DOGE Bulls to Target $0.0950 on Bullish Meme Coin Sentiment

Key Insights:

  • Dogecoin (DOGE) and shiba inu coin (SHIB) had a mixed session on Monday, with DOGE rising for the fourth session in five.
  • Investors responded further to the news of Robinhood planning to support DOGE.
  • However, the technical indicators remain bullish, signaling further price gains.

Dogecoin (DOGE) rose by 0.11% on Monday. Following a 4.62% rally on Sunday, DOGE ended the day at $0.0885.

A bullish start to the day saw DOGE rise to an early high of $0.0915. Coming up short of the First Major Resistance Level (R1) at $0.0931, DOGE slid to an early afternoon low of $0.0863. However, steering clear of the First Major Support Level (S1) at $0.0840, DOGE bounced back to end the day at $0.0885.

Shiba inu coin (SHIB) fell by 0.17% on Monday. Partially reversing a 1.26% gain from Sunday, SHIB ended the day at $0.00001199.

A bullish start to the day saw SHIB strike an early high of $0.00001221. Coming up short of the First Major Resistance Level (R1) at $0.00001248, SHIB slid to an early afternoon low of $0.00001179. However, steering clear of the First Major Support Level (S1) at $0.00001156, SHIB revisited $0.00001213 before falling back into the red.

Robinhood Listing News Delivered Further DOGE Price Support

There were no updates from the Dogecoin Foundation or the Shibarium Network to provide price direction on Monday. The lack of updates left investors to consider the outlook for the respective meme coins.

Last week’s news of Robinhood (HOOD) planning to add DOGE to its newly launched crypto wallet continued providing support. However, SHIB struggled as investors waited for updates on when the Shibarium upgrade will take place and more details relating to transaction speeds.

Bullish sentiment supported increased demand from Dogecoin whales, as the whales considered the Robinhood announcement. Dogecoin Whale Alert provided the latest whale activity that highlighted sizeable wallet-wallet movements.

Today, network updates will remain the key drivers. However, broader crypto market sentiment will likely influence.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 1.69% to $0.0900. A mixed start to the day saw DOGE fall to an early low of $0.0880 before rising to a high of $0.0900.

DOGE finds support.
DOGEUSD 240123 Daily Chart

Technical Indicators

DOGE needs to avoid a fall through the $0.0888 pivot to target the First Major Resistance Level (R1) at $0.0912 and the Monday high of $0.0915. A return to $0.0910 would signal another bullish session. However, the crypto news wires and network updates need to be DOGE-friendly to support a breakout session.

In the event of an extended rally, the Second Major Resistance Level (R2) at $0.0940 and $0.950 would likely come into play. The Third Major Resistance Level (R3) sits at $0.0992.

A fall through the pivot ($0.0888) would bring the First Major Support Level (S1) at $0.0860 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.0850 and the Second Major Support Level (S2) at $0.0836. The Third Major Support Level (S3) sits at $0.0784.

DOGE resistance levels in play above the pivot.
DOGEUSD 240123 Hourly Chart

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0851. This morning, the 50-day EMA pulled further away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The price signals were bullish.

A hold above S1 ($0.0860) and the 50-day EMA ($0.0851) would support a breakout from R1 ($0.0912) to bring R2 ($0.0940) and $0.0950 into view. However, a fall through S1 ($0.0860) and the 50-day EMA ($0.0851) would give the bears a run at S2 ($0.0836) and the 100-day EMA ($0.0826).

A fall through the 50-day EMA would signal a shift in sentiment.

EMAs are bullish.
DOGEUSD 240123 4 Hourly Chart

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.83% to $0.00001209. A mixed start to the day saw SHIB fall to an early low of $0.00001193 before rising to a high of $0.00001209.

SHIB makes early gains.
SHIBUSD 240123 Daily Chart

Technical Indicators

SHIB needs to avoid a fall through the $0.00001200 pivot to target the First Major Resistance Level (R1) at $0.00001220 and the Monday high of $0.00001221. A return to $0.00001220 would signal an extended bullish session. However, SHIB would need more details on the Shibarium upgrade and broader market support to deliver a breakout session.

In the event of an extended rally, SHIB could test the Second Major Resistance Level (R2) at $0.00001242 and resistance at $0.00001250. The Third Major Resistance Level (R3) sits at $0.00001284.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001178 into play. However, barring an extended sell-off, SHIB should avoid sub-$0.00001150. The Second Major Support Level (S2) at $0.00001158 should limit the downside.

The Third Major Support Level (S3) sits at $0.00001116.

SHIB resistance levels in play above the pivot.
SHIBUSD 240123 Hourly Chart

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001147. The 50-day EMA pulled further away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

A hold above the Major Support Levels and the 50-day EMA ($0.00001147) would support a breakout from R1 ($0.00001220) to target R2 ($0.00001242) and $0.00001250. However, a fall through S1 ($0.00001178) would give the bears a run at S2 ($0.00001158) and the 50-day EMA ($0.00001147). A fall through the 50-day would signal a shift in sentiment.

EMAs are bullish.
SHIBUSD 240123 4 Hourly Chart

DOGE Bulls Eye a Return to $0.100 on Robinhood News

Key Insights:

  • Dogecoin (DOGE) and shiba inu coin (SHIB) enjoyed bullish Sunday sessions, with DOGE returning to $0.0935 for the first time since December 13.
  • Network updates and plans to include DOGE on Robinhood supported a bullish end to the week.
  • The technical indicators are bullish, signaling further price gains.

Dogecoin (DOGE) rallied by 4.62% on Sunday. Reversing a 1.97% loss from Saturday, DOGE ended the week up 2.79% to $0.0884.

A mixed start to the day saw DOGE fall to an early low of $0.0844. Steering clear of the First Major Support Level (S1) at $0.0829, DOGE rallied to a late high of $0.0935. DOGE broke through the First Major Resistance Level (R1) at $0.0876 and briefly through the Second Major Resistance Level (R2) at $0.0907 before sliding back to end the day at $0.0884.

Shiba inu coin (SHIB) rose by 1.26% on Sunday. Partially reversing a 3.03% loss from Saturday, SHIB ended the week up 12.77% to $0.00001201.

After a range-bound morning, SHIB rallied to a late afternoon high of $0.00001250. SHIB broke through the First Major Resistance Level (R1) at $0.00001232 before sliding to a late low of $0.00001158. Finding support at the First Major Support Level (S1) at $0.00001157, SHIB bounced back to end the day at $0.00001201.

Robinhood Listing News Delivered a DOGE Breakout

There were no updates from the Dogecoin Foundation to support a breakout session. However, the news of Robinhood (HOOD) adding DOGE to its newly launched cryptocurrency wallet delivered a bullish Sunday session.

Robinhood users took to Twitter, saying,

“Their DOGE wallet is public, and they hold a good chunk of DOGE. Their new wallet launch in beta started with ETH and MATIC integration. DOGE is in the works.”

Robinhood responded to the tweet on Friday, saying,

“Don’t worry. We’re hard at work on supporting DOGE.”

However, there were no updates from the Shibarium Network to support a breakout Sunday session. Investors await the date of the Shibarium upgrade that will support faster SHIB transactions at lower fees and result in a higher SHIB burn rates.

Today, network updates will remain the key drivers. However, broader crypto market sentiment will likely influence.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 2.15% to $0.0903. A mixed start to the day saw DOGE fall to an early low of $0.0878 before rising to a high of $0.0908.

DOGE on the move.
DOGEUSD 230123 Daily Chart

Technical Indicators

DOGE needs to avoid a fall through the $0.0888 pivot to target the First Major Resistance Level (R1) at $0.0931 and the Sunday high of $0.0935. A return to $0.0930 would signal another bullish session. However, the crypto news wires and network updates need to be DOGE-friendly to support a breakout session.

