Posted on

SOL Price Breaks Crucial $150 Level Amid Robinhood’s Solana Staking Debut In Europe

Robinhood Crypto has announced the introduction of a Solana-staking product in Europe, accompanied by a bonus program for new customers. 

This development comes as the company faces increased tensions with US regulators, which could potentially lead to legal repercussions. However, the move has propelled Solana’s (SOL) price to surpass the crucial $150 level, indicating a return of bullish momentum in the market.

Solana Staking And Crypto Rewards

According to the announcement, Robinhood unveiled new features for its European customers. These offerings include staking, localized applications, and crypto rewards. 

As part of its expansion, Robinhood has launched its first crypto-staking product exclusively for European customers. Through the platform, users can stake their Solana holdings and earn rewards with the ability to unstake their assets at any time. 

Additionally, new customers can receive a 10% bonus on their net purchases during their first 30 days on the platform, with the bonus paid out in Circle’s USDC stablecoin. This initiative aims to attract new users and improve their crypto investing experience.

While Robinhood Crypto expands its offerings in Europe, the company faces regulatory challenges in the United States. The US Securities and Exchange Commission (SEC) has issued a Wells Notice to the exchange, indicating the staff’s recommendation for an enforcement action against the platform. 

Robinhood expressed disappointment in the SEC’s decision, emphasizing their efforts to seek regulatory clarity and asserting their belief that the listed assets on their platform are not securities.

Vlad Tenev, the CEO of Robinhood, revealed that the company has held over 16 meetings with the SEC. However, these interactions have been largely unsatisfactory, according to Tenev. He expressed the company’s willingness to engage with the SEC in good faith but noted the regulatory body’s lack of reciprocal efforts.

SOL Bulls Eye $200 As Trading Volume Rises

Solana’s native token, SOL, experienced a significant rebound in the past hour, surging from the $140 zone to its current trading price of $153. This price movement holds key significance for bullish investors as they aim to retest the $200 mark previously surpassed in March. 

CoinGecko data further reveals a notable increase in SOL’s trading volume, reaching $2.7 billion in the last 24 hours, representing a 6.6% rise compared to the previous Monday’s trading session.

According to crypto analyst Jesse Olson, Solana has shown strength in its recent price action. Olson notes that Solana successfully hit all four downside targets and exhibited bullish divergence, followed by hitting three upside targets. 

The price appears to form a higher low, increasing the probability of reaching “target four,” projected at the $175 mark.

Solana

Despite the bullish momentum, SOL faces crucial resistance walls at $157 and $172, which are expected to be significant obstacles toward higher price levels. 

On the other hand, the $140 line has served as a key support level for Solana’s price over the past week. SOL’s bullish momentum remains uncertain as it strives to overcome these resistance levels and retest its yearly high of $209.

Featured image from Shutterstock, chart from TradingView.com 

Posted on

Crypto Market’s ‘Monster Cycle’: $7.5 Trillion Market Value By 2025, Bitcoin Targets $150,000

In a recent Bloomberg report, it has been revealed that the market value of crypto assets is expected to witness a remarkable surge, nearly tripling to $7.5 trillion by 2025. 

Wall Street Firm Predicts “Monster Of A Crypto Cycle”

The next few years are likely to usher in a “monster of a crypto cycle,” according to Wall Street research firm Bernstein. In addition, Bernstein analysts have an “outperform” rating on the stock as they initiate coverage of online brokerage Robinhood Markets. 

Analyst Gautam Chhugani believes investors should take advantage of the opportunity to ride the “crypto comeback arc,” envisioning a “ninefold increase” in Robinhood’s crypto trading volume over the next two years.

Chhugani expressed his confidence in Robinhood’s prospects, stating that now is the opportune time to enter the market with an 18-24 month window to capitalize on the crypto resurgence. Assigning a price target of $30 to the stock, Chhugani’s price target is currently the highest among analysts tracked by Bloomberg.

Following the publication of positive February operating data, which included increases in assets under custody and surging trade volume, Robinhood shares surged as much as 12% in New York trading, reaching the highest intraday level since December 2021. 

So far this year, the stock has gained over 40%. However, Wall Street remains cautious about its outlook, with six analysts rating the stock as a buy, ten suggesting a hold, and three recommending selling.

With the anticipated growth of crypto assets from $2.6 trillion to $7.5 trillion, the largest digital currency, Bitcoin, is set to become a $3 trillion asset by 2025. According to Chhugani, this surge is expected to be fueled by the “unprecedented success” of exchange-traded funds (ETFs) tied to the cryptocurrency. 

Additionally, Chhugani predicts that Bitcoin will reach a high of $150,000 next year. He emphasized the ongoing institutional adoption of cryptocurrencies and expressed expectations for the continued success of the Bitcoin ETF and the potential launch of an Ethereum ETF within the next 12 months.

Robinhood Positioned For Success

In the context of Robinhood, Chhugani highlighted the company’s “full suite crypto offering within a regulated broker platform,” which positions it favorably. Bloomberg notes that traditional broker platforms, such as Charles Schwab Corp., have been more hesitant in offering cryptocurrency services.

Summing up his bullish stance, Chhugani stated: 

In short, we are bullish on crypto, and we believe Robinhood’s crypto business resurgence will restore its fortunes with investors.

