Dogecoin (DOGE) experienced a turbulent week following news of the US Securities and Exchange Commission (SEC) issuing a Wells Notice to Robinhood, a prominent crypto exchange. The notice alleged violations of securities laws by Robinhood, prompting a mass exodus of funds from the platform, including a significant withdrawal of 164 million DOGE, valued at approximately $25 million at the time.
The news triggered a 5.8% decline in DOGE's price within 24 hours, raising concerns among investors. However, analysts caution against attributing the entire price dip solely to the outflow from Robinhood, as cryptocurrency transfers to personal wallets often signal long-term holding intentions.
DOGE's price is also influenced by its tight correlation with Bitcoin (BTC), particularly amidst the recent pullback in the broader crypto market. Both currencies operate on the Proof of Work (PoW) consensus mechanism, which may affect sentiment.
DOGE market cap currently at $20.7 billion. Chart: TradingView.com
DOGE faced a hurdle in reaching its $0.20 price target, dipping below the crucial $0.15 support level. Analysts suggest a potential support zone between $0.143 and $0.146, emphasizing the importance of monitoring further price corrections.
Despite short-term pessimism, DOGE shows signs of resilience. Buy orders outweigh sell orders, the Relative Strength Index (RSI) remains neutral, and weekly price increases indicate underlying strength.
The outcome of Robinhood's legal battle with the SEC and DOGE's ability to recover lost ground will shape its short-term trajectory. However, long-term forecasts for DOGE remain cautiously optimistic, with potential for recovery and sustained growth.
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AnaisDOGE is currently trading at $0.1522 with a 1.77% decline. Positioned 9th on CoinMarketCap, its market cap stands at $22 billion. Technical analysis suggests a bullish stance with resistance at $0.15950 and support at $0.14270. Symmetrical triangle pattern indicates a potential breakout near $0.1545.
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Huang BoInstitutional investors flock to Bitcoin ETFs, while retail investors stay cautious amid market volatility and FTX collapse aftermath.
Huang BoUS-based Bitcoin ETFs see robust capital inflows of $257.3 million, signaling renewed investor interest. Notable providers like Grayscale and BlackRock report positive inflows, reflecting a bullish sentiment. Debates on transparency and market manipulation resurface amidst BTC's stability at $66,109.
Xu LinCryptocurrency market bounce aligns with stablecoin market cap growth, signaling increased industry inflows. Recent plateau suggests stagnant sentiment. Future stablecoin trends may offer insights into broader market direction.
Huang BoBitcoin remains stable above $66,000, with significant whale accumulation indicating bullish sentiment. Large investors acquire over 3400 BTC, fueling anticipation of a price rally. Market sentiment suggests increased demand from whales may drive upward movement. Despite subdued trading, the positive trend in the U.S. Spot Bitcoin ETF boosts investor confidence.
EdmundBitcoin surged to $66,000 but faces potential correction with 18,000 options expiring today. Max Pain at $63,000 suggests price pressure. Despite softer CPI data, demand for short-term downside protection remains. Long-term outlook optimistic, with growing institutional involvement, especially with CME Group's Bitcoin spot trading introduction.
Xu Lin600 companies invest $3.5 billion in spot Bitcoin ETFs via SEC filings. Major players include Morgan Stanley and Millennium Management. Despite recent decreases in inflows, demand remains strong among financial institutions.
Huang BoBitcoin's correlation with US stocks rises, indicating market shift. Despite economic uncertainties, Bitcoin rebounds, outpacing S&P 500. ETF inflows signal investor interest. Whale activity decline noted, but could signal bullish trend if reversed.
EdmundRobinhood crypto customers can now stake their solana (SOL) directly through the app, allowing them the flexibility to earn rewards at any time.
JinseFinanceCongressman John Rose criticizes the SEC for its action against Robinhood, urging the agency to protect investors without stifling innovation.
WeiliangSEC issues Wells Notice to Robinhood for alleged crypto securities violations. Pre-market shares decline 2.5%. Regulatory ambiguity hampers mainstream crypto adoption. SEC and CFTC lack clear digital asset guidelines.
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Huang BoThe MetaMask-Robinhood partnership revolutionizes web3, merging seamless crypto transactions with user-centric design for a simplified, secure digital asset experience.
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KikyoRobinhood extends its commission-free crypto trading to EU users amid the ongoing MiCA regulation. The move capitalizes on the EU's comprehensive crypto asset policies, providing a strategic alternative to the challenging US regulatory landscape.
SanyaTokens that have previously been delisted in the US are also available for trading in the EU.
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