Investors Grab The Crypto Dip With Robinhood (Up 11%) Rumors Swirling

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Bitcoin failed to break through the dreaded $40k barrier on Monday as volume slowed down because of Chinese New Year. Meanwhile Wall Street investors dropped Spotify over its Joe Rogan stance but piled into the Bitcoin dip apparently. One crypto-related company possibly up for grabs is Robinhood which announced to the market that it would be developing crypto wallets.

Bitcoin consolidates

Edward Moya, an analyst at Oanda, expects:

This week we will remain in this broad consolidation range between $34,000 and $40,000.

That feeling was shared by Alejandro Zala, a country manager at Bitpanda, who stated:

The daily chart shows that BTC price has created a long lower wick followed by a long upper wick. These two candles now offer an area of support and resistance, where buyers and sellers are placing most of their orders.

$BTC Weekly

Pretty hammer candle (or high wave spinning top, choose).

Strong volume, long wick into demand.

Not really bullish until >$39,600.

Have not had consecutive green wks in months, need confirmation. 2 weeks ago was a “bullish candle” as well, didn’t work out. pic.twitter.com/HlI8XI6RO2

— The Wolf Of All Streets (@scottmelker) January 31, 2022

Spotify out, Robinhood in

Meanwhile the move by rock legend Neil Young to pull his music from streaming platform Spotify resulted in a $2 billion loss for the Swedish company. Young did so because he was unhappy with Spotify allowing Covid disinformation to spread.

Wall Street investors of course have to put their money someplace else and it would seem that the money taken out of Netflix and Spotify in the past month could end up in Robinhood (up 11% yesterday), the trading app that highly popular with crypto enthusiasts.

ARK founder Cathie Wood indeed made that move, shedding stock in Spotify and buying Robinhood instead.

Robinhood’s new plans include:

Crypto Wallets, which are currently in alpha testing. The company said a full launch is expected in the first quarter of fiscal 2022.

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