In the event of an extended rally, the Second Major Resistance Level (R2) at $0.0979 and $0.100 would likely come into play. The Third Major Resistance Level (R3) sits at $0.1070.

A fall through the pivot ($0.0888) would bring the First Major Support Level (S1) at $0.0840 into play. However, barring an extended sell-off, DOGE should avoid sub-$0.0840 and the Second Major Support Level (S2) at $0.0797. The Third Major Support Level (S3) sits at $0.0706.

DOGE resistance levels in play.
DOGEUSD 230123 Hourly Chart

The EMAs sent a bullish signal, with DOGE sitting above the 50-day EMA, currently at $0.0841. This morning, the 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The price signals were bullish.

A hold above the 50-day EMA ($0.0841) would support a breakout from R1 ($0.0931) to bring R2 ($0.0979) and $0.100 into view. However, a fall through the 50-day EMA ($0.0841) and S1 ($0.0840) would give the bears a run at the 100-day ($0.0818) and 200-day ($0.0808) EMAs. A fall through the 50-day EMA would signal a shift in sentiment.

EMAs are bullish.
DOGEUSD 230123 4 Hourly Chart

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 1.00% to $0.00001213. A bullish start to the day saw SHIB rise from an early low of $0.00001198 to a high of $0.00001221.

SHIB finds support.
SHIBUSD 230123 Daily Chart

Technical Indicators

SHIB needs to avoid a fall through the $0.00001203 pivot to target the First Major Resistance Level (R1) at $0.00001248 and the Sunday high of $0.00001250. A return to $0.00001250 would signal an extended bullish session. However, SHIB would need more details on the Shibarium upgrade and broader market support to deliver another breakout session.

In the event of an extended rally, SHIB could test the Second Major Resistance Level (R2) at $0.00001295 and resistance at $0.00001300. The Third Major Resistance Level (R3) sits at $0.00001387.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00001156 into play. However, barring another extended sell-off, SHIB should avoid sub-$0.00001150 and the Second Major Support Level (S2) at $0.00001111.

The Third Major Support Level (S3) sits at $0.00001019.

SHIB resistance levels in play above the pivot.
SHIBUSD 230123 Hourly Chart

The EMAs send a bullish signal, with SHIB sitting above the 50-day EMA, currently at $0.00001131. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

A hold above S1 ($0.00001156) and the 50-day EMA ($0.00001131) would support a breakout from R1 ($0.00001248) to target R2 ($0.00001295) and $0.000013. However, a fall through S1 ($0.00001156) and the 50-day EMA ($0.00001131) would give the bears a run at the S2 ($0.00001111). A fall through the 50-day would signal a shift in sentiment.

EMAs are bullish.
SHIBUSD 230123 4 Hourly Chart

5 Things to Know in Crypto Today – NASDAQ Composite Delivers $1 Trillion

Key Insights:

  • XRP and the broader crypto market are in rally mode, with the crypto market cap returning to $1 trillion for the second time since September 13.
  • The US jobs report delivered the perfect combination of numbers for the NASDAQ Composite Index and the crypto market.
  • Mainstream players continue the expansion into the crypto space, with MoneyGram and Fidelity in the news.

US Jobs Report Drives Demand for Riskier Assets and a Dollar Slide

On Friday, the all-important US jobs report delivered perfect numbers for the NASDAQ Composite Index and the crypto market.

In October, average earnings rose by 4.7% year-over-year versus 5.0% in September, with the unemployment rate up from 3.5% to 3.7%. The unemployment rate rise came despite the participation rate falling from 62.3% to 62.2% and a 261k increase in nonfarm payrolls.

Notably, the wage growth figures showed early signs of easing price pressure that could allow the Fed to take its foot off the gas.

In response, the NASDAQ Composite Index ended the day up 1.28%, with the S&P 500 gaining 1.36%.

Beyond the US equity markets, the crypto market is up $53.5 billion to $1,010 billion, with 85 minutes (UTC) of the session remaining. The return to $1 trillion is only the second since the US CPI report on September 13.

Crypto market cap returns to $1 trillion.
Total Market Cap 041122 Daily Chart

The probability of a 75-basis point Fed rate hike in December also tumbled alongside the Dollar Spot Index (DXY), which slid by 1.82%.

According to the FedWatch Tool, the probability of a 75-basis point rate hike stands at 38.5%, down from 43.4% one week earlier.

Fed Pivot Bets Rise
FedWatch Tool 041122

Polygon (MATIC) Continues the Charge on News of Instagram NFTs

Today, polygon (MATIC) is up 24.15% to $1.1805 as bullish sentiment allowed investors to respond further to Wednesday’s Instagram news.

On Wednesday, Meta (META) updated a May 2022 announcement, stating,

“Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram.”

The announcement went on to say,

“They’ll have an end-to-end toolkit – from creation (starting on the Polygon blockchain) and showcasing, to selling.”

MATIC hit a day high of $1.1979, its highest level since $1.2455 on April 29.

MATIC on the Instagram journey.
MATICUSD 041122 Daily Chart

XRP Revisits $0.50 on Investor Sentiment Toward the SEC v Ripple Case

Today, XRP is up 9.58% to $0.4985. Notably, XRP revisited $0.50 for the first time since October 14.

While the US jobs report drove demand for riskier assets, XRP and solana (SOL) lead the top ten responses.

Investor optimism toward the SEC v Ripple case supported the return to $0.50. Court rulings in favor of Ripple Labs and executives have provided an XRP price cushion, reflecting investor sentiment toward the SEC v Ripple case. XRP last visited sub-$0.40 on September 21.

XRP has enjoyed an upward, albeit choppy, trend since the early Motions for Summary Judgment filings on September 17.

XRP on the move.
XRPUSD 041122 Daily Chart

Robinhood (HOOD) Faces a New Rival in the Crypto Space

This week, Fidelity Digital Assets reportedly announced zero commission crypto trading on the Fidelity Investments App. Fidelity will also launch a crypto educational program to draw in new crypto investors as signs emerge of a possible end to the crypto winter.

Fidelity’s plans will be a headache for Robinhood (HOOD), which released its Q3 2022 results on Tuesday. According to the press release, cryptocurrency transaction-based revenues fell 12%, while revenues increased for options (10%) and equities (7%).

Payment Platform MoneyGram Enters the Crypto Trading Space

This week, MoneyGram (MGI) announced the introduction of a new crypto service. According to the statement,

“Consumers in the US can now trade and store bitcoin (BTC), ethereum (ETH), and litecoin (LTC) by using the Company’s leading mobile app.”

The news created renewed investor interest in LTC, which has struggled over the crypto winter. Up 8.97% today, LTC is up 22% for the week.

Chart Description automatically generated

 

5 Things to Know in Crypto Today – XRP Joins the Market Recovery

Key Insights:

  • XRP and the broader crypto market are in recovery after the Fed Chair Powell-fueled sell-off on Wednesday.
  • Arweave (AR), Litecoin (LTC), and polygon (MATIC) lead a bullish morning session.
  • Crypto Winter news continues to hit the wires, however.

XRP Joins the Broader Crypto Market in Recovery Mode

On Wednesday, Fed Chair Powell wiped $41 billion off the crypto market cap in a few hours. Powell poured cold water on investor hopes of a December Fed pivot. The Fed Chair warned the markets of high inflation and the need to continue with aggressive policy moves to bring inflation to target.

Riskier assets found buyer support this morning. The crypto market is on track to reverse a $20.8 billion loss from the Wednesday session.

However, market volatility will likely pick up later today. US economic indicators could support Powell’s more hawkish stance. We expect the ISM Non-Manufacturing PMI and its sub-components to draw the most investor interest.

A pickup in hiring and prices could test today’s bullish sentiment.

While arweave (AR), litecoin (LTC), and polygon (MATIC) lead the way, XRP is also on the move. Hopes of a favorable outcome to the SEC v Ripple case continue to limit the downside.

This morning, the crypto market was up $15.2 billion to $966.8 billion, with XRP up 1.26% to $0.4559.

