separate Bitcoin focus division created to make BTC “more than an investment”. According to its CEO, Square Crypto never receives directions from its parent company, only financial support.
Currently, Square Crypto has three active projects the Lightning Development Kit (LDK), the Bitcoin Design Community, and Bitcoin Development Kit. Dorsey claims that these projects were chosen in complete independence by the division.
Investing In Bitcoin-Friendly Square Could Yield Millions In Profits
Dorsey and the companies under his leadership are making an important push to promote and support Bitcoin development.
According to analyst Dan Dolev with Mizuho Securities, the Dorsey-led company could be a game-changer in the banking business of the future.
We believe Cash App may be en route to becoming the ultimate neo-bank and the money center bank of the future. This could make buying SQ analogous to buying JPMorgan in 1871.
The analyst predicts a 0 to 0 average revenue per user for one of Square’s main products, Cash App. In the next decade, this company could rival the 0 to 0 average revenue per user made by banking giants such as JPMorgan.
At the time of writing, Bitcoin (BTC) trades ,921 with a 3.1% loss in the daily chart.
![Bitcoin BTC BTCUSD](https://www.newsbtc.com/wp-content/uploads/2021/07/Bitcoin-BTC-BTCUSD-9-860x512.png)
Square and Blockstream To Build U.S. Based Bitcoin Mine With Renewable Energy
Bitcoin mining is on the move. Around the world, more companies and initiatives are being brought to life. Blockstream and Square have announced a partnership to build one in the U.S. based on renewable energy.
The Bitcoin infrastructure startup, led by Adam Back, and the financial services company, led by Jack Dorsey, will create an open-source Bitcoin mining facility driven by solar energy. The BTC mine will be constructed on a Blockstream mining site located in the United States.
Their objective is to share details on the project’s economics and their experience in the development of the facility. In addition, they plan to raise awareness and demonstrate BTC mining and renewable energy can be a catalyzer for a transition towards clean energy.
Together with @Square, we’re building an open-source fully solar-powered #Bitcoin mining facility at one of our US #BlockstreamMining locations to demonstrate how #BTC mining and renewables can drive the clean energy transition. ☀️⛏️ https://t.co/0D4yKOe82M pic.twitter.com/HdVhe031GY
— Blockstream (@Blockstream) June 5, 2021
Square will invest million and Blockstream will provide the infrastructure and expertise to help build the project. Ultimately, it will be a Proof-of-Concept used to demonstrate that green Bitcoin mining at scale it’s possible. Thus, the need for transparency in every detail. Chris Cook, CIO and head of Mining at Blockstream said:
Many mining operations throughout the world, including our own, already rely on renewable energy because it is the most cost-effective power available. Together with Square, we hope that the open and transparent nature of the project will become a model that other businesses can learn from.
Bitcoin, A Tool To Build A Sustainable Future
Once built, the BTC mining facility will allow other participants to expand the operations. It will be designed to be scalable and with the capacity to add more support for future growth.
Neil Jorgensen, Global ESG Lead at Square, revealed to be excited about the partnership and along with Blockstream will contribute with a working model to prove their thesis. Jorgensen added:
The project will serve as an ongoing, transparent case study that will allow us to all learn together the specific unit economics of clean energy Bitcoin mining. We can’t wait to start sharing our results with the community.
Blockstream will provide regular reports on the project and will have a publicly available dashboard to display real-time metrics on the BTC mine’s performance. This will include its power output and the amount of BTC mined. The dashboard will be based on a technology called Blockstream Mining Note (BMN).
Square has made several efforts to support the growth of Bitcoin and its ecosystem. The Dorsey-led company published a Whitepaper with firm Ark Invest on a system based on renewable power to drive batteries and use BTC mining to absorb the excess energy.
During a discussion with Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, in the Bitcoin 2021 Conference, Dorsey said:
Ultimately miners have to make a profit and getting cheap renewable energy maximizes their potential for profit (…). Bitcoin over time and today does incentivized more renewable energy and awareness about how they are getting that power. It gives people freedom to convert wasted power into something that creates value for billions of people around the world.
BTC trades at ,132 with a persistent sideways trend after an over 50% correction in the past week. In the 7-day and 30-day charts, BTC has a 1.2% profit and a 37.1% loss, respectively.
![Bitcoin BTC BTCUSD](https://www.newsbtc.com/wp-content/uploads/2021/06/Bitcoin-BTC-BTCUSD-3-860x512.png)
Square Revenues Triple, Fueled By Bitcoin Purchases
Square, Inc. (SQ) reported first quarter 2021 earnings this week, and the company revenues vastly surpassed the analyst’s expectations. Quarterly revenues to start the year came in at over B USD, compared to average analyst projections anticipated .37B. In the last quarter of 2020, the company purchased M worth of BTC, and followed that purchase up with another 0M worth of BTC in the first quarter of this year.
