HOOD Stock Reacts to the Spot ETF Approval

The Robinhood platform and its CEO Vladimir Tenev caught the eyes of investors on January 11, a day after the U.S. SEC created a milestone with its approval of 11 Spot Bitcoin ETFs. 

The company is set to List 11 new Bitcoin ETFs on its platform. The HOOD stock price has reacted after this news as the bullish investors pushed past the major EMA hurdles.

Robinhood’s Ideology & Decisions

Robinhood’s ideology of educating users on Bitcoin, ETFs, and risk management strategies is reflected in this decision. Moreover, Tenev, the CEO of Robinhood, stressed the SEC’s verdict as a milestone that provides clarity and creates opportunities for advanced risk management tools, which can help users better manage their digital asset investments.

Listing regulated Bitcoin spot ETFs indicates the merging of traditional finance with the cryptocurrency world. The fact that established financial institutions have become issuers of Bitcoin ETFs demonstrates increasing mainstream acceptance of cryptocurrencies.

Currently, several Bitcoin and altcoin spot ETF applications await SEC approval. If the first Bitcoin spot ETFs receive approval, it could pave the way for other crypto ETF applications. This would give investors more options to invest in the booming cryptocurrency sector through familiar investment products.

Meanwhile, Robinhood’s recent comments show its dedication to positioning itself at the forefront of this transformative moment. 

The crypto community eagerly anticipates the platform’s prompt listing of spot Bitcoin ETFs. This move marks a significant step in Robinhood’s focus on making cryptocurrencies more accessible.

 HOOD Stock Price Technical Analysis & Price Prediction

Ark Invest, led by Cathie Wood, made a significant sale of HOOD on Tuesday. This led to a decline of 2.94% in the stock price on the same day. The decision was taken during a time of market volatility and recent bearish sentiments expressed by analysts. 

Amongst the day’s most notable transactions was Ark Invest’s acquisition of Roku shares. The investment firm sold $292,006 worth of HOOD stock in the ARKW fund. However, the firm may regret the move as, at press time the stock jumped 4.45% after the news of bitcoin ETF Approval. 

The current resistance level at $12.33 could be broken if the bullish investors can bounce off the current support level of $12.10. The stock price is rejected by the 50 and the 150-Day EMAs which are currently at the levels of $12.19 and $12.12 respectively.

Pivot Table of HOOD Stock Price

Conclusion

Robinhood is all set to list 11 new Bitcoin ETFs on its platform. The HOOD stock price has reacted positively to the news. This move is a significant step towards making cryptocurrencies more accessible to investors.

Technical Levels

• Support Levels: $12.10 and $11.83
• Resistance Levels: $12.33 and $12.58

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.