Crypto market in recovery.
Total Market Cap 031122 Daily Chart

Polygon (MATIC) Responds to News of Instagram NFTs

On Wednesday, Meta (META) updated a May 2022 announcement, stating,

“Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram.”

The announcement went on to say,

“They’ll have an end-to-end toolkit – from creation (starting on the Polygon blockchain) and showcasing, to selling.”

Investors responded favorably to the news, with MATIC up 10.64% to $0.9659 this morning.

MATIC on the move.
MATICUSD 031122 Daily Chart

JPMorgan Executes DeFi Trade on Public Blockchain in Singapore

On November 2, the Monetary Authority of Singapore announced the completion of its first live trades under Project Guardian, which ‘explores potential decentralized finance (DeFi) applications in wholesale funding markets.’

According to the announcement,

“DBS Bank, JP Morgan (JPM), and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenized Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (Yen), and Singapore Dollar (SGD).”

Robinhood (HOOD) Sees Revenue Fall 12% in Q3 2022

On Tuesday, Robinhood (HOOD) released its Q3 2022 results. According to the press release, cryptocurrency transaction-based revenues fell 12%, while revenues increased for options (10%) and equities (7%).

While transaction-based revenues fell, Robinhood enhanced user experiences in the quarter. Notably, the report stated,

“Robinhood rolled out the beta version of Robinhood Wallet, our self-custody, web3 wallet to the first ten thousand customers on the waitlist. The approachable, standalone app gives customers total control of their crypto, allowing them to trade and swap with no network fees.”

In the quarter, Robinhood also expanded its coin listings to include USD Coin (USDC), cardano (ADA), uniswap (UNI), stellar lumen (XLM), and avalanche (AVAX).

Dapper Labs Announces 22% Reduction Citing Macroeconomic Factors

This morning, Founder and CEO of Dapper Labs Roham Gharegozlou announced a 22% cut in the Dabber Labs workforce. In the announcement, the Dapper Labs CEO said,

“These reductions are the last thing we want to do, but they are necessary for the long-term health of our business and communities. We know web3 and crypto is the future across a multitude of industries – with 1000x potential from here in terms of mainstream adoption and impact— but today’s macroeconomic environment means we aren’t in full control of the timing.”

The announcement coincided with news of NBA Top Shot having its worst month since 2020. According to CryptoSlam, sales totaled $2.68 million in October 2022, down from $4.68 million in September. October sales were the lowest since $0.87 million in December 2020. Sales peaked in February 2021 at $224.07 million.

 

ADA Price Prediction: Exchange Upgrades to Dictate Return to $0.50

Key Insights:

  • It was a bullish start to September, with Cardano (ADA) up 2.47% to lead the crypto top ten by market cap.
  • News of Robinhood (HOOD) listing ADA and sentiment towards the Vasil hard fork muted the influence of US economic indicators.
  • Following the August loss, technical indicators remain bearish. ADA sits at the 50-day EMA, leaving sub-$0.40 in play.

On Thursday, ADA rose by 2.47%. Reversing a 1.55% loss from Wednesday, ADA ended the day at $0.457.

After a choppy morning session, ADA slid to a late afternoon low of $0.441. Steering clear of the First Major Support Level (S1) at $0.438, ADA struck a high of $0.462 before responding to the positive US economic indicators. However, a fall back to $0.442 was short-lived, with ADA bouncing back to end the day at $0.457.

News of Robinhood (HOOD) listing ADA delivered a price boost, with investor sentiment towards the upcoming Vasil hard fork also providing support.

Cardano Updates Continue to Support a September Hard Fork Date

Vasil hard fork updates continued to support Cardano founder Charles Hoskinson’s September hard fork date prediction. Following 75% of SPO nodes upgrading to v1.35.3, the market focus has turned to two critical mass indicators, these being,

  • Approximately 25 exchanges upgrade (representing c.80% of ADA liquidity).
  • Top 10 Dapps by TVL confirm they’ve upgraded to 1.35.3 on Pre-Production & are ready for mainnet.

As of September 1, updates on the ADA Hard Fork Mass Indicators are as follows:

  • Five exchanges are hard fork ready, up by one from the previous day: Bitrue, ChainEx, LCX, MEXC, and NDAX.io have upgraded. Bitrue and MEXC form the top 12 exchanges by liquidity.
  • 28 exchanges are in progress, up from 26 as of August 31.
  • 107 exchanges have yet to start, down from 109 as of August 31. Significantly, four exchanges from the top 12 have yet to begin, including AAX, ChangellyPRO, Coinbase, and ZB.com

Overnight, PoolTool showed that 78% of Cardano SPO nodes have upgraded to v1.35.3. Momentum slowed in recent days, with the 75% threshold already achieved. However, Input Output HK called for SPO nodes to continue to upgrade.

upgrades inch higher.
Fork Upgrades 020922

ADA Price Action

This morning, ADA was flat at $0.457.

ADA flat early on.
ADAUSD 020922 Daily Chart

Technical Indicators

ADA needs to avoid the $0.453 pivot to target the First Major Resistance Level (R1) at $0.466. ADA would need support from the broader market to break out from the Thursday high of $0.462.

In the case of an extended crypto rally, ADA could test the Second Major Resistance Level (R2) at $0.474 and resistance at $0.480. News of Coinbase commencing the Vasil hard fork would support a breakout. The Third Major Resistance Level (R3) sits at $0.495.

Updates on the ADA Hard Fork Mass Indicators will continue to deliver ADA price action. However, US nonfarm payrolls will also influence later today.

A fall through the pivot would bring the First Major Support Level (S1) at $0.445 back into play. However, barring an extended sell-off, ADA would likely steer clear of sub-$0.44 and the Second Major Support Level (S2) at $0.432.

The Third Major Support Level (S3) sits at $0.411. Positive US stats and hawkish Fed chatter would test investor resilience.

Resistance levels in play.
ADAUSD 020922 Hourly Chart

This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.

ADA sat above the 50-day EMA, currently at $0.454. The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA eased back from the 200-day EMA, delivering mixed signals.

A breakout from the 50-day EMA would bring R1 ($0.466) and the 100-day EMA ($0.467) into play. However, a fallback through the 50-day EMA would bring support levels and sub-$0.40 into view.

EMAs bearish.
ADAUSD 020922 4-Hourly Chart

Crypto Market Daily Highlights – ADA Leads Top Ten on Vasil Hard Fork News

Key Insights:

  • It is a mixed Thursday session and start to September for the crypto top ten, with Cardano (ADA) and Ethereum (ETH) leading the way.
  • US economic indicators tested investor support while crypto news updates were market positive.
  • The total crypto market cap is up $7.5 billion to $962 billion.

It is a mixed Thursday session for the crypto top ten, with one hour of the session remaining. Bitcoin (BTC) revisited sub-$20,000 for a sixth consecutive session before moving into positive territory. However, ADA and ETH lead the way, supported by investor sentiment towards the Merge and the Vasil hard fork.

News of Robinhood (HOOD) listing ADA also delivered a price boost.

For the broader market, US economic indicators weighed. In August, the ISM Manufacturing PMI held steady at 52.8. Economists forecast a decline to 52.0. Significantly, the employment sub-component jumped from 49.9 to 54.2. The jump in the employment sub-index provides the Fed more wriggle room to front-load rate hikes.

Earlier in the session, initial jobless claims fell from 237k to 232k, with the 4-week average down from 245.5k to 241.5k. Thursday’s data set suggests that the Fed’s rate hikes and forward guidance had a muted impact on hiring.

Today, the focus will shift to US nonfarm payrolls and wage growth figures for August. Being the official labor market numbers, another spike in hiring could force the Fed to take a more aggressive path to normalization.

The economic data from the US left the NASDAQ 100 down 0.26% on Thursday.

