Cryptocurrencies have experienced a minor rally over the past week, shedding some of the jitters from the selloff that began earlier this month. While Block’s (NYSE:SQ) Bitcoin (BTC-USD) bet and Coinbase’s (NASDAQ:COIN) Stripe partnership are notable developments, Solana’s (SOL-USD) rise is a different matter altogether this week.
Block’s BTC Strategy
MicroStrategy (NASDAQ:MSTR) isn’t the only listed name betting big on Bitcoin’s continued rise. Financial solutions provider Block also has a policy to invest 10% of its gross profits from Bitcoin products each month into purchasing Bitcoins. The policy is aimed at avoiding the challenges stemming from attempting to time market cycles.
Block follows a curious approach of holding BTC on its balance sheet. Speaking to Bloomberg, Amrita Ahuja, the CFO of Block, recently noted that the investment allows Block to learn more about “what it means to custody Bitcoin.”
COIN’s New Partnership
In another development, Coinbase is teaming up with Stripe to drive the global adoption of crypto. The partnership is aimed at making money transfers faster and cheaper for users. At the same time, Coinbase seems to be facing more intense competition. The company was recently surpassed by Bybit as the world’s second-largest crypto exchange.
Dubai-headquartered Bybit currently commands a 16% share of the crypto market by volume. In comparison, Coinbase commands an 8% market share. Binance, despite its litany of troubles, still retains the pole position with a 54% market share.
Solana’s ETF Moment
Meanwhile, Solana is the standout cryptocurrency this week with a nearly 20% price gain. The rally comes after asset manager VanEck filed an application for a Solana ETF in the U.S.
Is BTC Expected to Go Up or Down?
Bitcoin, though, could continue to see less bullish action over the coming days as the TipRanks Technical Analysis tool is flashing a Neutral signal for Bitcoin on a weekly timeframe. This means caution may be warranted before initiating new positions in the largest cryptocurrency in the world.
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