Sam’s stake in Robinhood, BTC in the red for 7 weeks running plus our weekly TA.
- FTX CEO Sam Bankman-Fried Reveals Stake In Robinhood
- Bitcoin/USD – Bitcoin Closes 7th Consecutive Week In The Red
FTX CEO Sam Bankman-Fried Reveals Stake In Robinhood
CEO of FTX exchange Sam Bankman-Fried has bought a 7.6% stake in Robinhood Markets Inc (HOOD) according to a regulatory filing. He paid about $648M for 56.27 million Robinhood shares, and disclosed he started building his stake in Robinhood in the middle of March which has made him the 3rd largest shareholder for the company. Bankman-Fried stated that he did not have any intention of taking control of the company, but It is not yet clear if Bankman-Fried has any plans of merging the Robinhood platform with his FTX platform. Robinhood’s stock rallied 23.3% off the lows following the announcement pushing the stock back above the $10 mark. The shares are still off more than 40% year-to-date and Robinhood has recently posted a 43% year-on-year drop in revenue but the FTX CEO is still confident in his investment. Robinhood is an “attractive investment,” said Sam Bankman-Fried in the regulatory filing, and Robinhood responded by saying it thinks it’s an attractive investment as well.
Bitcoin/USD – Bitcoin Closes 7th Consecutive Week In The Red
BTC Daily Chart
BTC Weekly Chart
At the time of writing, Bitcoin is priced at about $30k and for the first time in its history it has managed to print 7 consecutive weekly red candles. Since BTC has printed 7 red weekly closes in a row and is also at HTF (high time frame) support, it is my personal belief that we may see some short term relief before another leg down. As of right now though both daily and weekly market structure are still bearish so those words should be taken with a grain of salt. For now we will have to give this consolidation phase more time to see what price action is trying to tell us.
Bitcoin Bull Scenario
Bitcoin maintains above $30k and pushes back to the $34k level.
Bitcoin Bear Scenario
Bitcoin does not maintain $30k and I would still expect a capitulation event as stated in last week’s article. $30k is a major level that bulls do not want to lose.
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum is priced at roughly $2k after opening last week at around $2500. The $2.3k level that provided some short term support last week was lost and ETH ultimately ended up falling down to a low of $1701 before bouncing back to its current level. I also mentioned that Ethereum would probably follow in Bitcoin’s footsteps and reach its HTF (high time frame) support if Bitcoin could not reclaim its support level. For now, I believe that ETH’s price action will be heavily influenced by BTC’s price action.
Ethereum Bull Scenario
ETH maintains above $2k and pushes back to the $2.3k level.
Ethereum Bear Scenario
ETH does not maintain $2k and I would expect for the $1.4k level to hold up as support.