Bitcoin Rallies as Robinhood Reports 165% Revenue Surge – What’s Next for BTC?

Bitcoin Cryptocurrency

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

Has Also Written

• Bitcoin Price Prediction: Double Bottom Near $89K — Is a Short-Term Bounce Forming?
• Bitcoin Price Prediction: $1.55 Billion Flooded In Last Week – Are Investors Preparing for a Global Meltdown?
• Bitcoin Price Prediction: The Exact Signal That Triggered a 370% Rally Is Flashing Again – Are You Ready? 
• Solana Price Prediction: $2.25B Volume, Coinbase Validator Boosts $140 Support Toward $151
• XRP Price Prediction: $1.28B ETF Inflows Offset Bearish Triangle Near $2.05

Author Profile

Share

Copied

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

November 1, 2024

Bitcoin (BTC), the oldest and most valued cryptocurrency, fell below $70,000 after reaching a peak of $73,000.

The global crypto market cap now stands at $2.29 trillion, down over 5%. Additionally, a recent transfer of 500 BTC from Mt. Gox wallets has raised concerns, adding to selling pressure.

The approaching US presidential election and ongoing geopolitical tensions in the Middle East also weigh on Bitcoin’s performance.

• Positive Note: Robinhood’s rising crypto revenue highlights growing retail interest, which may help drive Bitcoin demand, supporting a potential rebound in price and market confidence.

These factors create a mixed outlook, with cautious sentiment offset by bullish retail interest.

Robinhood’s Q3 Crypto Revenue Surge and Its Impact on Bitcoin Market

Robinhood’s Q3 revenue grew 36% year-over-year, reaching $637 million, driven by a remarkable 165% increase in cryptocurrency revenue, which hit $61 million.

This surge signals growing interest from everyday investors in digital assets. However, despite this growth, Robinhood’s shares dropped 12.4% after hours due to missing Wall Street’s expectations, sparking investor concerns.

Looking forward, Robinhood is set to launch new products aimed at active traders, including Robinhood Legend, a desktop platform, as well as features like index options and futures trading.

CFO Jason Warnick noted the company’s goal to achieve profitability in 2024 despite rising marketing expenses.

• Key Advantage: With $4.6 billion in cash, Robinhood is well-positioned for expansion, which may boost Bitcoin (BTC) demand as retail investor interest rises. However, the share price drop might impact market sentiment toward Bitcoin in the short term.

Mt. Gox Bitcoin Transfer Raises Investor Concerns as BTC Price Declines

On November 1, approximately 500 Bitcoin (BTC), valued at $35 million, was transferred from a wallet associated with the defunct Mt. Gox exchange, per Arkham Intelligence.

The move was split into two transfers: 31.78 BTC and 468.24 BTC to unknown addresses.

This marks the first notable transfer from Mt. Gox wallets in nearly a month, though it’s unclear if it relates to creditor payments. The remaining Mt. Gox wallet balance is about 44,905 BTC, worth $3.1 billion.

Mt. Gox, once handling 70% of Bitcoin transactions, collapsed in 2014. Creditors have awaited payments for nearly a decade, beginning in July 2024, with a recent one-year extension due to system issues.

• Market Insight: Despite Bitcoin dropping below $70,000, analysts indicate the price decline started before these transfers, suggesting market sentiment is influenced more by broader market volatility than by Mt. Gox-related movements.

Bitcoin Price Analysis: BTC Holds Critical Support Amid Bearish Signals

Bitcoin (BTC) has retreated from its recent peak of $73,800 and now trades around $69,010, testing the crucial Fibonacci support level of 61.8% at $68,700.

This support is significant for BTC’s immediate outlook; a drop below could open the way toward the next support at $67,300.

Immediate resistance stands at $70,600, a level BTC needs to surpass to regain upward momentum. Further resistance can be seen at $71,800 and $73,800, where selling pressure may intensify.

Technical indicators reflect caution. The Relative Strength Index (RSI) is near 40, suggesting weak buying interest, while BTC remains below its 50-period Exponential Moving Average (EMA) at $69,700, adding to the bearish sentiment.

To reverse this outlook, BTC would need a strong close above $70,600 to overcome these technical hurdles.

In summary, Bitcoin faces a pivotal moment. Holding above $68,700 could support stability, but a decisive move above $70,600 is necessary to shift market sentiment positively.

–

Join the Epic FreeDum Fighters Showdown: MAGATRON vs. Kamacop!

Join FreeDum Fighters, a satirical token project that turns the US election into a battle royale! MAGATRON vs Kamacop 9000, mechanized leaders go head to head. With $DUM tokens you can stake, accumulate points and earn rewards based on the side you choose.

FreeDum Fighters has two reward pools: if MAGATRON wins, Kamacop stakers get higher rewards, if Kamacop wins, MAGATron stakers get higher rewards.

Weekly debates and community events will keep it exciting, where you can “inflate egos” and support your side in the race for virtual supremacy.

Presale is open and you can get $DUM early.

With 6.83 billion tokens already sold and counting, join now to fuel this satirical political theater. Token price starts at 0.00006 per token. Don’t miss out—back your chosen fighter and watch your $DUM grow!

Buy FreeDum Fighters Here