Bitcoin’s Price Steady as Square’s Dorsey Announces DeFi Platform

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3rd Party Analysis 16 Jul 2021

Key Takeaways

  • Bitcoin and cryptos remain steady on Friday, but slide for the week amid lack of momentum
  • Jack Dorsey reveals his payments company Square will launch a DeFi platform

Bitcoin’s Price Steady

The bitcoin market continues to trade moderately lower but mostly flat for another day on Friday. Seemingly, market participants have locked in bitcoin’s price in the $33,000 to $31,000 range for the past few days. More broadly, since the end of May until now, the price of bitcoin has been caught in a consolidation between $30,000 to $40,000.

Thus, the risk-off mood has prevailed this week as the leading digital currency looks poised to finish its weekly performance in negative territory. Bitcoin opened the week at a price of $32,600 and is currently trading near the $31,500-mark, a decline of about 6% on the week.

In addition, ether, the second-largest crypto token, has suffered a steeper weekly decline. The coin powering the Ethereum network has dropped over 12% Monday-to-date. Indeed, trading around $1,850 to $1,900, ether has been pressured by the broader dampened sentiment surrounding crypto land.

Square Set to Launch a DeFi Platform

On the other hand, in a sign of improved outlook toward the future development of the cryptocurrency ecosystem, Jack Dorsey announced on Thursday plans to launch a platform for developers to create a “decentralized finance” projects built on Bitcoin’s blockchain.

Consequently, Jack Dorsey’s payments company Square will be at the center of the innovative solution that aims to take cryptos one step closer to mass adoption.

“Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permission-less, and decentralized financial services,” Jack Dorsey said in a Twitter thread. “Our primary focus is Bitcoin,” he mentioned.

Mr. Dorsey, who is the CEO of Square and Twitter, has long been a proponent of Bitcoin. He views the development of Bitcoin as his “mission in life” and has reiterated on many occasions he considers Bitcoin to be the ultimate global currency of the future.

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