Cash App & Crypto
Square’s mobile-driven app, Cash App, saw fruitful engagement with Bitcoin on the app. Bitcoin volume multiplied year-over-year for the firm, going from 6M a year ago to over .5B in this past quarter. Profits realized from crypto transactions over the quarter totaled M. Cash App is not focused on burdening consumers with crypto transaction fees, and while the gross profit on these transactions may seem small relative to total transactions (approximately a 2% margin), crypto gross profits accounted for nearly 8% of the firm’s total gross profit.
These profits helped Square overachieve on profits per share as well, reporting 41 cents versus analysts anticipated 16 cents per share. Quarterly gross profits totaled 4M for the first quarter, an increase of 79% year-over-year.
Cash App itself brought in 5M in quarterly gross profit, up 171% year-over-year.
Related Reading | How Coinbase, Square, and Fidelity Will Support Bitcoin
Square’s Crypto Purchases
Arguably the juiciest meat on the bone for Square with regards to crypto was the company’s direct BTC purchases. After buying roughly 0M of BTC over the past two quarters, the company reported at the end of the first quarter that the fair market value of their Bitcoin investment was 2M.
Square has supplemented these purchases with other broader initiatives as well, including the launch of COPA, the Cryptocurrency Open Patent Alliance. COPA is geared towards ensuring open access patents around crypto technologies.
BTC has been a driver this year for Square's growth this year | Source: BTC-USD on TradingView.com
Square’s Standpoint
Square’s CEO Jack Dorsey has shown an optimistic perspective with regards to Bitcoin and broader crypto in the past, and the recent earnings call echos his previous sentiments. Dorsey stated on the call that the firm envisions Bitcoin as having the potential to be the internet’s native currency and that Square wants to “further that as much as we can”.
Dorsey also cited crypto enabling “more opportunities for economic empowerment” and the ability to facilitate transactions with less friction. All the while, the firm still acknowledged that volatility and consumer preferences can make for a bumpy ride; however, Square remains committed and optimistic especially around Bitcoin, describing it as “an instrument of global economic empowerment” on the recent earnings call.
Related Reading | This Is Why All Companies Should Buy Bitcoin, Says Square’s CFO
Featured image from Pixabay, Charts from TradingView.com
How Coinbase, Square and Fidelity will support Bitcoin
To contribute to Bitcoin and crypto regulation, 4 prominent partners have formed the Crypto Council for Innovation (CCI). Created by investment firm Paradigm, crypto exchange Coinbase, payment processor Square, and investment firm Fidelity Digital Assets.
The initiative aims to lobby on behalf of the cryptocurrency industry, conduct research, and promulgate the benefits of this asset class as well as its underlying technology to society. In a post via its Twitter handle, the Crypto Council for Innovation claimed:
We’ll provide useful information – and dispel misinformation – for policymakers, regulators, and citizens around the world. We all want the same thing from technology: to create better lives for human beings. The road to making that happen is paved with high quality information.
Initially, the organization will focus on 3 key areas, singled out for their potential to “transform lives and the livelihoods” of people for the better. First, the Crypto Council for Innovation will seek to contribute towards strengthening the economy and creating more jobs.
In addition, the initiative aims to create a more “accessible and inclusive” financial system. Finally, the organization will seek to enhance privacy and security for all individuals.
On its website, the ICC states that the scope of its cooperation is global. Among other tasks, the organization said they will share data on cryptocurrencies to counter “misinformation”.
In parallel, they will seek the support of governments and institutions around the world to “encourage responsible crypto regulation”. In a subsequent post, CCI stated:
This potential, like crypto itself, transcends borders. There’s no state too rich, region too poor, village too remote to benefit from crypto. That is why our scope is global. Wherever you are, our doors are open. Join us to unlock the promise of crypto!
Announcing CCI #bitcoin https://t.co/cT3AQf0op7
— jack (@jack) April 6, 2021
Bitcoin’s supply crisis deepest
At the time of writing, Bitcoin is trading at ,189 with sideway movement in the last 24-hours. On the weekly chart, BTC has 0.9% gains and 18.7% in the 30-day chart.
![Bitcoin BTC](https://www.newsbtc.com/wp-content/uploads/2021/04/Bitcoin-BTC-1.png)
BTC is lagging other altcoins in the top 10 by market cap, its price seems to be stuck belove ,000. However, BTC’s supply on exchanges is on the decline.
Data from Glassnode indicates that over 15,680 BTC has been withdrawal from main exchanges in the last day. As shown by analyst William Clemente, 23,970 BTC have left from trading platforms in the last week and 568,618 BTC in the past year.
This averages out to 1,557 BTC (~m) per day over the last year.
There’s only 900 BTC (~m) mined per day.
— William Clemente III (@WClementeIII) April 6, 2021
The analyst claims that BTC’s outflows from exchanges and Bitcoin miners increasing their buying pressure on the cryptocurrency will contribute to its price appreciation.