Close NASDAQ correlation.
Total Market Cap – NASDAQ – 020922 5 Min Chart

Crypto Market Cap Responds to US Stats Before a Late Recovery

On Thursday, the total crypto market cap responded to the US economic indicators, falling to a low of $933 billion. However, a late rally saw the market cap rise to a high of $969.5 billion before easing back.

The total market cap is up by $2.0 billion on Thursday, with one hour of the session remaining. For the current week, the market cap is up $41 billion to $962 billion.

Chart Description automatically generated

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a mixed Thursday session for the crypto top ten.

ADA and ETH lead the way, rising by 2.24% and 2.11%, respectively, with DOGE (+1.26%) and XRP (+1.30%) also finding support.

However, BTC is up by a modest 0.16%, with BNB (-0.47%) and SOL (-0.10%) bucking the top ten trend.

From the CoinMarketCap top 100, it is a mixed session.

TerraClasicUSD (USTC) leads the top 100, rallying by 23.42%. Decred (DCR) and Balancer (BAL) are up 9.81% and 9.26%, respectively, to make up the top 3.

However, Helium (HNT) leads the way down, sliding by 7.50%, with Chiliz (CHZ) and Kava (KAVA) down 2.64% and 2.98%, respectively, to make up the bottom 3.

Crypto Liquidations Ease Back over 24-Hours but Climb Over the Hour

Over 24 hours, total liquidations slipped back, supported by a late NASDAQ 100 rebound. However, US economic indicators remained crypto bearish, leading to higher liquidations over shorter time periods.

At the time of writing, 24-hour liquidations stood at $154.58 million, down from $164.73 million Thursday morning.

However, liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 52,615 versus 40,952 on Thursday morning. Liquidations over 12 hours, four hours, and one hour are higher in a choppy second half of the day.

Liquidations point to a choppy session ahead.
Total Crypto Liquidations 020922

According to Coinglass, 12-hour liquidations stood at $105.75 million, up from $75.84 million on Thursday morning. 4-hour liquidations rose from $12.42 million to $25.37 million, with one-hour liquidations up from $3.60 million to $4.59 million. The chart below shows market conditions throughout the session.

Crypto liquidations point to a mixed session ahead.
Total Market Cap 020922 Hourly Chart

5 Things to Know in Crypto Today: Weak US Stats Deliver BTC Support

Key Insights:

  • The total crypto market cap found support from weak US economic indicators reflecting greater fear of the Fed than a recession.
  • With investor focus on the Jackson Hole Symposium and Fed Chair Powell, the crypto market is unlikely to break out from current ranges.
  • Any crypto market optimism could freeze over on Friday, with Fed Chair Powell on the docket to deliver a keynote speech.

US Macro and Fed Monetary Policy Remains the Key Market Focus

On Monday, panic selling led the total crypto market cap to a day low of $969.2 billion before a post-US closing bell revival. A lack of US economic indicators and FOMC member chatter allowed dip buyers to jump in ahead of a busy week for the global financial markets.

Today, US private sector PMIs set the tone, with the market focus on the Services PMI. A sharper contraction in the services sector delivered crypto support, with the numbers suggesting the need for a possible pause on rate hikes.

Over the week, core durable goods orders, jobless claims, Q2 GDP, personal spending, and inflation figures are also on the docket.

However, uncertainty will shroud the numbers. Investors will need to consider what gives the Fed more wriggle room and what could shallow the planned aggressive interest rate path beyond normalization.

The two market forces remain the economic outlook and the Fed interest rate path trajectory. A less hawkish stance on interest rates but an optimistic view of the US economy would be the ideal crypto combination. However, with US inflation running hot, the two are unlikely to materialize in unison.

Beyond the US, China, the Eurozone, and the UK are other economies faltering.

Early in the US session, bitcoin (BTC) was up 0.21%, with Ethereum (ETH) rising by 0.53%. XRP led the way down, however, falling by 1.16%.

XRP Falters as Investors Await Key Court Ruling in the SEC v Ripple Case

Investor uncertainty towards the SEC v Ripple case remains an XRP headwind. Court rulings on the matter of the Hinman speech-related documents have been on the slower side. The SEC filed its most recent objection to the July court ruling, denying the SEC motion to shield the Hinman docs under the attorney-client privilege in late July.

Four weeks have passed since the SEC objection. Other than an SEC reply brief, there have been no other updates on the matter of the Hinman speech-related documents.

For investors, one concern will be that the Court has entertained more than six motions to contest an original ruling in favor of Ripple. These preceded the July ruling that resulted in the SEC objection.

Crypto Winter Thaws Early in Singapore

Today, Bloomberg reported surging bitcoin (BTC) trading volumes at DBS crypto exchange DBS Digital.

While other platforms lay off staff and declare bankruptcy, DBS appears to have found the appropriate customer base. Not only are volumes up but also BTC purchases, suggesting whale presence in the Republic.

DBS launched DBS Digital Exchange in December 2020, which coincided with the SEC lawsuit against Ripple Labs.

Nike Brings the NFT Market Back to Life

NIKE reportedly became the highest NFT earnings brand. While NFT trading volumes have fallen off a cliff edge, NIKE had NFT revenue of $185.32 million from 67,490 transactions. According to Dune Analytics, Dolce & Gabbana came in second, with $25.65 million in total NFT revenue, followed by Tiffany ($12.62m).

While Tiffany ranked third, the $12.62 million in revenue came from just 74 transactions.

Web3 and NFT trailblazer Gucci had total NFT revenue of $11.56 million.

PayPal (PYPL) Partners with Coinbase (COIN) to Assist with Banking Compliance

Today, Coinbase announced the addition of PayPal (PYPL) to the Travel Rule Universal Solution Technology (TRUST) network.

According to the announcement,

“TRUST is a global, industry-driven solution designed to increase compliance with a requirement known as the Travel Rule while prioritizing the security and privacy of customers.

Other TRUST members include Robinhood, Binance.US, and Gemini.

Robinhood’s Crypto Division Hit With $30 Million Fine by New York’s Top Regulator

Key Insights:

  • NYDFS found that the company was in violation of regulations for virtual currency, money transmitters, transaction monitoring and cybersecurity.
  • Robinhood’s crypto unit must hire an independent consultant to evaluate the firm’s compliance efforts.
  • The company has announced that it is laying off nearly a quarter of its staff.

Robinhood, a U.S. stock trading app that boasts over twenty million users, has been fined by the New York State Department of Financial Services (NYDFS) for alleged violations related to anti-money laundering, cybersecurity and consumer protection laws.

The $30 million fine is specifically linked to Robinhood’s cryptocurrency trading unit and is a result of “serious deficiencies” within its “compliance function across multiple areas”.

Cybersecurity Failures

The announcement was made by NYDFS superintendent Adrienne Harris who confirmed that Robinhood Crypto will pay a $30 million penalty to the state for failing to maintain adequate cybersecurity measures and violating aspects of the Bank Secrecy Act (BSA), as well as Anti-money Laundering (AML) obligations.

According to NYDFS’s consent order, an examination of Robinhood Crypto conducted between January and September 2019 found that it was in violation of the department’s regulations for virtual currency, money transmitters, transaction monitoring and cybersecurity.

As a result, the company’s crypto unit is required to hire an independent consultant to evaluate the firm’s compliance and remediation efforts.

Another concern was that the company failed to provide a dedicated phone number on its website that enabled customers to submit complaints as part of a supervisory agreement. What’s more, NYDFS alleges that Robinhood Crypto’s anti-money laundering program was “inadequately staffed” and relied on a manual system for monitoring transactions even as its user base grew exponentially.

As well as the critical failures in its cybersecurity program, regulators claim that a lack of management and oversight alongside a “failure to foster and maintain an adequate culture of compliance” led to a series of violations that warranted a hefty fine.

In addition, Robinhood has announced that it is laying off nearly a quarter of its staff citing economic conditions and the recent crypto market crash. The news comes as the company reported a second-quarter net revenue decline of 44%.

