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Cryptocurrency Overview: Block’s BTC Movement, Coinbase’s New Partnership, and Solana’s Rise
Cryptocurrencies experienced a minor rally last week, shaking off some of the jitters from the sell-off that began earlier this month. While Block (New York Stock Exchange: SQ) Bitcoin (BTC-USD exchange rate) bet and Coinbase (NASDAQ: CURRENCY) The partnership with Stripe represents a notable development, that of Solana (SOL-USD) the increase is a completely different matter this week.
Block’s BTC strategy
Microstrategy (NASDAQ:MSTR) isn’t the only publicly traded name betting big on Bitcoin’s continued growth. Financial solutions provider Block also has a policy to invest 10% of its gross profits from Bitcoin products each month into purchasing Bitcoin. The policy is intended to avoid the challenges of trying to time market cycles.
Block takes a curious approach to holding BTC on its balance sheet. Speaking to Bloomberg, Block CFO Amrita Ahuja recently noted that the investment allows Block to learn more about “what it means to hold Bitcoin.”
COIN’s new partnership
In another development, Coinbase is teaming up with Stripe to drive global cryptocurrency adoption. The partnership aims to make money transfers faster and cheaper for users. At the same time, Coinbase appears to be facing more intense competition. The company was recently surpassed by Bybit as the second largest cryptocurrency exchange in the world.
Dubai-based Bybit currently holds a 16% share of the cryptocurrency market in terms of volume. In comparison, Coinbase holds an 8% market share. Binance, despite its litany of problems, still maintains pole position with a 54% market share.
Solana ETF Moment
Meanwhile, Solana is the standout cryptocurrency this week with a price gain of nearly 20%. The rally comes after the asset manager VanEck has applied for a Solana ETF in the United States
Is BTC expected to go up or down?
However, Bitcoin may continue to see less bullish action in the coming days as TipRanks Technical Analysis the instrument flashes a neutral signal for Bitcoin on a weekly time frame. This means that caution may be needed before opening new positions in the world’s largest cryptocurrency.
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