Global Hive Buzz

Technical indicators for Bitcoin point to a potential further decline, indicating a possible pullback to $38,000.

Bitcoin (BTC) has experienced a more than 5% decline to $42,600 since the introduction of spot ETFs in the U.S. last Thursday, indicative of a classic "sell the fact" market response. According to analysis conducted by 10x Research on bitcoin's price patterns and technical indicators, this sell-off may persist in the short term.

"Bitcoin's RSI divergence signals correction," remarked 10x Research, led by Markus Thielen, in a note to clients on Monday. The research suggests that the pullback might find some support near the dynamic level at $38,000.

Additionally, the MACD histogram, employed to assess trend strength and changes, has crossed below zero, indicating a bearish shift in momentum. 10x Research notes that investors are likely to sell before transferring their BTC exposure to another ETF issuer, contributing to downside pressure on Bitcoin and lingering as an overhang in the market.

The CEO of OpenSea expresses confidence in the diverse applications of NFTs, highlighting that trading volumes can be misleading.

In a Bloomberg interview, the CEO of OpenSea outlined the platform's commitment to creating compelling use cases for non-fungible tokens (NFTs) amidst a decline in trading volumes. According to DappRadar data, OpenSea's current trading volumes hover around $3.5 million, trailing competitors such as Blur and OKX NFT with volumes of $20.8 million and $4.4 million, respectively.

Facing a downturn in trading volumes, OpenSea is actively exploring strategies to revitalize interest in the NFT market. The CEO, Devin Finzer, revealed that the platform is in the process of developing a new iteration known as "OpenSea 2.0." This version aims to enhance user experience by tailoring the interface for specific use cases, such as displaying ticket NFTs on a calendar and sorting them by date.

Despite OpenSea's ongoing efforts to protect users from fraudulent activities, scams persistently evolve within the crypto space. Notably, scammers are currently targeting OpenSea's users with a new phishing scheme, luring them with promises of an exclusive mint event featuring the renowned American footwear company Nike and RTFKT.

Robinhood opens up Bitcoin ETF trading to its 23 million users.

Robinhood, the well-known trading platform, has recently introduced trading for spot Bitcoin exchange-traded funds (ETFs) for its U.S. customers. This initiative is part of the platform's ongoing commitment to expanding investment options and making financial markets more accessible to investors.

With this new feature, investors can buy or sell spot Bitcoin ETFs like traditional ETFs or stocks. Notably, users can still opt to directly purchase Bitcoin through Robinhood Crypto. The platform emphasizes its commitment to providing the lowest average cost for crypto trading through its crypto app.

The addition of spot Bitcoin ETFs to Robinhood's offerings follows the announcement by Vlad Tenev, CEO, and Co-Founder of Robinhood, who shared plans to list all approved spot Bitcoin ETFs on the Robinhood app. Tenev views the approval of Bitcoin ETFs as a significant milestone, foreseeing it as a catalyst for enhancing clarity, improving risk management, and expanding access to investment opportunities for Robinhood's customer base.

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