Robinhood Controversy

In June last year, the U.S. Financial Industry Regulatory Authority fined Robinhood $57 million and ordered it to pay $12.6 million in restitution, plus interest to thousands of customers who “suffered significant harm” as a result of company practices.

This marked the largest fine that the regulator has ever levied against a company. Robinhood was also accused of exhibiting “systemic supervisory failures” starting as early as September 2016.

Earlier this year, a U.S. federal court dismissed a lawsuit accusing Robinhood Markets Inc of violating state laws by restricting trades on meme stocks – a move that retail traders allege resulted in losses amounting to billions.

Chief Judge Cecilia Altonaga concluded that retail investors cannot pursue negligence and breach of fiduciary duty claims against the firm, citing Robinhood’s customer agreement which permits it to restrict trading.

Crypto Market Daily Highlights – ETH Leads the Crypto Top Ten

Key Insights:

  • It was another bullish session for the crypto top ten, with Ethereum (ETH) leading the way.
  • The upside came despite a spike in US wholesale inflation, with FOMC member chatter of a 75-basis point rate hike easing fears of a 100-basis point hike later this month.
  • The total crypto market cap rose by $23 billion to log the second increase of the week.

It was a bullish Thursday session for the crypto top ten. Bitcoin (BTC) consolidated the Wednesday rebound, while ETH bounced back to revisit $1,200.

A spike in US wholesale inflation and weak jobless claims figures tested support for riskier assets.

The US wholesale annual rate of inflation accelerated from 10.9% to 11.3% in June, beating a forecasted 10.7%. In the week ending July 8, jobless claims rose from 235k to 244k, adding to the bearish sentiment.

Later in the US session, however, riskier assets found support from Fed Governor Christopher Waller, who supported a 75-basis point rate hike in July. The latest consumer price and nonfarm payroll figures have brought a 100-basis point rate hike onto the table.

Market reaction to Waller’s comments was evident, with the crypto market rising in response.

The NASDAQ 100 avoided a fourth consecutive day in the red, eking out a 0.03% gain ahead of US retail sales figures due later today.

crypto - NASDAQ
Total Market Cap – NASDAQ – 150722 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was up 61 points, with the retail sales figures likely the final piece of the jigsaw for the Fed. Solid numbers would support the more hawkish rate hike bets. Amidst increased sensitivity to FOMC member chatter, Fed commentary will also draw plenty of interest.

The Total Crypto Market Cap Returns to $900bn

A mixed Thursday session saw the crypto market cap fall to a day low of $855 billion before finding support. Investor reaction to the US wholesale inflation and jobless claims figures weighed before a jump to a high of $914 billion.

While a late pullback limited the upside, investors poured a further $23 billion back into the market to take the crypto market cap up $37 billion for July.

Crypto market cap
Total Market Cap 150722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

ETH rallied by 7.04% to lead the way, with BNB (+3.47%) and SOL (+6.31%) finding strong support.

ADA (+0.68%), BTC (+1.71%), DOGE (+0.87%), and XRP (+2.93%) trailed the front runners.

From the CoinMarketCap top 100, Uniswap (UNI) and Polygon (MATIC) were among the front runners, with gains of 14.70% and 10.94%, respectively.

At the other end of the table, TerraClassicUSD (USTC) and Decred (DCR) fell by 11.25% and 1.22%, respectively, to buck the broader market trend.

Total Crypto Liquidations Slip Back in Bullish Session

On Thursday, 24-hour liquidations eased back as the crypto market brushed aside wholesale inflation numbers from the US.

This morning, 24-hour liquidations stood at $180 million, down from $230 million on Thursday.

Liquidated traders over the last 24 hours declined to also reflect improving market conditions. At the time of writing, liquidated traders stood at 51,568 versus 72,955 on Thursday.

One-hour and four-hour liquidations showed improving market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $2.41 million, down from $7.12 million on Thursday. Four-hour liquidations stood at $9.20 million, down from $13.28 million on Thursday.

Crypto liquidations
Total Crypto Liquidations 150722

Daily News Highlights

  • CEL Token price plunged 50% in response to Celsius filing for bankruptcy.
  • Walt Disney (DIS) selected Polygon (MATIC) to join the 2022 Disney Accelerator.
  • The crypto winter hit Open Sea, which announced a 20% reduction in headcount
  • Uniswap surged in response to Robinhood (HOOD) listing.
  • The UK’s Financial Conduct Authority (FCA) called for global crypto rules to keep the markets clean.

FTX Buyout Chatter Drives Robinhood Market (HOOD) Shares Up 14%

Key Insights:

  • On Monday, news hit the wires of crypto exchange FTX exploring a buyout of Robinhood Markets (HOOD).
  • While numerous exchanges have been forced into staffing cuts and more to manage fees, cash-rich platforms are in buyout mode.
  • The market reaction to the news was positive, with Robinhood’s share price jumping by 14%, while the NASDAQ 100 slipped by 0.74%.

The crypto winter has taken its toll on numerous crypto-related companies. Some of the largest crypto platforms have cut headcounts and started exploring other avenues to cut expenses, including marketing costs.

In some instances, the extended crypto winter has led to defaults, with talk of bankruptcies hitting the news.

Last week, TSX-listed Voyager Digital (VOYG) saw its shares tumble by 52.5% on news of a possible Three Arrows Capital loan default. There is no smoke without fire, with the news wires reporting of the crypto hedge fund defaulting on Monday.

Celsius Network is another victim of market conditions, with the platform having to freeze withdrawals earlier this month. The DeFi lender cited “Extreme market conditions” as the reason behind the freeze.

However, amidst the doom and gloom, several cash-rich names see the extreme market conditions as a buying opportunity.

FTX Holds Internal Talks on a Possible Robinhood Markets Buyout

On Monday, Bloomberg reported crypto exchange FTX is considering the possible acquisition of Robinhood Markets (HOOD).

According to the Bloomberg report,

“Sam Bankman-Fried’s FTX crypto exchange is exploring whether it might be able to acquire Robinhood Markets Inc., according to people with knowledge of the matter.”

The report went on to say,

“FTX is deliberating internally how to buy the app-based brokerage.”

According to the report, FTX has not approached Robinhood with a formal offer and could decide against a takeover bid.

FTX founder and CEO Bankman-Fried reportedly said in an email statement,

“We are excited about Robinhood’s business prospects and potential ways we could partner with them.”

The statement went on to say,

“That being said, there are no active M&A conversations with Robinhood.”

Investor Sensitivity to Crypto News Spills into the Equity Markets

Market reaction to the possible FTX buyout of Robinhood was upbeat.

On Monday, NASDAQ-listed Robinhood rallied by 14% to end the day at $9.12 per share. By contrast, the NASDAQ 100 ended the day with a 0.72% loss.

For June, Robinhood was down 20% to a Friday close of $8.00 per share and down 56% year-to-date. Monday’s breakout session may have reduced the deficit but is unlikely to deter FTX from further exploring Robinhood as a target.

While Robinhood benefitted from the talk of an FTX buyout, Coinbase (COIN) took a hit.

On Monday, FX Empire reported Goldman Sachs (GS) downgrading Coinbase to a sell rating.

According to the report, the decision to downgrade came in response to the stock price falling by more than 75% this year.

Coinbase shares slumped by 10.76% in response to the downgrade. To Friday’s close, Coinbase was down 30% for the current month and 78% year-to-date.

Bitcoin (BTC) has outperformed Coinbase despite the crypto winter. Year-to-date, BTC was down 54% June 24.

With buyout talks and downgrades hitting the US markets, more crypto-related firms are likely to become buyout targets.

Last week, Binance CEO CZ told Yahoo! Finance that Binance is looking at 50 to 100 deals.