The projected exponential growth of the cryptocurrency market and the optimistic outlook for Robinhood’s crypto business have captured the attention of market observers. With the increasing mainstream acceptance and institutional adoption of digital assets, the next few years hold significant potential for investors and market participants alike.

Crypto

Featured image from Shutterstock, chart from TradingView.com

Posted on

New Robinhood Feature Allows Users To Gift Crypto To Family And Friends

Trading app Robinhood has announced a new feature that would allow users to gift cryptocurrencies to their friends and family. This comes as the holiday season is in full bloom and people are scrambling to get the perfect gifts for their family and friends this Christmas. This new feature will allow for the seamless transfer of crypto from one user to another inside the Robinhood app.

Crypto Gifting Made Easy

Robinhood announced via a blog post on Thursday that it was rolling out a new feature on its platform. The gifting feature would allow users to share crypto with their friends and family through the app. The push behind the feature was encouraging holiday shoppers to instead skip the long lines and pressures of last-minute shopping for gifts that end up worthless after the holidays in favor of something that appreciates in value like cryptocurrencies.

Related Reading | Crypto Market Bloodbath Creates Largest Stretch Of Fear Since April Peak

Robinhood has made its name as one of the leading trading apps in the United States, with 22 million users in the country. A large demographic is Millenials who are more likely to gift crypto to their friends and family.

Users can choose from a list of seven cryptocurrencies that they want to gift to family and friends and then send the crypto gift to them inside the app. In addition, users are able to send a unique design and personal message with their crypto gift to make it even more meaningful.

How To Gift With Robinhood

Inside the Robinhood app, users can click the “Gift” button and then choose from a list of seven cryptocurrencies that they want to gift. These include Bitcoin (BTC), Ethereum (ETH), and investor favorite Dogecoin (Doge). Next is to choose the method of delivery for the users. This could either be by text or by email and the recipient will get a link to redeem the gift.

Related Reading | FED’s Powell Doesn’t Think Crypto Risks Financial Stability

Once a crypto gift is sent, the recipient will have a total of 14 days to redeem it. If they are already a Robinhood user, they are able to redeem the gift inside of the app. However, if they are not a user, they will need to sign up to claim the gift. If 14 days elapse and the recipient does not redeem the gift, then the crypto is sent back to the sender at no cost.

Robinhood users can send as little as $1 to their recipient of choice and pay 0% in commission when they do so.

Featured image from 9to5Mac, chart from TradingView.com

Posted on

Shiba Inu (SHIB) Jumps 50% To ATH Amid Robinhood Rumors

Shiba Inu (SHIB), one of the most popular meme coins, soared to an all-time high for the first time since May 11. The meme coin reached new heights of $0.00004432 over the weekend. SHIB was up over 50% in just 24 hours, according to the pricing from CoinGecko.

Related Reading | Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets

With a market cap of $21.4 billion, Shiba Inu is currently the 13th biggest cryptocurrency. It is getting closer to Dogecoin, which is now in 11th place with a market cap of $33.86 billion. Both coins, however, can be quite volatile.

It is also now worth more than Africa’s richest man, Aliko Dangote, who, according to Forbes, is worth $13.6 billion.

Shiba Inu Rallies

Shiba Inu’s latest rally can be attributed to an ongoing bullish trend that started about two weeks ago. Since then, Shiba Inu maintained week-long support at approximately $0.000028 before resuming a bull run to its latest record.

Related Reading | Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History

“At this moment attention seems to have converged on SHIB and speculation is the primary driver of the price surge,” Ben Caselin, head of research and strategy at crypto exchange AAX, said on Sunday to Bloomberg. “Prior patterns and dynamics in crypto indicate that SHIB is likely to be challenged by other projects and shed much of its value further along in the market cycle,” he added.

SHIB price jumps to $0.000043 | Source: SHIBUSD on TradingView.com

Shiba Inu is a decentralized cryptocurrency created in August 2020 by an anonymous person or persons known as “Ryoshi”. The coin’s website refers to it as “a decentralized meme token that evolved into a vibrant ecosystem.” It was modeled off Dogecoin, which is also fashioned after the Japanese dog breed. It is also dubbed the “Dogecoin Killer.”

“With such meme coins it’s hard to speculate on the actual reasons for price movements, in all honesty,” Vijay Ayyar, head of Asia-Pacific with crypto exchange Luno Pte., said in a message Sunday. But “there are some interesting communities being built around them.”

Robinhood Rumors Fueling Rally

There are rumors that crypto trading platform Robinhood is getting ready to list Shiba Inu. According to the recent tweet by a prominent SHIB Twitter account, Robinhood might be considering adding the meme coin to the list of trading assets.

BREAKING NEWS: Robinhood is emailing this survey to select users of their platform.

They are including #SHIB as one of the answers to select!

Clearly doing market research on what their consumers want. pic.twitter.com/ovBNV2p0Wl

— Shiba Inu News (@ShibalnuNews) October 22, 2021

There is also a petition on Change.org urging Robinhood to list SHIB on its platform, and it has over 300,000 signatures.

During his interview with CNBC earlier this week, Robinhood CEO Vladimir Tenev reportedly refused to comment about whether or not the company would make the listing.

Featured image by Binance Research, Chart from TradingView.com