Robinhood to Launch Web3 Wallet to Rival MetaMask and Coinbase

Key Insights:

  • The trading firm wants to let its customers get exposure to decentralized finance.
  • The wallet will be launched in Beta this summer and in full by year-end.
  • Coinbase also announced DeFi functionality in its mobile app this week.

On May 17, Robinhood (HOOD) announced its new non-custodial, Web3 wallet that will allow customers to have more control over their digital assets. The company added that its new multichain wallet would launch as a standalone app. It will feature a similar design to Robinhood, which simplifies trading functions.

The wallet will be similar to rivals such as MetaMask in that users will be able to hold the keys for their own crypto assets. Similar wallets by crypto exchanges Coinbase and Binance put the company in control of the private keys, making them centralized.

It will also offer trading and token swaps with no network fees, nonfungible token (NFT) storage and connection to NFT marketplaces, decentralized finance (DeFi) yield farming, and a variety of supported cryptocurrencies.

The Big Web3 Push

Co-founder and CEO of Robinhood, Vlad Tenev, said that the firm views crypto as more than just an asset class, adding:

“By offering the same low cost and great design that people have come to expect from Robinhood, our web3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer.”

He added that the product would satisfy the “most advanced DeFi believers” while creating a secure on-ramp for those just starting out in crypto to go deeper into the ecosystem.

Robinhood also plans to cover the network or gas fees which can make token swapping prohibitively expensive at times of peak network demand.

The wallet isn’t available just yet, but there is a waiting list for early access to the Beta program this summer, and the company stated that it would be available to all customers by the end of the year.

Robinhood is best known as an equities trading platform, making its name during the 2021 meme stock trading frenzy. The firm has also done well from cryptocurrency trading during the booming market last year. Company stock remained flat on the day reaching $10.13 during after-hours trading. Shares are down 43% since the beginning of the year, however.

Coinbase DeFi Wallet Unveiled

The Robinhood move comes in the same week that America’s leading crypto exchange, Coinbase (COIN), unveiled its own DeFi app. On May 17, Coinbase announced that it was introducing Web3 and DeFi functionality within its mobile app.

In true Coinbase style, the new service will only initially be available to a handful of users. It will enable Ethereum-based (ETH) Web3 applications within the mobile app. These include NFT marketplaces such as OpenSea, trading on decentralized exchanges like Uniswap (UNI), and borrowing, lending, or swapping through DeFi platforms such as Compound (COMP) and Curve (CRV).

FTX Exchange CEO Takes a Stake in Robinhood Trading Platform

Key Insights:

  • Sam Bankman-Fried has spent $648 million on Robinhood stock.
  • The millennial trading platform aims to expand internationally.
  • HOOD prices jumped more than 20%, but the FTX exchange token has been battered in the crypto market rout.

The big share purchase has granted Bankman-Fried a 7.6% stake in Robinhood. He labeled it an “attractive investment” and settled on a cool $648 million in company shares at an average price of $11.52.

The crypto billionaire said that he has “no intention of taking any action toward changing or influencing the control” of Robinhood and bought the stake just as an investment.

There is a possibility that he may offer the company “strategic alternatives or operational or management initiatives,” according to reports.

According to a securities filing, Bankman-Fried began making the purchases in mid-March and continued into this week buying the stock through Emergent Fidelity Technologies, an investment vehicle he controls. Crypto industry investor Anthony Pompliano was quick to offer a comment:

Robinhood Branching Out

Robinhood went public in July 2021 as one of the most highly anticipated IPOs of the year. The firm offers stock and crypto trading targeting a largely millennial customer base. The company saw revenues soar during the 2021 crypto boom when new traders flocked to the platform; however, trading activity was lackluster in 2022 with the market meltdown.

Robinhood has ambitions to compete with Coinbase [COIN] and expand internationally, purchasing a UK crypto firm in April. FTX also has plans for expansion, having opened a waitlist for a new stock trading platform earlier this year.

Bankman-Fried is one of the wealthiest people in the crypto industry. In April, Forbes estimated his net worth to be $24 billion, making the 30-year-old the second richest person in the industry behind Binance boss Changpeng Zhao. However, the estimate has been reduced to $21 billion due to the recent market rout.

Bankman-Fried has been a proponent of Robinhood, having previously complimented the company and its brand.

“Robinhood barely even needs to advertise; their name conveys their brand and message without the need for any additional colour.”

Robinhood Stock up, FTX Token Down

Shares in the company have been boosted by the move having surged almost 24% in after-hours trading. HOOD prices are currently $10.60, having jumped from around $8.50 on Thursday.

However, the stock has been on a downward slide for the past ten months. HOOD hit an all-time high of around $55 in August but has dropped 80% from that level to current prices.

The FTX token FTT has made a marginal 2% gain on the day, but it has also been battered in the broader crypto market crash. FTT was trading at $30.89 at the time of writing, having dumped 23% over the past fortnight. The exchange token is currently down 64% from its September 2021 all-time high of $84.

Robinhood To Buy London Based Crypto App as Part of Europe Expansion

Key Insights:

  • Robinhood is set to purchase the London-based fintech app, Ziglu.
  • Through Ziglu’s crypto capabilities, Robinhood will expand into UK and Europe.
  • This is Robinhood’s second major announcement after listing Shiba Inu, Solana, and other assets on its exchange.

Robinhood gained prominence during its GameStop debacle but has since managed to make a name for itself in the crypto space with its cryptocurrency exchange Robinhood Crypto.

Thus, the company is now focusing on simply expanding on the same with its decisions to build on the existing momentum.

Robinhood Comes to the UK

As per a report by CNBC, Robinhood yesterday finalized the purchase of Ziglu, a fintech application based in London that provides crypto trading services for Bitcoin and other cryptocurrencies.

This deal will play an essential role in Robinhood’s plans of expanding its presence in the United Kingdoms and Europe, which it has been eyeing for a while now.

Two years ago, Robinhood was gunning for occupying these territories but had to terminate the plans citing business at home as its priority instead of expanding overseas.

This deal will be of massive value for the platform, which has noticed a steady decline in its monthly active users in quarter 4 of 2021, losing over 1.3 million users in 3 months.

Commenting on losing the market share and the potential that the new deal holds, the Chief Executive Officer (CEO) of Robinhood, Vlad Tenev, said,

“Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”

Robinhood’s Attempts at Crypto

Ziglu’s purchase is the second most significant step taken by Robinhood this month, as just last week, FXEmpire reported on the exchange’s announcement of adding Shiba Inu, Solana, Compound, and Polygon’s tokens to Robinhood Crypto. 

A few days later, CEO Tenev was reported discussing the possibility of Dogecoin becoming the ‘Currency of the Internet’, saying the coin’s inflation rate is way below that of USD (Dollar) and that by lowering fees and increasing the number of transactions per second, it can achieve that status.

Thus, it seems like Robinhood will not stop until it becomes a major crypto market player worldwide.

Dogecoin Rallies As Robinhood CEO Calls It ‘Currency of the Internet’

Key Insights:

  • Robinhood’s CEO Vladimir Tenev discussed the possibilities of DOGE becoming the ‘Currency of the Internet.’
  • DOGE is noting many mentions on social platforms recently, including the effects of Elon Musk’s Twitter purchase bid.
  • Consequently, Dogecoin has been up by over 10.15% in the last four days.

Dogecoin is becoming a paragon of rags to riches of the crypto world now that people advocate for it, calling it the future. In doing so, DOGE is being established as a prime cryptocurrency and as the go-to investment vehicle for novice crypto users.

Dogecoin – The Future??!

In my opinion, no. It doesn’t deserve to be. It does not hold the potential, and the only development it is seeing today is occurring on the back of Elon Musk’s support.

But according to the CEO of Robinhood, Vladimir Tenev, Dogecoin has what it takes to become the ‘Currency of the Internet.’

In a Twitter thread, the CEO “VLAD” discussed the altcoin network’s possibilities and how it can be tapped.

The first and foremost is the transaction fees. Although DOGE already has one of the lowest fees of $0.003 as per VLAD, it would need to be significantly lesser.

Secondly, the block time of 1 minute is too long for a network that aims to establish a global presence. Instead, a 10-second block would be much more suitable to conduct faster transactions and keep miners from building competing chains, thus saving power consumption.

Furthermore, he stated that to conduct faster transactions with VISA, which clears over 650,000 TPS (Transactions Per Second), DOGE would need to increase its potential by 10000. Similarly, moving to a bigger block could also make transactions quicker on the chain.

He also addressed the concerns and criticism of DOGE, one of which discussed the lack of deflation in Dogecoin. To this, Tenev replied,

“Another criticism of DOGE is that it’s inflationary and the supply is infinite, as opposed to Bitcoin’s finite supply of 21M coins. ~5B new Doge are created every year, and the current supply is about 132B. This results in a current inflation rate of <5% – less than USD!”

Dogecoin Is Better as a Social Coin

Dogecoin has always relied on significant crypto developments to make a move in the market. Be it Elon Musk, aka DOGEFather’s promotion of crypto or a simple announcement.

But the one from yesterday truly broke the market as Elon Musk put down a $41 billion bid to buy Twitter.

After denying the Board Of Directors’ position, Elon Musk has decided to buy it off entirely and its effects to bring Twitter to the free speech standard.

And since the announcements, DOGE’s price has only been going higher as it is evident that the supporters are this cryptocurrency’s biggest strength.

Dogecoin’s price has risen by over 10% i the last few days | Source: TradingView

Shiba Inu Rallies by 35% As Robinhood Adds SHIB, SOL, COMP & MATIC

Key Insights:

  • Robinhood Crypto added Shiba Inu, Solana, Compound, and Polygon tokens to its list.
  • SHIB consequently led the market rally with a 35% rise.
  • Investors looking to jump in must be wary of Shiba Inu’s volatility.

As crypto adoption grows, we witness the rise of blockchains and Decentralized Finance (DeFi) protocols which have an impact on the growth of the crypto space.

But then again, others, such as Shiba Inu, happen to get caught in the bullish crossfire and reach where it is today. And what happened today is all thanks to another emerging platform, Robinhood.

Shiba Inu on the Charts

Robinhood Crypto, a rising cryptocurrency exchange, added four new tokens to its list of tradable assets. The ones to make the cut included Shiba Inu, Solana, Compound, and Polygon’s native tokens.

As the announcement came to light, it took less than a few hours for the hype surrounding the news to reflect on the assets’ price action, and as always, Shiba Inu was the first to react. Not only was it the first but also the most to react.

Within the day, SHIB began climbing the charts, and in less than 2 hours, its price shot up by almost 36.88% at one point. However, it came back down soon after to close on a 15.8% rise, and in doing so, it negated the 9% fall in price from the day before.

Shiba Inu shot up by almost 35% at one point

 

Nevertheless, apart from SHIB, all the other assets ended up performing disappointedly. The only coin out of the four, other than SHIB, that fared well was the DeFi token Compound which maintained a 5.22% rise of the 10% ceiling.

Trading at $123.2, it did not manage to recover the fall from yesterday but traded better than the likes of Solana and Polygon.

Compound’s price action was up by 5.22%

SOL on the daily chart did not do any wonders despite the expectations investors had from it, as the token failed to maintain more than 1% of the rise today.

And Polygon’s MATIC, too, observed a similar movement since the broader did not play in the altcoin’s favor. Whether or not they manage to perform better tomorrow is a different thing.

Shiba Inu on the Cards

Naturally, since the meme coin marked such a huge rally, it is bound to notice increased interest from investors. Before that happens, it is important to know that this rise was not organic since the broader market is still exhibiting bearish cues.

And to add to that, the volatility of SHIB also went up with the price, making it further susceptible to price swings. Thus, those looking to enter the SHIB market now should watch out for these signals before making a decision.

Shiba Inu’s volatility is rising quickly | Source: IntoTheBlock

Robinhood Remains Under Pressure To List Shiba Inu

Key Takeaways

  • Robinhood will be reporting earnings soon, with crypto revenues again in focus.
  • Further evidence of declining income will spur fresh calls for the company to list Shiba Inu.
  • A Robinhood listing announcement could give SHIB/USD a substantial near-term boost.

With the start of the Q1 2022 US corporate earnings season fast approaching, retail trading brokerage Robinhood Markets investors will be hoping for some good news that might reverse months of stock price decline. At last Friday’s closing price of $11.22 per share, HOOD has lost more 35% so far since the start of the year. Since its post-IPO record highs last August at $85.00, it has lost more than 85%.

HOOD
Robinhood Market’s 85% pullback from record highs.

Earnings for Q4 2021, as revealed at the end of January, showed crypto-related revenue had collapsed to just $51M, having been as high as $223M in the second quarter. Given the lack of bullishness in cryptocurrency markets since then, analysts are not optimistic that Q1 2022 will show a substantial pick up.

Poor Earnings Argue In Favour of SHIB Listing

Robinhood’s declining crypto trading revenues argue in favor of the listing of popular so-called memecoin Shiba Inu (SHIB). At present, only seven cryptocurrencies are available for trading on the Robinhood app, including Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.

During Q4 2021, trading in the popular dog-inspired memecoin Dogecoin (which is often touted by Tesla CEO Elon Musk) generated 40% of Robinhood’s crypto revenue. That’s despite the fact that Dogecoin’s market capitalisation is just over $19B, closer to $800B and $400B respectively for Bitcoin and Ethereum.

Offering trading in memecoins is clearly a lucrative business.

Given Shiba Inu’s status as the second memecoin by market cap (at just over $13B), it would seem that an easy way for Robinhood to deliver a quick boost to its revenues would be to list SHIB.

Robinhood can be confident that there is a massive demand for this listing – a petition on change.org for Robinbood to list SHIB has now garnered nearly 560,000 signatures.

Plenty of other cryptocurrency and stock exchanges offer trading in Shiba Inu, including Binance, crypto.com, KuCoin, Coinbase and Webull. However, Robinhood has in recent months cited concerns about regulation as one of the key reasons why it has not expanded the number of cryptocurrencies it has on offer.

But further evidence of declining crypto-related revenues may put pressure on the company to re-examine what many in the crypto community have criticized as an overly cautious stance.

How A Robinhood Listing Might Affect SHIB

The introduction of trading in the Shiba Inu token would likely not just come as a boost to Robinhood’s stock price, but also to SHIB.

The creator of the change.org petition to get SHIB listed on Robinhood noted that “a Robinhood listing would open trading to its 17 million traders”. “It would open up the token to easy trades for many people who may not have or may not be comfortable yet with a crypto exchange,” they continued.

SHIB/USD has spent the majority of 2022 so far trading within 0.000020 to 0.000035 parameters.

Recent listing announcements, such as when Coinbase announced its foray into Shiba Inu, have been associated with jumps in SHIB of at least 25%. Earlier this year, rumours that Robinhood would list SHIB sent SHIB/USD nearly 12% higher intra-day.

Clearly then, where any such announcement from Robinhood to occur, SHIB will lurch higher. Technicians will be eyeing resistance at the 0.000030, 0.000035 and 0.000040 levels.

But a return to the euphoria seen in the fourth quarter of 2021, where the price of each Shiba Inu token reached nearly as high as 0.000090, remains a distant prospect.

SHIB/USD
Major near-term levels of resistance for SHIB/USD.

Against the macro backdrop of hawkish central banks raising interest rates to drive down inflation and thus dampening speculation in risk assets, of which SHIB is included, the prospects for a prolonged bull run aren’t too great right now.

Robinhood Is Down By 7%, Here Is Why

Key Insights

  • Goldman Sachs downgrades Robinhood due to slower user growth and weakening user engagement. 
  • Analyst estimates have started to move higher but failed to provide any support to the stock.
  • The rising interest rate environment will likely continue to put pressure on Robinhood shares. 

Robinhood Falls After Goldman Sachs Downgrade

Shares of Robinhood  gained strong downside momentum after Goldman Sachs downgraded the stock from Neutral to Sell.

According to Goldman Sachs, the company is facing weaker user growth, while user engagement is slowing down as well.

At the end of March, Robinhood announced that it would expand pre-market trading to 7 a.m. from 9 a.m. ET and after-hours trading to 8 p.m. ET. This announcement served as a major positive catalyst for the stock, which was up by 25% on the news.

However, the stock failed to develop additional upside momentum and found itself under significant pressure at the start of this month. Goldman Sachs’ downgrade served as an additional bearish catalyst and pushed Robinhood shares below the $11.50 level.

What’s Next For Robinhood Stock?

Analysts expect that Robinhood will report a loss of $1.25 per share in the current year and a loss of $0.67 per share in the next year, so the company is not expected to become profitable anytime soon.

It should be noted that analyst estimates have recently improved due to the company’s above-mentioned announcement. However, this improvement was not sufficient enough to provide any material support to the stock.

The yield of 10-year Treasuries has already reached the 2.70% level, and it has good chances to move closer to the 3.00% level amid high inflation. The rising interest rate environment is bearish for unprofitable companies, and it remains to be seen whether speculative traders will rush to buy Robinhood stock at current levels.

For a look at all of today’s economic events, check out our economic calendar.

Gemini, Chainalysis, and Robinhood Join Crypto Market Integrity Coalition

Key Insights:

  • A total of 30 companies have joined the Crypto Market Integrity Coalition (CMIC).
  • CMIC signatories have signed a pledge to combat market manipulation.
  • Deltec, Chainalysis, and Robinhood are among the new joiners.

The Crypto Market Integrity Coalition (CMIC) was founded two months ago by 17 cryptocurrency exchanges, firms, and industry associations across the globe. Recently, another 13 firms joined CMIC, making it a 30 member body.

CMIC’s Onboards New Members

Risk-monitoring software company Solidus Labs convened the CMIC. CMIC has been urging digital currency companies to sign a ‘market integrity’ pledge that acknowledges the potential for fraud in the cryptocurrency space and the need for the industry to protect investors.

Recently, 13 major players in the crypto industry have joined forces with the CMIC intending to prevent market manipulation. By joining CMIC, crypto institutions provide regulators with additional assurances that investment in the crypto markets is safe.

The new signatories include crypto analytics firms Chainalysis, TRM, Elliptic, and exchanges like Gemini, Robinhood Markets, Nexo, and Bitpanda. These firms have joined CMIC’s 17 original members, including Coinbase, BitMEX, and Solidus Labs, bringing the total number of members to 30.

Solidus Labs Vice President of regulatory affairs Kathy Kraninger said that membership is open to all industry participants in an introductory video. Kraninger further added,

“To enable the promise of crypto and DeFi, we must as an industry be vocal about our commitment to address and mitigate the risks.”

The Need For A Safer Crypto Space

Participants and firms alike have voiced the need for a secure and protected crypto space. Hacks and security breaches have been more commonplace now. Ola Finance saw over $3.6 million siphoned off the protocol in an exploit in early April.

CMIC was formed to crack down on market manipulation to instill trust in the burgeoning digital asset industry. Founding members include prominent industry players such as Coinbase, BitMEX, Huobi Tech, Anchorage Digital, the Chamber of Digital Commerce, and CryptoUK.

The group aims to unite the disparate crypto groups behind its business principles. The coalition plans to advance training programs and encourage a dialog with regulators.

Apart from CMIC, other crypto industry advocacy groups include GoodFi, launched by Radix in 2021. GoodFi focuses on decentralized finance (DeFi) education, research, and best practices. It has 55 member organizations and hopes to get 100 million people to put at least a dollar into DeFi by 2025.

Another one is the Crypto Open Patent Alliance launched in 2020 by Square, now known as Block. This group has 33 members and shares a patent library to defend the crypto community against patent trolls and aggressors.

Why Robinhood Stock Is Up By 25% Today

Key Insights

  • Robinhood launches new extended hours. 
  • The company says that it is working towards 24/7 investing. 
  • Analyst estimates may move higher as new trading hours should boost revenue.

Robinhood Stock Rallies After The Company Extends Trading By Four Hours

Shares of Robinhood gained strong upside momentum after the company announced that it decided to extend trading by four hours.

Robinhood noted: “By expanding pre-market trading to 7 a.m. from 9 a.m. ET and after-hours trading to 8 p.m. ET, we’re adding an extra four hours for orders to be filled”. Previously, the company offered extended hours trading from 9 a.m. to 9:30 a.m. ET and 4 p.m. to 6 p.m. ET. Robinhood also noted that it was working towards offering 24/7 investing.

The market’s reaction was very strong, and the stock was up by 25%. The recent rally in meme stocks like GameStop and AMC may have also provided some support to Robinhood stock.

What’s Next For Robinhood Stock?

The company’s decision to boost trading hours will increase its revenue, so it’s not surprising to see that traders decided to buy the stock on the news.

Currently, analysts expect that Robinhood will report a loss of $1.26 per share in the current year and a loss of $0.77 per share in the next year, so the company is not expected to become profitable in the near term.

Robinhood stock declined from the $85 level in August 2021 to the $10 level in mid-March 2022, so the company feels the pressure to boost revenue and get closer to profitability.

It remains to be seen whether analyst estimates will materially improve in the upcoming weeks, but Robinhood is clearly making a move in the right direction. At the same time, it should be noted that the stock will likely remain highly volatile in the upcoming trading sessions as traders will try to evaluate whether the strong upside move was justified.

For a look at all of today’s economic events, check out our economic calendar.

Circle’s Value Jumps by 100% to $9 Billion Post New Agreement

One of the biggest names in the crypto space, Circle announced that it will be terminating the existing business combination with Concord Acquisition Corp and will now enter into an agreement with new terms.

This change of agreements is the reason behind Circle’s increased valuation.

Circle Squares Up

Best known for issuing the second biggest stablecoin in the world and the fifth-biggest cryptocurrency in the world, the USD Coin (USDC), Circle has revamped its terms with Concord today. 

Back in 2021, Circle had entered into a definitive business combination agreement with Concord, a publicly-traded SPAC (special purpose acquisition company).

This agreement’s expiration date is set on April 3 2022 and because due to unspecified reasons it could not be completed, the companies will simply be replacing the new deal with the older business agreement.

Once successfully executed, this agreement would allow both the companies to be listed on NYSE under a holding company tradable under the ticker “CRCL”

On the prospect of soon becoming a public company, the Co-founder and CEO of Circle Jeremy Allaire stated:

“Being a public company will further strengthen trust and confidence in Circle and is a critical milestone as we continue our mission to build a more inclusive financial ecosystem. Making this journey with Concord under our new agreement is a strategic accelerator.”

In conclusion, the improvement in Circle’s financial outlook and competitive position owing to the growth of USDC has resulted in Circle’s overall value rising by 100% from the previous $4.5 billion to $9 billion.

Additionally, as per an announcement today, Circle joined the likes of Coinbase, Robinhood, Gemini, Fidelity Digital Asset Services, Gemini, and more in launching TRUST.

The platform has been created to serve as an industry-wide solution to comply with the mandates of the Travel Rule while still keeping users’ personal details secure.

The Growth of USDC

USDC currently has a market cap of $52.6 billion. This time last year the same market capitalization was sitting at $7.29 billion.

Put simply this growth translates to a 621.53% year-on-year growth and if USDC continues to rise at this rate by this date in 2023 the market cap would be sitting at $379.52 billion.

Although the market dip of February 10 did result in a slowdown in USDC issuance, the same would improve once the market goes back into either posting a green candle or simply consolidating at current levels without dropping further.

USDC circulation slowed down slightly post the February 10 market dip | source: Messari